New data showcases the need for financial wellness as U.S. credit card debt reaches $1.17 trillion

Beyond Finance, a leader in debt consolidation services, today unveiled new survey findings spotlighting the financial strain of holiday spending. Conducted among 2,000 Americans celebrating the winter holidays, the survey reveals that 76% experience emotional distress—“money wounds”—triggered by financial pressures.

Among the most frequently reported challenges are:

• Low self-esteem (26%)
• Compulsive overspending (21%)
• Shame over past financial decisions (21%)
• A scarcity mindset (20%)

These stressors often culminate in overspending, with 1 in 4 Americans admitting to compulsive holiday purchases, further exacerbating financial strain as U.S. credit card debt soars to $1.17 trillion.*

The survey also revealed that 50% of respondents feel pressured to spend by their own family, while 42% isolate themselves during the holidays to avoid feelings of inadequacy. Beyond Finance’s empathetic, client-first approach provides support and practical strategies to navigate these challenges.

To combat mental and emotional obstacles like these, Beyond Finance offers a holistic financial wellness program, including free, weekly counseling sessions led by accredited financial therapists. These sessions provide clients with the emotional tools to manage financial stress and create healthier spending habits during high-pressure times like the holidays.

"I hear these struggles firsthand in our weekly financial wellness sessions," said Dr. Erika Rasure, Chief Financial Wellness Advisor at Beyond Finance. "The holidays bring heightened spending pressures, but they also offer an opportunity to address the deeper emotional toll of debt. By recognizing these 'money wounds' and seeking empathetic support, individuals can start reshaping their financial behaviors and reclaiming their confidence."

"Financial wellness is about more than eliminating debt—it’s about empowering people to overcome the shame and anxiety tied to financial struggles," said Lou Antonelli, Chief Operating Officer at Beyond Finance. "Our survey underscores the importance of a holistic approach that addresses both the practical and emotional aspects of financial health, especially during the holidays."

Since 2011, Beyond Finance has helped more than 700,000 people, resulting in over $2 billion in client debt being paid off. Through personalized debt consolidation plans, free financial therapy sessions and innovative tools, the company equips clients to break the cycle of debt, create healthier financial habits and achieve lasting financial freedom.

This survey was commissioned by Beyond Finance and conducted by Talker Research, a third-party research company. For more information on Beyond Finance’s commitment to financial wellness and its transformative debt consolidation services, visit www.beyondfinance.com.

About Beyond Finance, LLC

Beyond Finance, LLC, is one of the nation’s largest debt consolidation fintech organizations. In its commitment to providing clients a smart way to move beyond debt, Beyond Finance helps consumers lower their monthly payments and reach a debt-free life sooner — all with customized proprietary tools allowing for ease-of-use and transparency. In 2024, Beyond Finance was awarded with 3 of ConsumerAffairs’ inaugural “Buyer’s Choice Awards” for Best Customer Service, Experience with Staff, and Transparency within its category. Beyond Finance has offices in Chicago, Atlanta, San Diego, and Houston. For more information, visit BeyondFinance.com.

Data from a survey conducted by Talker Research on behalf of Beyond Finance from Sept. 27 to Sept. 30, 2024, with a sample of 2,000 Americans who celebrate a winter holiday.

*Federal Reserve Bank of New York Household Debt and Credit Report

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