Many people in Oregon and across the country are struggling with the growing weight of credit card debt. Nationwide, Americans owe more than $1 trillion on their credit cards. During the second quarter of 2019, American consumers accumulated an additional $35.6 million in debt. Over the year, some estimates expect that they will owe another $70 billion. Oregon ranks 29th in the country as far as credit card debt escalation, but many people in the state are finding it difficult to make ends meet. Many people who owe a significant amount on their credit cards are also struggling with other bills.

When people owe more on their credit cards, they often take longer to pay off their balances. As a result, they pay much more in interest. This is especially common when people need to turn to credit card debt in order to cover basic costs or make ends meet during the month. Over 33% of all cardholders have carried their debts for two years or more, and many people have more credit card debt than they do in savings. People often accumulate credit card debt when paying for car repairs, home improvements or medical bills.

When combined with discretionary expenses and the daily costs of living, debt can stack up quickly. It can be challenging to retool family finances to put a strong emphasis on paying it off. This is especially difficult when circumstances changed after the original debt was accumulated due to job loss, divorce or other factors.

Many people find it nearly impossible to pay off their credit card bills, and they may face creditor calls and collection agencies as a result. People who are looking for debt relief and a new financial future can consult with an attorney about Chapter 7 and Chapter 13 bankruptcy and the options they provide.