Americans need a credit check.
A survey of more than 1,000 adults released this month from U.S. News and World Report reveals that Americans are extremely unaware of their credit card situation. Indeed, when asked “do you have credit card debt?” fully 21% answered “I don’t know,” the survey reveals.
How can this be? “Unfortunately, the reality is they are often choosing not to know … in most cases it is denial,” explains certified financial planner Bobbi Rebell, host of the Financial Grownup podcast and co-host of the Money with Friends. “A person who in their gut knows something they eat is high in calories will choose to not look at the number — because if they do they might not get the treat. In our gut we all [who have credit card debt] have at least a sense that we spent more money than we paid back.”