AUSTIN, Texas, Oct. 23, 2023 /PRNewswire/ — As the average American’s personal debt skyrockets to $21,800+, and overall national credit card debt surpasses $1 trillion, a new Upgraded Points survey explores the lengths people are willing to go for financial freedom in today’s debt-ridden landscape.
“I think our survey paints a clear picture regarding how heavy debt is weighing on many Americans,” said Alex Miller, Founder of Upgraded Points. “The fact that people are willing to give up integral parts of their daily lives shows that many would do just about anything to get out of debt.”
Upgraded Points surveyed 1,000 Americans to delve into various facets of debt (credit card, auto loan, student loan, personal loan, and medical), excluding mortgage debt. Participants were asked questions regarding what they would be willing to give up to be debt-free, which debt they were most anxious to pay off, and more.
Financial Freedom: What Would You Give Up?
● 68% – Sex for a year
- 22% – Phone for a year
- 12% – Pet for a year
- 73% – Alcohol for 2 years
- 70% – Travel for 2 years
- 42% – Amazon for life
- 38% – Social media for life
Punching the Clock
- 35% of Americans say they would work every day for the next 365 days straight if it means their debt is wiped clean.
- Over a third of Americans would trade in their PTO for 2 years to erase their debt, though Gen-Z has the least inclination to do this.
- 65% would prepare to juggle a second job if it paved the way to a debt-free life.
- Unloading the $1 Trillion Credit Card Debt Burden
- 44.5% of respondents noted credit card debt as their top financial burden, while student loan debt haunts nearly a quarter of Americans.
- Alarmingly, 1 in 5 Americans only pay the minimum due on their credit cards monthly, extending their debt journey due to interest piling.
- If presented with a debt-relief check, 87% would immediately clear their credit dues, but others have alternate plans: 6% would save, 5% would invest, and 2% would use the money for other things.
To find more interesting insights, please visit the full study online.
About Upgraded Points LLC
Headquartered in Austin, Texas, Upgraded Points is a travel company that helps to demystify the complex world of travel and credit cards. Launched in 2016 by Alex Miller, Upgraded Points uses targeted research efforts and in-depth studies to help travelers maximize their travel, points, and experiences. Learn more at: UpgradedPoints.com.
Alex Miller, Founder
SOURCE Upgraded Points