Majority of Americans Have Cried Over Money
Majority of Americans Have Cried Over Money, Study Says
Dhara Singh Reporter Yahoo Money October 21, 2019
Pass along the tissues, because Americans aren’t afraid of letting the tears roll when it comes to finances.
Seven in 10 Americans said they have cried about money in their lifetimes, according to a recent online survey of 1,004 Americans by Compare Cards.com. Many cited worries over their job or making ends meet.
And household debt, which peaked at $13.86 trillion in the second quarter, weighed the heaviest on Americans. Almost a third admitted to crying over this looming concern, according to the survey.
“So many people’s financial margin for error is so slim that an unexpected car repair can be a real hardship,” Matt Schulz said. “Then, if you factor in things like job loss or a medical emergency, that can make things even worse.”
Which debt hurts most?
Credit card debt evoked the second-most tears. One in 5 Americans said credit card debt – which increased $18 trillion since the 2008 – has made them cry.
Student loan debt – which hit a $1.48 trillion in the second quarter – followed, with 13% of Americans naming it as a top stressor.
Students wearing academic regalia attend their graduation ceremony at the University of California Los Angeles (UCLA), June 14, 2019 in Los Angeles California. - With 45 million borrowers owing $1.5 trillion, the student debt crisis in the United States has exploded in recent years and has become a key electoral issue in the run-up to the 2020 presidential elections.
"Somebody who graduates from a public university this year is expected to have over $35,000 in student loan debt on average," said Cody Hounanian, program director of Student Debt Crisis, a California NGO that assists students and is fighting for reforms. (Photo by Robyn Beck / AFP) (Photo credit should read ROBYN BECK/AFP/Getty Images)
Melanie Lockert, founder of the blog deardebt.com, is familiar with that student loan stress. After graduating with a master’s degree from New York University, she was $81,000 in the hole. Even after she shrunk the debt to $68,000, she still couldn’t look at the remaining huge balance.
“I deleted my Mint.com [account], because I was completely in denial paying off debt,” said Lockert, who is now debt-free. But “denial always catches up to you.”
Who’s the most emotional?
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