Millions of consumers have had embarrassing moments in the past that were related to their finances, but a new survey finds that credit cards are involved in the kind of experience that’s most embarrassing of all.
When it comes to uncomfortable financial moments, consumers say that having their credit card rejected when they attempt to make a purchase is the most embarrassing of all, according to a report survey by Harris Interactive on behalf of Coupon Cabin. The other extremely common uncomfortable money matters that consumers experienced were feeling pressured to give to a charity (34 percent), saying no to a panhandler or beggar (30 percent), feeling pressured to chip in for a group gift (26 percent), sharing information about salaries with coworkers (25 percent), splitting a check at dinner with a large group (17 percent), and figuring out a gift for a partner (13 percent).
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Experts say that consumers who don’t want to be in embarrassing situations related to their finances may need to be more open and truthful with themselves and others, the report said. If something makes them uncomfortable, they should feel free to say so, despite the pressure to do otherwise.
“It’s inevitable that some financial situations can be tinged with tension, but honesty is always the best policy,” said Jackie Warrick, President and Chief Savings Officer at Coupon Cabin. “Respect your budget and trust your gut to make the right decision. Don’t feel pressured to spend money on something or share something you’d rather not, and expect others to do the same.”
At the same time, though, consumers who are fearful about maxing out their credit cards will need to take the time to get a better handle on their finances. This can include sitting down to evaluate where they stand financially and what they can do to increase their monthly contributions to their outstanding credit card bills.
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By making a more concerted effort to reduce outstanding credit card debt, consumers will not only be able to free themselves of the concern that comes with maxing out their account, but also find a little more comfort in their lives as a result of having fewer bills to deal with, and interest charges that pile up for more slowly.
Image: SqueakyMarmot, via Flickr
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