A recent study by NerdWallet has shown that credit card debt for U.S. households is on the rise once again. According to the report, the average debt, which is now $15,355, has decreased since the recession, when it was as high as $17,000 in December of 2008, but has increased since March of 2014 when it was just over $14,000. This increase is outpacing the average rise of income by fifteen percent over the past twelve years.
NerdWallet stated that rising food and medical costs seem to be major factors in this increased credit card debt. Research also indicates that consumers attitudes and beliefs about finances can lead to crippling debt. According to Sean McQuay, NerdWallet credit expert, “People view credit card debt as a personal failing. It sends the signal that they are not able to manage finances, and finances, for better or worse, are the easiest way to gauge your success in life.”
The attorneys at Greenway Bankruptcy Law, LLC understand how devastating and debilitating this kind of heavy debt can be, and we work to help those struggling to get out from under such financial burdens explore and pursue their options. To discuss your situation with our attorneys today, call our Birmingham offices at (205) 324-4000 today.