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Credit card debt in America is creeping higher than last year

Credits cards are a primary source of payment for many Americans. The debt that comes with this is easy for some to pay off when the time comes; however, there is an increase in people who are having problems with remaining confident that they can pay their bills. Part of this is due to the high interest rates on some cards.

In the second quarter of 2019, there has been an increase in the total debt load for this country. Americans carry around $830 billion in credit card debt, which is a 6% increase from this time last year. While personal loans are the fastest growing type of debt, credit card debt isn't far behind.

It might surprise some people to learn that people who have a net worth of at least $100,000 is the demographic that is in the worst shape in this area. Over half of people with this net worth owe at least $2,500, and around 39% of them have balances totaling $5,000 or more.

Many individuals who have credit card debt only pay the minimum due each billing cycle. On average, this would leave them paying for a $5,000 balance for approximately 20 years. During this time, the person might be trying to amass more money, but they need to focus on paying off their credit cards, so they aren't shelling out payments for interests and fees any longer than necessary.

If you are one of the increasing number of Americans who worry that they can't pay their bills, now is the time to consider your options. If you have a high debt load and can't overcome it, you might consider filing for bankruptcy to regain control of your finances.

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