Nearly Half of Americans Say Tariffs Contribute to Their Credit Card Debt

Do politics shape how you use your credit card or at least how you feel about what’s driving your balance? A new CardRates.com survey points to a partisan split in perceptions of tariffs and household debt.

According to the poll of 1,000 U.S. adults, 47% say tariffs are contributing to their credit card debt. That share rises to 64% among Democrats and falls to 35% among Republicans. The survey measures sentiment, not causation, but it suggests trade policy is showing up in how voters explain rising costs.

“Tariffs have real-life consequences that many American households are already feeling,” the study notes, citing higher prices, slower growth, and added financial stress.

Credit card balances remain elevated nationally. The Federal Reserve reports Americans owe more than $1 trillion to credit card companies.

While the credit card news and reviews site's survey doesn’t specify how much debt respondents carry, it does show how political identity can color perceptions of what’s pushing balances higher.

Politics aside, the problem persists

At the end of July, Debt.com’s editor-in-chief wrote, “You know the economy sucks when mental health providers are conducting financial research.”

Two online counseling firms, Modern Health and LifeStance Health, released back-to-back surveys showing younger workers report more financial strain than older peers. In one set of findings, employees reported that:

• 76% say financial anxiety is disrupting sleep, mood, and energy and directly impacting productivity
• 74% have delayed taking time off due to money concerns
• 69% say they are staying in toxic jobs or avoiding necessary career changes because of economic fears

CardRates.com also found Gen Z at 56% and Millennials at 53% were nearly twice as likely as Baby Boomers at 32% to say tariffs increased their debt. The study adds that younger Americans are juggling housing costs, student loans, and inflation.

Adding tariff-driven debt only amplifies those pressures, while older generations may feel the effects less because they have more financial stability.

Debt and stress

In May, Debt.com reported that 66% of Americans say tariff-driven inflation is taking a mental toll. Of those respondents, 75% reported stress, 74% reported anxiety, and 33% reported hopelessness.

This year’s survey also marked the highest level of credit card stress in its four-year history. Here is how it has climbed:

• 2022: 21%
• 2023: 34%
• 2024: 37%
• 2025: 43%

The rise reflects persistent pressure from higher prices, elevated interest rates, and wages that have not kept up. More households are leaning on credit cards to cover everyday expenses.

“Credit cards were once used for emergencies or rewards,” says Howard Dvorkin, CPA and chairman of Debt.com. “Now, they have become a lifeline, and that is creating serious emotional and financial strain.”

If you are feeling that strain, the same way therapy can help with emotional health, nonprofit financial counseling can help with debt.