Americans Swipe for Rewards and Convenience,
But 40% Find Credit Card Debt is Taking a Toll on Their Mental Health
, /PRNewswire/ — Most Americans are drawn to credit cards for convenience, credit building, or rewards with every intention to pay their balance in full every month. However, life happens and nearly half of cardholders end up carrying a balance, today paying historically high interest rates on a loan they have trouble understanding and that they never intended to take.
That’s according to new research from LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, which finds that unintentional credit card debt is throttling Americans’ finances, putting them on a hamster wheel of debt that is leading to financial instability and harming their mental well-being.
Trapped on a Hamster Wheel of Credit Card Debt
Many consumers view credit cards as a convenience, credit builder, or source of rewards – not a loan. As a result, they don’t always …