If someone asked you to reveal your weight, would you readily respond? How about if you had to choose between revealing your credit score or your weight? Surprisingly, when given a choice, most people choose the latter. A recent survey conducted by the National Foundation for Credit Counseling shows that consumers are more embarrassed by the condition of their credit.
Among the respondents, 37% admitted they felt shame when it came to their credit card debt. Poll participants were told to choose from five categories. Besides credit card debt, other options included age, weight, bank balance, credit score or none. Credit scores and credit card debt were the top two concerns, while embarrassment regarding bank balances came in third.
Says NFCC Spokesperson Gail Cunningham in a written statement, “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.â€ 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.â€
The NFCC warns that excessive credit card debt is a sure warning sign that a person is in the financial danger zone. Credit cards are not the solution to a financial shortfall. Eventually poor credit habits can lead to charging beyond what can be repaid, causing debt to quickly spiral out of control.