66% of Americans Say Tariff-Driven Inflation Is Taking a Mental Toll

Tariffs are doing more than driving up the cost of everyday essentials — they’re also weighing heavily on the minds of American consumers. According to a new national survey from Debt.com, 66% of respondents say tariff-related price increases are negatively affecting their mental health.

The emotional fallout is real — and growing. Among those impacted by rising prices caused by tariffs on imports from China and other countries, the emotional strain is significant:

• 75% say they feel stressed
• 74% report feeling anxious
• 38% feel sad
• 33% describe feeling hopeless
• 23% say it’s affecting their focus at work
• 17% are losing sleep
• 7% report they’re unable to eat

“Inflation is more than an economic issue — it’s a mental health issue,” says Howard Dvorkin, CPA, chairman of Debt.com. “When prices go up and paychecks don’t, Americans feel the pressure not just in their wallets, but in their emotional well-being.”

Each May, in recognition of Mental Health Awareness Month, Debt.com surveys 1,000 Americans to understand the emotional impact of financial stress. While tariffs and inflation topped the list this year, they’re just one part of a broader financial mental health crisis — one that’s affecting everything from sleep to workplace performance.

Since President Trump’s inauguration, his administration has yo-yoed tariffs on countries around the globe. The major one was “reciprocal tariffs” on China that hit as high as 145%, which has since been lowered to 10% on a 90-day pause, as of May 12. The price increases have led to an increase in financial stress.  

On May 5, the U.S. Department of Education announced it would begin collection on defaulted student loans after a five-year pause. More than 5 million student loan borrowers were in default – 1 in 4 of whom Debt.com surveyed. 

Almost 9 in 10 respondents report feeling “stressed about the possibility of the federal government garnishing wages, tax refund, or benefits.

Of those with student loans in default, 35% owe $30,000 or more, and one in four owe at least $50,000 to $75,000.

Nearly 1 in 3 borrowers with defaulted federal student loans haven’t taken any steps to prepare for collections resuming.

Stress linked to credit card use has surged by 22 percentage points over the past four years – reaching its highest level since tracking began. In 2022, just 21% of respondents said they felt stress from using their credit cards. That number has steadily increased each year.

This sharp rise reflects the ongoing pressure of inflation, rising interest rates, and stagnant wages, which are forcing more Americans to rely on credit cards to cover everyday expenses. 

“Credit cards were once used for emergencies or rewards,” says Howard Dvorkin, CPA and chairman of Debt.com. “Now, they’ve become a lifeline — and that’s creating serious emotional and financial strain.”

Click here for full survey results

Do rising prices caused by tariffs on goods from China and other countries negatively impact your mental health?
Yes	66.04%
No	33.96%

If yes, how would you describe how you feel?
Stressed	74.85%
Anxious	73.93%
Hopeless	33.38%
Sad	37.50%
I’m losing sleep	17.07%
I can’t eat	6.86%
It’s on my mind while at work	23.17%
N/A	1.07%

Do you currently have defaulted federal student loans?
Yes	23.17%
No	76.83%

How much do you currently owe in student loan debt?
$0-$5,000	12.55%
$5,001-$10,000	12.97%
$10,001-$15,000	10.46%
$15,001-$20,000	15.06%
$20,001-$30,000	14.23%
$30,001-$50,000	9.62%
$50,001-$75,000	10.46%
$75,001-$100,000	10.04%
Over $100,000	4.60%

Are you stressed about the possibility of the federal government garnishing your wages, tax refunds, or benefits?
Yes	88.19%
No	11.81%

Have you taken action in anticipation of the Trump administration’s announcement about student loan collections resuming?
Yes	68.35%
No	31.65%

What precautions have you taken in response to the announcement?
I’ve started setting aside money monthly for repayment	60.49%
I’ve consulted a student debt solutions provider	51.23%
I’ve enrolled in Education Department repayment programs	50.62%
I plan to increase my payments to reduce the principal faster	27.16%
I haven’t taken action; I’m waiting to see what happens	3.70%

Do you believe the convenience of credit cards can negatively impact mental health?
Yes	71.39%
No	28.61%

How do you feel after using your credit card(s)?
Content	50.82%
Stressed	42.65%
Guilty	30.92%
Sad	10.10%
Embarrassed	7.24%

Are you more or less likely to take on additional debt when feeling stressed?
Very likely	13.94%
Likely	20.35%
Neither likely nor unlikely	31.94%
Unlikely	15.67%
Very unlikely	18.11%

How do you feel when reviewing your credit card bills?
Stressed	49.24%
Sad	22.29%
Hopeless	21.78%
I lose sleep	13.37%
I lose my appetite	6.79%
I feel lower self-esteem	14.69%
None of the above	34.65%

How does credit card debt affect your social life?
My significant other and I argue over my credit card spending	17.74%
I avoid dating	13.23%
I hide my credit card spending from my significant other	15.59%
I avoid going out with my friends or family	23.18%
I avoid talking about money or future plans	24.21%
My credit card debt doesn’t affect my social life	46.77%

Do you avoid looking at your credit card bill because it is too painful?
Yes	38.32%
No	61.68%

Have you missed a credit card payment because you couldn’t bring yourself to look at the balance?
Yes	25.33%
No	74.67%

Have you ever applied for a new credit card because you were sad or stressed?
Yes	25.79%
No	74.21%

How often do you impulsively buy items or services with your credit card that you regret later?
Weekly	12.99%
Monthly	18.68%
A few times a year	40.30%
Never	28.02%

How much debt have you incurred from impulsive shopping due to stress or feeling down?
$1-$1,000	58.63%
$1,001-$5,000	17.58%
$5,001-$10,000	10.34%
$10,001-$15,000	6.83%
$15,001-$20,000	3.62%
Over $20,000	3.00%

Click here for full 2024 survey results

Do you think the convenience of credit cards can negatively impact mental health?
Yes	76.14%
No	23.86

How do you feel after using your credit card(s)?
Content	39.87%
Stressed	37.45%
Guilty	17.20%
Sad	2.79%
Embarrassed	2.40%

Are you more or less likely to take on more debt when feeling stressed?
Very likely	28.53%
Likely	18.25%
Somewhat likely	16.81%
Neither likely nor unlikely	12.97%
Somewhat unlikely	5.96%
Unlikely	9.13%
Very unlikely	8.36%

How do you feel while reviewing your credit card bills?
Stressed	50.91%
Sad	8.36%
Hopeless	9.51%
Loss of sleep	4.03%
Loss of appetite	2.69%
Lower self-esteem	2.79%
None of the above	21.71%

How does credit card debt affect you socially?
My significant other and I argue over my credit card spending	25.55%
I avoid dating	5.96%
I hide my credit card spending from my significant other	10.47%
I avoid going out with my friends or family	10.47%
I avoid talking about money or my future plans	14.70%
My credit card debt doesn’t affect my social life	32.85%

Do you avoid looking at your credit card bill because it’s too painful to do so?
Yes	58.21%
No	41.88%

Have you missed a credit card payment because you couldn’t bring yourself to look at the balance?
Yes	44.96%
No	55.04%

Have you ever applied for new credit cards because you were sad or stressed?
Yes	46.30%
No	53.70%

How often do you impulsively buy items or services with your credit card that you regret later?
Once a week	25.94%
Monthly	24.78%
Few times a year	31.80%
Never	17.48%

How much debt have you incurred from impulsive shopping because you were feeling down or stressed out?
$1-$1,000	40.54%
$1,000-$5,000	22.86%
$5,000-$10,000	9.51%
$10,000-$15,000	11.72%
$15,000-$20,000	9.70%
More than $20,000	5.67%

Click here for full 2023 survey results

How do you feel after using your credit card(s)?
Content	44.55%
Stressed	33.93%
Guilty	15.73%
Sad	2.94%
Embarrassed	2.84%

How do your credit card bills affect you?
Makes me feel stressed	42.65%
Makes me feel sad	6.92%
Makes me feel hopeless	8.15%
Loss of sleep	2.75%
Loss of appetite	0.95%
Lower self-esteem	2.56%
None of the above	36.02%

How does credit card debt affect you socially?
My significant other and I argue over my credit card spending	11.28%
I avoid dating	4.74%
I hide my credit card spending from my significant other	11.28%
I avoid going out with friends or family	9.57%
I avoid talking about money or my future plans	11.47%
My credit card debt doesn’t affect my social life	51.66%

Do you avoid looking at your credit card bill because it is too painful to do so?
Yes	37.44%
No	62.56%

Have you missed a credit card payment because you just couldn’t bring yourself to look at the balances?
Yes	22.18%
No	77.82%

Have you ever applied for new credit cards because you were sad or stressed?
Yes	25.59%
No	74.41%

How often do you impulsively buy items or services with your credit card that you later regret?
Once weekly	11.85%
Monthly	19.35%
Few times a year	37.54%
Never	31.09%

How much debt have you incurred from impulse shopping because you were feeling fown or stressed out?
$1-$1,000	63.70%
$1,001-$5,000	16.11%
$5,001-$10,000	9.95%
$10,001-$15,000	4.55%
$15,001-$20,000	2.37%
More than $20,000	3.32%

Do you think the convenience of credit cards can negatively impact mental health?
Yes	78.39%
No	21.61%

Click here for full 2022 survey results

How do you feel after using your credit card(s)?
Content	53.20%
Stressed	21.39%
Guilty	19.01%
Sad	5.64%
Embarrassed	0.76%

How do your credit card bills affect you?
Makes me feel stressed	38.59%
Makes me feel sad	6.78%
Makes me feel hopeless	6.40%
Loss of sleep	2.58%
Loss of appetite	0.86%
Lower self-esteem	2.01%
None of the above	42.79%

How does credit card debt affect you socially?
My significant other and I argue over my credit card spending	3.15%
I avoid dating	5.16%
I hide my credit card spending from my significant other	5.83%
I avoid going out with friends or family	10.32%
I avoid talking about money or my future plans	19.01%
My credit card debt doesn’t affect my social life	56.54%

Do you avoid looking at your credit card bill because it is too painful to do so?
Yes	32.38%
No	67.62%

Have you missed a credit card payment because you just couldn’t bring yourself to look at the balance?
Yes	46.31%
No	53.69%

Have you ever applied for new credit cards because you were sad or stressed?
Yes	19.10%
No	80.90%

How often do you impulsively buy items or services with your credit card that you later regret?
Once weekly	8.40%
Monthly	18.15%
Few times yearly	39.73%
Never	33.72%

How much debt have you incurred from impulse shopping because you were feeling down or stressed out?
$1-$1,000	51.44%
$1,001-$5,000	24.93%
$5,001-$10,000	13.26%
$10,001-$15,000	4.18%
$15,001-$20,000	2.88%
More than $20,000	3.31%

Do you think the convenience of credit cards can negatively impact mental health?
Yes	74.40%
No	25.60%

Methodology: Debt.com surveyed more than 1,000 Americans and asked 17 questions about how their finances impact mental health. People responded from all 50 states and Washington, DC and were aged 18 and above. Responses were collected through SurveyMonkey. Percentages were rounded up to the nearest whole number and might not total 100 percent. The survey was conducted on May 12, 2025.