Feeling Credit Card Debt Regret? You’re Not Alone, Say 24% of Americans

Most Americans have at least one regret in their financial lives, a new survey shows, and the most common regret among U.S. adults is generating too much credit card debt.

Just under 80% of adults in a recent survey of 1,300 adults by Debt.com said they have a financial regret, and overspending on credit cards was the most frequent response for the second year in a row at 24%, up 3% from last year’s survey.

“Credit cards are best used as a convenience tool, not a financing tool,” said Luke Harder, a certified financial planner (CFP) with Claro Advisors, calling them the “most expensive loan on the market” if you can’t afford to pay your full balance every month.

Charging Too Much On Too Many Credit Cards?

Among the group who cited credit card debt as their top regret, 40% said they have between $5,001 and $15,000, compared with 28% with a smaller $500 to $5,000 in debt, 22% with $15,001 to $30,000 in debt, and 11% who said they hold $30,001 to $50,000 in credit card balances.

Nearly all those who regretted having too much credit card debt have multiple cards. About half (47%) of the respondents said they had two to three cards, while 29% said they had four to five cards and 16% said they had more than six credit cards.

Credit card debt was the second-most common regret cited by every generation except Millennials, who said it was the most frequent regret at 26%. That’s compared with 22%, 26%, and 19%, respectively, for Gen Z, Gen X, and Baby Boomer respondents.

This anxiety over credit card debt has been reflected in other recent surveys as well, especially since a growing number of Americans are spending more than they bring in every month.

What To Do If You Find Yourself With Too Much Credit Card Debt

Credit cards can make it easy to spend but experts insist that you should avoid racking up an enormous credit card bill.

Jacob Martin, a CFP with Keeler & Nadler Family Wealth, said credit cards can quickly become “an easy way to live beyond what you can afford,” and said credit card debt should be treated “like the emergency that it is” and paid off as soon as possible.

There are several strategies to manage and pay down credit card debt, with two of the most common being the “avalanche” or the “snowball” method. The avalanche method involves paying off the card with the highest interest rate first to avoid the balance from compounding further, while the snowball method calls for paying off whichever card has the smallest total balance first to gain a sense of momentum, which can help make paying down debt feel easier.

“Both strategies work. Don’t overthink it—simply pick the one that appeals most to you and get started,” CFP Benjamin Daniel told Investopedia. “Bonus step: Set up a scheduled payment to pay your cards soon after you get paid. Automation beats willpower every time.”

The Bottom Line

Credit card debt is the most common financial regret in America—and it’s growing. Whether you carry $500 or $15,000 in balances, the cost of high interest adds up fast and can feel overwhelming. The good news is you don’t have to stay stuck: simple strategies like the avalanche or snowball method, paired with a realistic budget, can help you take back control. If credit card debt tops your regret list, the best move is to treat it like an emergency and start tackling it today.