The Biggest Embarrassment: Bad Credit

The Biggest Embarrassment: Bad Credit

What's the number that people most hate to reveal about themselves?

Here's a hint: It's not what shows up on a scale after a week of indulging in ice cream sundaes or triple cheeseburgers. It's not even age, which a lady—or gent—never reveals anyway.

According to a recent poll, the number that people say is the most horrifying to own up to is credit card debt. The National Foundation for Credit Counseling found that 37% of respondents were embarrassed to admit how much debt they've racked up, while 30% were embarrassed by their credit score. By contrast, only 12% were embarrassed by their weight, and only 1% by their age.

Learnvest

Get started with a free financial assessment.

“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,” Gail Cunningham, spokesperson for the NFCC, said in a statement.

But no matter how we all feel, it isn't stopping us from charging up a storm: In 2013, U.S. consumers realized a $38.2 billion net increase in outstanding credit card debt, up 8% from 2012 numbers, according to data collected by CardHub. Based on recent trends, CardHub predicts a $41.2 billion increase for 2014.

Trying to unbury yourself from the burden of credit card debt? Here's a good place to start—our checklist can help you prioritize that debt and start forming a plan to help shrink those balances.

Learnvest

Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!