For millions of Americans, credit card debt is a daily burden. Whether it stems from a little too much indulgence in shopping or the need to manage unforeseen expenses, credit card debt often accumulates before one realizes it. But what if the stakes were higher? What would you do to wipe the slate clean? How many additional hours would you work, and what sacrifices would you be willing to make to achieve that coveted debt-free status?
A recent survey conducted by CardRates.com, involving 3,000 credit card users, delved into the lengths people would go to eliminate their credit card debt. The findings revealed a significant, though perhaps unsurprising, trend: on average, Wisconsinites are willing to work an extra 4 hours 39 minutes each week to pay off their debt. This is below the national average of 6 hours and 25 minutes.
However, this sentiment varies across regions. In South Dakota, for example, respondents displayed extraordinary dedication, willing to work a whopping 13 hours of overtime per week – far surpassing the national average – until their debts were resolved.
Conversely, Vermonters seem to take a more relaxed stance. Residents of the Green Mountain State indicated a willingness to work just 2 hours and 40 minutes of extra time each week to address their debt, perhaps reflecting a lifestyle that prioritizes quality of life over financial stress.
Infographic showing debt dedication by state
The commitment isn’t just about putting in more hours. The survey also explored what other sacrifices people are prepared to make to achieve a debt-free life, and the results were interesting. A significant 35% of respondents said they’d forgo personal luxuries – think $7 lattes, streaming services, or new shoes. Another 24% were willing to skip or shorten vacations, indicating a willingness to trade sandy shores for financial peace of mind. Additionally, 22% said they would cut back on dining out and other recreational activities, while 18% were even prepared to dip into their emergency savings.
One of the most striking findings came from another hypothetical scenario posed to respondents: if guaranteed to be completely debt-free, would they be willing to work a 60-hour workweek for a year? An overwhelming 91% said yes, underscoring the strong desire to shed the burden of debt, at least in theory.
When it comes to strategies for managing debt, there’s no universal solution. About 34% of respondents favor debt consolidation, a method that combines multiple payments into one and often offers a lower interest rate. Another 24% would employ the Snowball Method, where smaller debts are paid off first to build momentum. Meanwhile, 23% would tackle the debts with the highest interest rates first, known as the Avalanche Method. A smaller, yet significant, 9% indicated that they might consider declaring bankruptcy as a last resort.
Perhaps the most surprising finding from the survey was the extent to which people are willing to change their living arrangements to become debt-free. A significant 64% of respondents said they would be prepared to move back in with parents or other family members if it meant clearing their credit card debts.
“The results of this poll are heartening,” said CardRates Finance Expert Erica Sandberg. “Clearly most people want to escape credit card debt and are willing – at least on paper – to take action. It also shows just how tough it is to be saddled with pressing financial obligations.”
Sandberg continued: “Working extra hours every day is serious, as it removes time spent on family and leisure. Giving up the things that make life pleasurable takes dedication, too, especially in the long-term.”
