A large contributor to credit card debt is that people don’t check their account balances enough – often because they are afraid of what unsightly financials might be lurking behind those password-protected doors.
If these consumers don’t like knowing how much credit card debt they themselves have racked up, then they definitely wouldn’t want other people knowing this confidential information either.
In November of 2017, the New York Federal Reserve pegged the total credit card debt in the United States at a whopping $1.02 trillion, and considering the holidays were right around the corner, it is safe to say that that number has increased considerably.
Given the amount of sensitive material that people choose to keep secret, having their credit card debt balances revealed to the world wouldn’t be the worst thing ever. . .right?
To figure this out, LendEDU played a little game of “would you rather” with consumers who currently have credit card debt to determine if they would rather have their debt balances exposed or something else quite embarrassing.
Full Survey & Results
1. Would you rather have your credit card debt balance posted on social media for all to see or have nude photos of yourself posted on social media for all to see?
- 83.6% would rather have their credit card debt balance released
- 16.4% would rather have nude photos released
2. Would you rather have your credit card debt balance posted on social media for all to see or have your salary posted on social media for all to see?
- 53.6% would rather have their credit card debt balance released
- 46.4% would rather have their salary released
3. Would you rather have your credit card debt balance posted on social media for all to see or have all of your social media messages and text messages posted on social media for all to see?
- 68.1% would rather have their credit card debt balance released
- 31.9% would rather have their social media messages and text messages released
4. Are you embarrassed by your credit card debt?
- 25.5% said “Yes, I spend way above my means”
- 58.9% said “No, I do not care what people think about how much I spend”
- 15.6% said, “I am indifferent”
5. Would you rather have your credit card debt balance posted on social media for all to see or accidentally “sext” a relative instead of a consented significant other?
- 82.2% would rather have their credit card debt balance released
- 17.8% would rather accidentally “sext” a relative instead of a consented significant other
6. Would you rather have your credit card debt balance posted on social media for all to see or lose your right to vote in elections?
- 68.6% would rather have their credit card debt balance released
- 31.4% would rather lose their right to vote in elections
7. Are you more embarrassed by your credit card debt balance or what you are purchasing on your credit card?
- 20.5% are more embarrassed by what they are purchasing on their credit card
- 79.5% are more embarrassed by their credit card debt balance
8. Would you rather have your credit card debt balance posted on social media for all to see or have to be Kim Jung Un’s personal butler for 2 weeks?
- 81.9% would rather have their credit card debt balance released
- 18.1% would rather be Kim Jung Un’s personal butler for two weeks
9. Would you rather have your credit card debt balance posted on social media for all to see or be locked in a room and forced to read the new tax law bill 100 times?
- 75.9% would rather have their credit card debt balance released
- 24.1% would rather be locked in a room and forced to read the new tax law bill 100 times
10. Would you rather have your credit card debt balance posted on social media for all to see or have your medical records posted on social media for all to see?
- 64.1% would rather have their credit card debt balance released
- 35.9% would rather have their medical records released
Observations & Analysis
Despite a majority of Americans electing to release their credit card debt balances rather than the series of other quite unfortunate circumstances, there still is a large proportion of consumers who are very ashamed of their debt.
Although 25 percent of people admit that they are spending way above their means, it appears as if very few of them are doing anything about it, nor are they making any efforts to change their spending patterns.
Another interesting piece of information is the 20 percent of Americans who are more embarrassed by what they are actually purchasing on their credit cards. Maybe those disco boots from the ’70s weren’t the best purchase decision. . . but to each their own.
What really stands out from the poll is that 31.4 percent of respondents would forgo their right to vote in elections rather than release their credit card statements. Having the right to vote is one of the founding principles of the U.S., yet still, nearly a third of Americans are ready to dispose of this privilege for fear of their credit card debt balances becoming public information.
The results from this particular question serve a dual purpose in revealing both how ashamed many Americans are when it comes to their credit card debt and how the right to vote is becoming increasingly unappreciated.
As for the 18.1 percent of people who would rather be a butler for North Korea’s Dictator, Kim Jong-un, we hope this is a choice you never have to make, and we want you to know that credit card debt is not an inescapable dictatorship! Even if it’s tough, there are ways out!
Methodology
This poll was commissioned by LendEDU and conducted online by polling company Pollfish. In total, 1,000 consumers currently with credit card debt participated in this poll. The poll was conducted over two days from January 5th, 2018 to January 6th, 2018. Respondents were asked a screener question to ensure that each of them currently had credit card debt. Respondents were also asked to answer each question truthfully and to the best of their ability.
See more of LendEDU’s Research