If you ask anyone in America how much credit card debt he or she has, he or she is likely to tell you an amount. Most Americans carry at least some debt on credit cards. A May 17 news report looked into just how much people carry in debt today.
The average American family has around $8,337 in credit card debt, according to a recent report. That number is a 6 percent increase from 2015. Credit card debt is today as high as it was in the Great Recession, a concern to many.
Credit card debts continue to grow each year. In 2015, the debts per household were around $7,893. Across the United States, the country has debts of $978.9 billion, as of data from 2016.
Credit card debt can become unmanageable and grow out of control. If you want to get back on track, it's important to start paying more than your minimum payments each month. If that's not possible, it's a good idea to contact your credit card company to discuss lowering your monthly payments or interest rate to help you pay down your debts faster.
Tackling debt isn't always easy, and some people find that it's nearly impossible to eliminate credit debt. Fortunately, it is an unsecured debt, which means it can be discharged in bankruptcy in most situations. Your attorney can talk to you more about the possibility of bankruptcy if you believe you need additional assistance getting out of debt. Even if bankruptcy isn't for you, there are other options that can help get you back on track.
Source: CNBC, "Here's how much the average US family has in credit card debt," Kathleen Elkins, May 17, 2017