Today, Spinwheel published the results of its latest survey of more than 600 American adults. The research explores how consumers feel about debt, how they manage it, and what their responses reveal about the growing challenge of debt complexity.

Key findings include:

Debt Is Overwhelming

Regardless of the amount or type of debt, 57% of consumers agree that thinking about debt is overwhelming. Among younger generations, this is even higher — 72% of Millennials and 74% of Gen Z consumers agree with this sentiment.

Feeling Informed and Confident Aren’t the Same Thing

Most feel confident about their overall debt picture. But confidence fades when the questions shift from knowing what they owe to understanding what to do about it.

• The Good: 9 in 10 consumers believe they have a clear picture of how much they owe, including credit card debt, loans, mortgages, and BNPL purchases. And, most (58%) don’t believe their credit score has ever prevented them from accessing a type of debt they want.
• The Bad: 28% of consumers agree they avoid looking at their finances when possible. This jumps to 50% among Gen Z consumers.
• The Opportunity: When asked if they know the interest rates on their credit cards or loans without looking, nearly half (49%) said no. At the same time, nearly one-third of all respondents (31%) agree they want to consolidate their debt but don’t know how. And, for Gen Z respondents, 52% want to consolidate but aren’t sure how to do so.

Financial Pressure Differs for Gen Z

Gen Z is also the only generation to say it feels more financial pressure based on the number of payments they manage instead of the total amount they owe. This points to an interesting shift in borrower perspectives. As debt accumulates, complexity is becoming a bigger pain point than simply dollars owed.

Consumers Are Creatures of Habit — Except Gen Z

Fifty percent of consumers say they stick with the financial providers they already use when considering a new credit card or loan. But, only 36% of Gen Z and 33% of Millennials say they stick with the providers they already use when considering new credit products.

Instead, Gen Z is becoming increasingly more likely to leverage AI for insights and information (20%) or ask their friends and family for recommendations (26%) compared to other generations. And, among Millennials, marketplace sites like NerdWallet are most popular when looking for the right option for a new credit or loan.

Customers Quit When Effort Exceeds Value

Across every question we asked about customer experience, one pattern consistently emerged: consumers have very little patience for unnecessary effort.

• Application Abandonment: 1 in 5 consumers abandon a loan or credit card application because it asks for too much information most of the time — with 8% saying they always abandon when an application asks for too much.
• Credit Card Convenience: More than 1 in 4 customers are walking away from online shopping carts about half of the time because they don’t have their card information readily available. And, Gen Z once again has less patience than other generations — 52% of Gen Z don’t complete a purchase when they don’t have their credit card information handy.

Irrelevant Offers Drive Customers Away

Nearly half of consumers say about half the time or more they:

• Receive offers to refinance a loan or mortgage at a rate higher than they pay now (40%)
• See offers for credit cards they already have (43%)

Access the full report at: spinwheel.io/blog/an-overwhelming-opportunity-for-better-credit-solutions.

About Spinwheel

Spinwheel, a real-time consumer credit data and payments company, is revolutionizing the consumer credit ecosystem. The company partners with lenders, marketplaces and personal financial management platforms to provide real-time, verified consumer credit data to process payments as part of their clients' existing workflow and operations via APIs and its agentic AI platform. Founded in 2019, Spinwheel has grown to more than 15 million users and 165 million accounts, facilitating $1.5 trillion in connected debt across its network. The company is backed by F-Prime, QED Investors, Foundation Capital, Core Innovation Capital, Fika Ventures and Citi Ventures. To learn more, please visit spinwheel.io.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260713188484/en/

Gen Z is also the only generation to say it feels more financial pressure based on the number of payments they manage instead of the total amount they owe. As debt accumulates, complexity is becoming a bigger pain point than simply dollars owed.