You know that credit card debt is bad, for a number of financial reasons. The average United States household’s credit card debt is $16,061—and at an average APR of 15 percent, that means the average household is paying $2,400 annually in interest alone. The power of compound interest makes that figure exponentially worse for some families, and the resulting necessity of minimum monthly payments can get in the way of your plans to buy a house, take a vacation, or even make it to your next paycheck.
Unfortunately, credit card debt is even worse when you consider how much it affects your personal life—beyond the basic financial repercussions.
How Credit Card Debt Affects Your Personal Life
So how can credit card debt affect your personal life?
1. Your social life. Credit card debt can make it harder to socialize with your friends, to some extent. Your best friends won’t care about money—they’ll be happy to spend time with you at home, without paying for anything—but at the same time, it’s also fun to go out to have food or grab a drink, and struggling with debt can make it hard to keep up with even occasional indulgences.