Nearly 40% of individuals contacted in a survey say they feel anxiety about the “mere thought” of paying off their outstanding debts, according to data released today by the American Institute of CPAs (AICPA). Of those, one in five say that debt is causing relationship problems with their spouse or partner and one in 10 have misled friends or family about their financial situations.
Millennials appear to be the generation that debt is affecting the most, with nearly 70% saying debt is having a a negative impact on their life, compared with 50% of Baby Boomers and 60% of Gen Xers.
A lack of income, car payments, and healthcare costs were cited as the three most common causes driving individuals into debt.
The survey polled more than 1,000 Americans nationwide.
About 42% of those surveyed think the amount of debt they have will decrease during the next five years, compared with 18% who think the amount of debt will increase.
Nearly 30% of those surveyed stress about everyday financial decisions because of their debt burdens.
“For Americans watching their debt levels rise while they struggle to make monthly payments, the situation can feel hopeless and have a serious impact on their quality of life,” said Greg Anton, CPA and chair of the AICPA’s National CPA Financial Literacy Commission, in a statement. “The good news is, people don’t need to be held hostage by debt. Establishing a plan to live debt free in the future will help reduce your anxiety today.”
