According to statistics compiled by the Federal Reserve and analyzed by the financial website NerdWallet.com, the average indebted American household is currently struggling under the weight of $15,593 of credit card debt on average. As of this month, the average American household is also strained under the weight of more than $153,000 in mortgage debt and more than $32,000 in student loan debt. The pressing nature of mortgage debt and student loan debt can make it even more difficult for individuals to pay off their credit card bills with any sense of urgency.
If you are struggling under the weight of seemingly insurmountable credit card debt, you are not alone. According to the aforementioned sources, Americans currently owe more than $880 billion in credit card debt. Credit cards are appealing for any number of reasons and the credit they provide can often help Americans out of temporarily tight financial binds. However, it is important not to let credit card debt mount too high for too long.
If your credit card debt becomes consistently high, it will affect your credit score. Even more than that, you may find yourself consistently unable to pay the minimum balances on your credit cards. When this occurs, creditors may seek to garnish your wages or otherwise seek repayment in invasive ways.
For some Americans, filing for bankruptcy or taking advantage of other forms of debt relief are the only ways to regain solid financial footing after credit card debt has spiraled out of control. If you find that you are unable to secure your financial footing on your own, please consider speaking with an experienced attorney about your debt relief options. You will not be the first individual to seek out such guidance and you certainly will not be the last.
Source: Nerdwallet.com, "American Household Credit Card Debt Statistics: 2014," Tim Chen, Nov. 2014
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