By Paula Aven Gladych
People are more embarrassed to tell people they have credit card
debt than they are to reveal their age or weight, according to an online poll by the National Foundation for Credit Counseling.
The poll found that 37 percent of respondents were embarrassed to admit they had credit card debt and 30 percent were embarrassed to share their credit score.
Credit card debt and credit scores are closely linked, the Foundation said. Excessive credit card debt should warn people they are in the financial danger zone. Credit cards may seem like the answer when a person needs money, but charging beyond what can be repaid each month can quickly balloon out of control.
Credit card debt can take years to repay because of the fees and interest payments that are added to credit card balances each month. Such activity is likely to lower a person’s credit score.
The National Foundation for Credit Counseling recommends that individuals not utilize more than 30 percent of their available credit at any given time.
“Since consumers revealed that the two facts they’d be most embarrassed to admit are related to credit, it is obvious that they are not comfortable with how they are currently managing their money,” said Gail Cunningham, spokesperson for the NFCC. “The good news is that there are solutions available for those who want to take charge of their financial future. Since April is Financial Literacy Month, now is the ideal time for people to address their financial concerns.”
The National Foundation for Credit Counseling is a nonprofit financial counseling organization. Its mission is to promote the national agenda for financially responsible behavior and build capacity for its members to deliver the highest-quality financial education and counseling services.
Originally published on BenefitsPro.com