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Americans take on more credit card debt

| Feb 22, 2017 | Credit Card Debt

From the loss of a job to medical problems that were never expected, people experience financial hardships for all sorts of different reasons. Sometimes, people in Eugene and across Oregon decide to take on credit card debt. However, this can be a costly decision and some struggle with paying off credit cards later on.

According to a recent report, Americans have recently taken on a considerable amount of credit card debt. The debt, which exceeded $1 trillion at the close of 2016, reflects the greatest level of credit card debt across the country in the years following the recession. In recent years, some Americans have turned to credit cards due to struggling with increasingly costly living expenses.

While many have taken on credit card debt to assist with living costs, this decision can be expensive. After all, another report states that the average interest rate on credit cards in the U.S. is 19 percent. Americans also owe a significant amount of money on mortgages and student loans, although the level of student loan debt people take on has been declining.

For those who want to wipe out credit card debt, taking immediate action is essential. For some people, receiving a tax refund is an excellent way to pay off credit cards. For others, such as those who have a tremendous amount of credit card debt, other strategies are necessary. People who are buried in credit card debt should closely examine all of their choices and may want to think about reaching out to an attorney who knows how to tackle debt.

Source: CNBC, “Credit card users rack up over $1 trillion in debt,” Jessica Dickler, Feb. 17, 2017

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.