New Yorkers’ Struggle: Working Overtime To Tackle Credit Card Debt

For many New Yorkers, credit card debt looms as a daily burden, impacting their financial stability and peace of mind. A recent survey involving 3,000 credit card users, took a deep dive look into the lengths New Yorkers are prepared to go to eliminate their credit card debt.

The findings revealed that on average, New Yorkers are willing to work an additional 6 hours and 14 minutes each week to pay off their debt, a figure slightly below the national average of 6 hours and 25 minutes.

Interestingly, the commitment to addressing credit card debt varied across different regions of the United States. In contrast to New Yorkers' dedication, respondents from South Dakota displayed extraordinary commitment, expressing their willingness to work a remarkable 13 hours of overtime per week. Residents of Vermont indicated a more relaxed stance, showing a willingness to work just 2 hours and 40 minutes of extra time each week to address their debt, reflecting a lifestyle that prioritizes quality of life over financial stress.

The survey also unveiled the sacrifices New Yorkers are prepared to make to attain a debt-free life. An overwhelming 91% of respondents expressed willingness to work a 60-hour workweek for a year if guaranteed to be completely debt-free, highlighting the strong desire to shed the burden of debt, at least in theory. Additionally, 35% of respondents said they would forgo personal luxuries, 24% were willing to skip or shorten vacations, and 22% expressed readiness to cut back on dining out and other recreational activities. Moreover, 18% were even prepared to dip into their emergency savings, showcasing the extent of sacrifices people are prepared to make.

In terms of strategies for managing debt, the survey revealed a variety of approaches. Roughly 34% of respondents favored debt consolidation, 24% would employ the Snowball Method, while 23% would tackle the debts with the highest interest rates first. A smaller yet significant 9% indicated that they might consider declaring bankruptcy as a last resort.

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One of the most striking findings from the survey was the extent to which people are willing to change their living arrangements to become debt-free. A significant 64% of New Yorkers said they would be prepared to move back in with parents or other family members if it meant clearing their credit card debts, signifying their dedication to achieving financial stability.