Embarrassed Americans underreport credit card debt by $415 billion
It’s not uncommon to fudge some of life’s most sensitive numbers, such as age or weight. But according to a NerdWallet study, consumers aren’t just fibbing a little when it comes to their credit card balances. In fact, government data show them reporting a total of $415 billion less than they actually owe. As of December 2013, lenders reported about $683 billion in outstanding credit card debt, according to the Federal Reserve Bank of New York.