Quite a few people in the United States depend on credit cards to survive. As of the latest report, credit card debt has reached over $1 trillion dollars, the highest it has been since the Great Recession. Illinois residents who find themselves in over their heads financially may qualify for some level of debt relief.
What has caused this increase in credit card debt? Some believe it has to do with the cost of living. While the unemployment rate is fairly low, few people have seen their income levels raise enough to keep up with the ever increasing costs of living.
The average household has student loan, mortgage, car loan and credit card debts. For many, money is simply too tight to cover everything in full each month. Credit cards are an easy way to borrow funds when it is needed; however, it is also a very expensive way to do it. By not paying off credit cards every month, interest adds up fast.
Some Illinois residents who are dealing with credit card debt may be able to adjust their budgets in order to get their balances paid down. Others who are dealing with significant debt issues may require outside help to get on top of the problem. An experienced bankruptcy attorney can assist those who are over their heads financially by reviewing their economic situations and offering debt relief solutions. For some, bankruptcy may be the best option. For others, there may be other alternatives to get their money problems under control.
Source: CNBC, “Credit card users rack up over $1 trillion in debt“, Jessica Dickler, July 11, 2017