Credit card debt continues to rise | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Credit card debt continues to rise

A credit card can be enticing to many people in Oklahoma and across the country. Credit card companies often lure new customers with promises of special reward programs and other sign-up bonuses. As a result, credit card debt continues to rise.

Apart from the attractiveness of some reward plans, many people have not seen a rise in income to match the increased cost of living. This discrepancy forces some consumers to use a credit card to meet the gap. Some reports indicate that over 157 million people in the United States carry credit card debt, and the amount of debt was over $1 trillion at the end of 2016.

Unfortunately, credit card debt is one of the most expensive to have in terms of interest charges. The interest rate for the average household is 19.36 percent, according to some reports, with the average interest payment per house at over $1,300 each year. Two-thirds of those individuals who hold credit card debt will not be able to pay off outstanding debt each month in order to avoid finance charges.

Some people in Oklahoma may find themselves swimming in unmanageable credit card debt. This burden can occur for people who become unexpectedly ill, injured or lose their job. Despite their dedication to meeting their financial obligations, some are simply unable to manage their debt. As a result, they choose to seek relief through bankruptcy protection. An attorney experienced with the process can help those with such debt examine their options and choose the best path for each situation.

Source: CNBC, "Credit card users rack up over $1 trillion in debt", Jessica Dickler, Feb. 17, 2017

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