Figures and Facts on Credit Card Debt
For many Americans, the strength of their purchasing power is not necessarily backed by a high-paying job or a powerful investment strategy. Instead, many Americans, especially in these tough times, rely on the weight of plastic to carry their finances. However, for as useful as credit cards may be, they can also be very problematic when debt gets out of hand.
If you are unable to pay back what you owe on credit cards and other financial commitments, bankruptcy may be right for you. For more information, contact a Birmingham bankruptcy lawyer of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.
Credit Card Statistics
Over the past decade, the average American has gone through some fairly unprecedented financial challenges. Overall debt has increased rapidly and to a point where many consumers cannot make regular payments. Foreclosures and repossessions have become common in many areas. Consider some of these following figures on credit card debt:
Overall, U.S. citizens owe over $886 billion
Individually, this averages to $5,100 in credit card debt per card holder
Of the $886 billion, $69 billion accounts for past-due payments
The highest state average, Alaska, is at $7,665 per card holder
The lowest state average, Iowa, is at $4,247 per card holder
Part of the problem with credit card debt remains the ease of debt offering. Americans were estimated to receive at least 5.3 billion offers for a new credit card in 2007 alone.
If you have become overwhelmed by credit card debt and simply cannot make payments on your loans, it is important to recognize that you still have options. To learn more about bankruptcy and how it may be able to help you, contact a Birmingham bankruptcy attorney from Greenway Bankruptcy Law, LLC, by calling (205) 324-4000.