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Are Credit Cards Harming Your Mental Health? A New Survey Says Yes



Collectively, Americans owe nearly $1 trillion on credit cards and report their plastic makes them feel “stressed,” “sad,” and even “hopeless.”

FORT LAUDERDALE – May 16, 2023 – Credit cards are so convenient, many Americans say the temptation to use them – even when they know better – is affecting their mental health. polled over 1,000 Americans to see what role credit cards play in modern-day stress, depression, and overall mental wellness. The results were markedly worse than last year:

In 2022, more than 21% of respondents admitted feeling “stressed” after using credit cards. This year, that jumped to almost 34%.

That stress continued when they looked at their credit card bill. In 2022, just looking at their credit card statements stressed out 39%. This year, it rose to 43%.

Last year, just over 3% admitted, “My significant other and I argue over my credit card spending.” This year, it rose to over 11%.

Overall, 74% of respondents last year agreed that “the convenience of credit cards can negatively impact mental health.” This year, it rose to 78%.

One obvious explanation for these increases is the stubborn and long-lasting inflation that’s eating into Americans’ income. But there’s a more subtle and complex reason, says Howard Dvorkin, CPA and chairman of

Inflation is just a symptom of a widespread disease,” Dvorkin says. “Americans have faced one economic crisis after another, and their financial immune system has been so weakened, they’re using credit cards as a temporary remedy.”

They’re also using credit cards to mask social problems. Just over 11% of respondents say they hide credit card spending from their significant other. Another 4% avoid dating entirely due to debt.

Many said “retail therapy” (impulse shopping to feel better) is their go-to coping mechanism. Nearly 12% buy items they later regret with a credit card every week. For most, it resulted in an average debt of $1,000 or less. However, the numbers over that amount were concerning:

  • 16% incurred debts over $1,000 and up to $5,000
  • Nearly 15% had debts over $5,000 up to $15,000
  • 2% had debts over $15,000 up to $20,000
  • Nearly 3% incurred debts of over $20,000

Along with mental health, physical health can also deteriorate due to credit card debt. More than 6% of people say they experienced either loss of sleep, appetite, or have low self-esteem due to their credit card bills.

May is Mental Health Awareness Month, and president Don Silvestri is urging Americans to consider their credit cards as a factor in their mental health.

“Credit card balances are up almost 20% from a year ago, according to TransUnion and they have proven to be not only a financial convenience but an emotional crutch,” he says. “When I tell people that their credit cards can be affecting their mental health, they don’t believe me – until I pose some of the questions does in its annual survey.”

Both Dvorkin and Silvestri say the easiest way to restore your mental health is by eliminating your credit card debt – and they both say it’s relatively easy to do.

“Thankfully, getting out of credit card debt doesn’t require years of expensive psychotherapy,” Dvorkin says. “It starts with a free debt analysis from a certified counselor.”

About: is a resource that offers consumers education, self-help guides, professional solutions, and more. On, consumers can find expert money advice–how to make it, how to save it, and how to spend it. They also assist consumers by matching them with the perfect debt-solution company for their situation and making sure they are happy with the results. has been featured in the Washington Post, Yahoo! Finance, Forbes, and more, making them a pillar of the debt relief industry.

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