A new Debt.com survey shows Americans worry that their plastic is hurting their mental health. The reasons sound eerily familiar.

2 minute read

When our mental health takes a beating – and it happens to everyone – we all cope differently. The healthiest among us will exercise, meditate, or dive into a hobby. Sadly, some of us will turn to drinking, drugs, or… credit cards?

That’s one conclusion from a new Debt.com survey conducted during May’s Mental Health Awareness Month. Nearly three-fourths of respondents (74 percent) said credit cards “can negatively impact mental health.”

Here’s how it impacted their own mental health…

  • 19 percent felt “guilty” after using their credit cards, while 6 percent felt “sad.”
  • 46 percent have missed a credit card payment because they couldn’t bring themselves to look at the balance.
  • Nearly two-thirds have used their card impulsively, then regretted it. Nearly 2 in 10 do that monthly, while another 1 in 10 do it weekly.

Of course, I’m in no way comparing the physical and emotional devastation of alcohol and drug addiction to that of credit cards. However, I do believe – and the survey concludes – that credit cards harm mental health. Just because drugs and alcohol cause more harm is no reason to ignore the lesser effects of credit cards – especially when some of the pathology is similar.

Availability and acceptability

According to the National Institute on Alcohol Abuse and Alcoholism, 70 percent of American adults had a drink in the past year. Meanwhile, according to Debt.com, 79 percent have at least one credit card.

In both instances, it’s harder to recognize you might have a problem when it’s cloaked in a socially acceptable practice that most people engage in. “Shopping therapy” is often the polite way of saying something that can be dangerous to your physical and mental health, akin to saying, “I need a drink!” It’s easy to go from whimsical to harmful without really noticing it.

Functional and deniable

You often hear that many addicts need to “hit bottom” before they will get serious about seeking help. Drugs and alcohol can inflict serious physical damage before that happens since so many addicts are functional at work and at home before their lives (and the lives of those around them) start falling apart.

Again, credit cards represent a lesser problem, but the arc is similar. I’ve counseled Americans on their finances for nearly three decades, and it’s stunning how completely they can hide their debts – until it all comes crashing down. Like other addicts who cleverly keep others from knowing their secret, credit card addicts will open multiple cards, transfer balances, forgo needed expenses, cash in investments, and even steal from loved ones. It can take a while for others to notice what’s happening. When they do, everyone’s mental health is shattered – friends and family included.

Solutions and freedom

Just as you consult a therapist to bolster your mental health, you can consult a credit counselor to bolster your financial health. Debt.com can introduce you to an expert who will give you an in-depth debt analysis over the phone. From there, you’ll get a list of options – for both getting out of debt and educating yourself on healthier ways to manage your finances. Best of all, that debt analysis is free.

Mental health and financial health are as closely related as your heart is to your lungs – you need both to breathe. If your credit cards are making it hard for you to breathe, call Debt.com at .

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About the Author

Howard Dvorkin, CPA

Howard Dvorkin, CPA

I’m a certified public accountant who has authored two books on getting out of debt, Credit Hell and Power Up, and I am one of the personal finance experts for Debt.com. I have focused my professional endeavors in the consumer finance, technology, media and real estate industries creating not only Debt.com, but also Financial Apps and Start Fresh Today, among others. My personal finance advice has been included in countless articles, and has appeared in the New York Times, the Washington Post, Forbes and Entrepreneur as well as virtually every national and local newspaper in the country. Everyone should have a reason for living that’s bigger than themselves, and besides my family, mine is this: Teaching Americans how to live happily within their means. To me, money is not the root of all evil. Poor money management is. Money cannot buy happiness, but going into debt always buys misery. That’s why I launched Debt.com. I’m glad you’re here.

Published by Debt.com, LLC