#Debt.com #Credit Card Debt #Financial Regrets

Debt.com’s 2025 Financial Regrets Survey: Americans Struggle with Credit Card Debt

According to the latest survey conducted by Debt.com, many Americans are experiencing financial regret, primarily due to credit card debt. The findings reveal that for the second consecutive year, credit card debt has been identified as the leading financial mistake among U.S. adults.

The Survey Insights

In a broad national survey involving over 1,000 adults, it was found that nearly four out of ten respondents (78%) admitted to having at least one financial regret. Significantly, 24% of participants expressed remorse over excessive credit card spending, marking an increase from 21% in the previous year.

Credit card bills are often a source of stress for many, particularly as costs of everyday necessities rise. Howard Dvorkin, CPA and president of Debt.com, explained, “In times of economic uncertainty, it’s not surprising that credit card debt regrets have increased. With groceries and fuel prices soaring, people are increasingly relying on credit cards to bridge financial gaps, leading to rapid increases in balances and accompanying regrets.”

Other notable financial regrets reported include:

• - Not saving for retirement early enough (23%)
• - Failing to save for emergencies (18%)
• - Taking on significant student loan debt (11%)

The Strain of Multiple Credit Cards

The survey also highlights a worrying trend where an increase in the number of credit cards held correlates with a rise in credit card debt. For instance, the inaugural survey in 2024 showed that only 10% of respondents possessed more than six credit cards; however, this figure has now jumped to 16%. Among those lamenting their credit card habits, 40% owe between $5,000 and $15,000, and one in three owe more than $15,000. Alarmingly, 10% carry balances between $30,000 and $50,000.

A staggering 29% of respondents reported holding four to five credit cards, exacerbating their financial situation. Don Silvestri, the president of Debt.com, stated, “We see that regret over debts is directly linked to the number of cards individuals manage. It's a financial burden that many are struggling to cope with.”

Generational Perspectives on Financial Regret

Financial regrets vary among generations, illustrating evolving priorities. For instance, 28% of Generation Z regrets not saving adequately for emergency expenses, while 26% of millennials regret accumulating credit card debt, a notable decline from 45% in 2024.

Moreover, 31% of Generation X respondents expressed a desire to have started saving for retirement sooner. A significant 48% of baby boomers echoed these sentiments, wishing they had made retirement savings a priority earlier.

Struggling with Retirement Savings

Interestingly, the survey showed that more participants regret not investing in retirement savings sooner. This year, 20% of respondents indicated they have no retirement savings, a slight increase from last year's 18%. Among those who save for retirement, age plays a crucial role; 31% are aged between 26 and 35, while 25% are between 36 and 45. Notably, 9% of those aged 18 to 25 have already begun to save for retirement, representing a positive trend.

Emergency Savings Concerns

Emergency savings have emerged as a significant concern, especially among younger people. Over 25% of Generation Z participants regret not having enough emergency funds compared to 19% of millennials and 12% of baby boomers.

The Emotional Toll of Financial Regret

In a year marked by economic uncertainty, the emotional toll of these financial regrets is increasingly recognized. While 49% of respondents in 2024 felt that saving was