Reports indicate rise in credit card debt | The Colpitts Law Firm
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Reports indicate rise in credit card debt

Credit cards can be incredibly useful. They can help a person establish a healthy credit rating and provide funds in the event of an emergency. For people in Oklahoma who are struggling to pay their bills or feed their family, a credit card can serve as a temporary means to fill a gap. However, someone who has lost their job or experienced a significant injury or illness may rely heavily on them. Because of interest rates, credit card debt can quickly become unmanageable.

 According to a reports released by the National Foundation for Credit Counseling, more families are now carrying over debt from the previous month. The report indicates that 39 percent of families are doing so in 2017 in comparison to 35 percent in 2016. The amount of debt being carried over has also increased; in 2017, 16 percent of families are carrying over $2,500 or more each month while only 14 percent did so in 2016.

Unfortunately, interest rates -- sometimes as high as 20 percent -- can result in hundreds of additional dollars owed to credit card companies. Because the Federal Reserve plans to raise rates, these interest rates can become even more challenging to overcome. Some professionals say that people who are consistently spending more than they make should consider creating a strict budget and examining ways to make more money.

However, these suggestions oversimplify an often complex situation. For many who are struggling with credit card debt in Oklahoma, people who have lost a job and used a credit card to support their family, for example, may not be able to manage their debt in such a manner as they have already cut spending as much as they can. Fortunately, there are options that can actually help those with debt wipe their financial slate clean, including filing for bankruptcy. An attorney with experience with such proceedings can provide information regarding this option and its potential to create the opportunity for a fresh start.

Source:, "More Americans With Credit Card Debt", May 11, 2017

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