Lynch Law Offices, P.C.
Call Us Now for a FREE Consultation:
800-491-7493
Offices in Four Convenient Locations

Report: Credit card debt is growing in the U.S.

Filing for bankruptcy can help to alleviate insurmountable debt that a person may be suffering with. It’s a legal status, indicating to creditors that the individual who filed is unable to repay debts. For Americans, credit card debt is becoming a way of life.

In fact, ValuePenguin reported that in 2016, the average debt for a household in the U.S. is at the highest it’s been since 2010- a whopping $16,048. The total U.S. outstanding consumer debt reached an incredible $3.4 trillion.

With American credit card debt rising over the last ten years, one may suspect that there are more people holding credit cards than ever before. This is actually not the case. Though the overall percentage of people who hold a credit card is decreasing, these individual card holders are becoming more and more indebted to these credit card companies.

If you’re suffering with credit card debt, take a bit of comfort knowing that this is a growing epidemic. In 2016, over 38 percent of American households held some sort of credit card debt. Even though higher income households have a tendency to carry more debt, percentage wise, lower income households were found to carry the most debt burden.

In 2016, credit card debt is at a peak for those between the ages of 45- to 54-years-old. Falling closely behind are 35- to 44-year-olds. These groups have been shown to be the largest credit card users, however.

Tips for Managing Debt

Though it can be discouraging to try and manage a large amount of debt, these tips can help if you haven’t yet made it to the point of no return.

  • Make the minimum payments, at the very least
  • Make sure you are keeping track of these payment due dates
  • Figure out who you owe and how much you owe them
  • Determine who to pay off first (the most expensive debt)
  • Create a monthly budget to plan any expenses
  • Start building (or use) an emergency fund
  • Work on improving your credit score

Filing for Bankruptcy

Bankruptcy may be a good option to address credit card debt that cannot be paid off. A reputable attorney can help to explore any options that are available to you, given your specific circumstances. Find a law office that has experience in helping those with credit card debt.

No Comments

Leave a comment
Comment Information

How Can we Help You? Contact An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Four Convenient Office Locations To Serve You

Toll Free: 800-491-7493 Fax: 888-691-8337

Five Convenient Office Locations To Serve You

Lisle Office - DuPage County
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Map & Directions

Lockport Office - Will County
900 South State Street
Second Floor, Suite A
Lockport, IL 60441

Map & Directions

Aurora Office - Kane County
1444 North Farnsworth
Suite 100
Aurora, IL 60505

Map & Directions

Palatine Office - Cook County
800 East Northwest Highway
Suite 700
Palatine, IL 60074

Map & Directions

Chicago Office - Cook County
1 S Dearborn
Suite 2100
Chicago, IL 60603

Map & Directions

Toll Free: 800-491-7493 Fax: 630-960-4755