A third of Californians would cut ties with family to clear their debt
A third of Californians say they won’t speak to their family or friends for a year to clear their credit card debt, according to a recent survey.
CareRates.com polled 3,000 customers suffering from credit card debt across the country in April, posing several questions to respondents.
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The survey asked if Californians would be willing to have no contact with friends or family for a year in exchange for having all their credit card debt canceled.
One-third said yes.
“Our survey reveals the profound impact that credit card debt has on people’s lives, leading them to consider extreme measures to regain financial freedom,” Ashley Fricker, senior editor at CardRates.com, said.
Other findings revealed that 53% of California residents would surrender all of their lifetime internet browsing history to alleviate their debt.
“While it’s understandable that people would go to great lengths to eliminate their debt, it’s concerning that many would be willing to sacrifice their digital privacy or personal relationships to do so,” Fricker added. “This highlights the need for better financial education and support to help people manage their debt in a sustainable way.”
The survey also revealed that around 75% respondents said they would cut out non-essential spending. This would include things like eating at restaurants or entertainment.
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However, only 4% would consider downsizing where they live.
Despite a recent decline, the average amount of credit card debt in the country hovers around $6,295.
Earlier this year, credit card debt in America surged over the $1 trillion mark, with consumer spending ticking down.
However, many experts feel this debt is growing and many Americans are falling behind on their payments, keeping the economy going. Despite these troubling trends, experts emphasize the importance of financial education and responsible spending to help Californians manage their debt more effectively.
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