Americans are carrying more credit card debt than in the past | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Americans are carrying more credit card debt than in the past

There are people in Oklahoma who are struggling financially -- often through no fault of their own. They find themselves unexpectedly unemployed or facing a necessary medical treatment for which they do not have the funds, leaving them wondering how they will even pay their day-to-day expenses. As a result, many people turn to credit cards to help make ends meet. While using a credit card for necessary expenses may be a necessary evil, it can also lead to a cloud of credit card debt that may be difficult to dispel.

In fact, recent research shows that Americans are carrying more credit card debt now than they have in months past. Statistics show that the average household owes over $15,000 in such debt. Households carrying this much debt can end up paying a significant percentage of their total income each year in interest.

Such a situation can often leave credit card holders seeking solutions to their debt problems. Advising people to simply spend less often oversimplifies a complicated problem. While consumers can search around for cards that will allow them to transfer their debt without a fee and have over a year of interest free payments, this may not be enough for many people.

Fortunately, there are other options available. In some cases, simply reducing spending is not enough to remove a debtor's financial burden. However, there are professionals in Oklahoma who can analyze a person's unique financial situation and inform him or her of the available options. Doing so could be the first step to getting rid of credit card debt getting back on track financially.

Source: Time, "U.S. Credit Card Debt Rising, Nerdwallet Study Finds", Taylor Tepper, Dec. 9, 2015

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