Credit card debt remains one of the biggest causes of financial distress. The National Foundation for Credit Counseling (NFCC) recently conducted an online poll to determine just how dependent consumers are on their credit cards. Michigan consumers may be interested in what the results revealed and how this impacts credit card debt.
When asked whether individuals would be able to manage their monthly living expenses without using a credit card, one in every five respondents said that it would be impossible. Almost 25 percent of participants in the poll said that they would be able to manage, but significant lifestyle changes would be required if they had to live on cash only. The NFCC stated that the inability to get by without credit cards should set off alarm bells, as total reliance on credit cards may lead to overwhelming debt.