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Bankruptcy May Be Your Option

Credit card debt growing wildly

For many in Oklahoma, getting a credit card was a way to make emergency purchases or find a way out of a hole during a time of steep financial challenges. Soon, the debt on the card became massive and seemingly unpayable. This scenario has permeated throughout the United States, and a recent study shows that the American populace is reaching unsustainable levels in terms of credit card debt.

According to the study, the national credit card debt will increase by about $60 billion by the end of the year. If it does, the debt level will approach $900 billion. This is the mark most experts say is unsustainable. At that level, the average debt will be only $600 less per household than the unsustainable point. A large portion of that massive credit card debt came during the second quarter of 2015. During that time, the debt jumped by more than $30 billion.

The study also showed that there are certain cities that take longer to pay off their credit cards. Many were in the Southwest and Midwest. In addition to the penalties for making late payments, consumers may soon see a small hike in rates as new technology is rolled out.

By 2016, all credit cards will contain a chip that makes it much harder, if not impossible, for thieves to copy them. This new technology will cost millions to produce, and that fee could be passed on to consumers.

Anyone who has been saddled with credit card debt knows how difficult it can be to pay off. If it is too much to handle, filing for bankruptcy may be an option. An experienced attorney may be able to provide more information on this and other options.  

 

Source: International Business Times, “US credit card debt soaring to unsustainable levels, says study,” Kalyan Kumar, Sept. 16, 2015

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