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, 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.
“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.”
Among the most frequently reported challenges are:
- Low self-esteem (26%)
- Compulsive overspending (21%)
- Shame over past financial decisions (21%)
- A scarcity mindset (20%)
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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.
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“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.