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Will Americans need help with their credit card debt soon?

On Behalf of | Dec 20, 2018 | Credit Card Debt, Firm News

Credit cards just might be as American as apple pie or baseball. Nationwide, consumers are carrying more than ever on their credit cards, adding to household debts and laying on the interest rates. Credit card debt can be incredibly stressful for people in Florida, and those who struggle to make their monthly payments may want to consider their options for debt relief.

In 1988, the average credit card debt in America was approximately $2,000. Now, 30 years later, Americans are lugging around an average of $8,284 on their credit cards. This is 2 percent higher than in 2017, putting the cumulative credit card debt at $949.9 billion. Experts from WalletHub predict that, when compared to the average person’s income, an extra $177 per person will push debt into unsustainable territory.

The news is not all bad, though. WalletHub also reported that Americans paid off a collective $40.8 billion of their credit card debt in 2018’s first quarter alone. This is quite impressive and constitutes the second-largest debt repayment in a single quarter ever. Consumers have since added back $38 billion on their credit cards, but this is still less than they paid off.

Credit card debt can be a looming shadow of worry. Despite working hard to repay their debts, some people in Florida find themselves slowly slipping under water anyway. This can happen to anyone at any time regardless of their income, and it can be extremely disconcerting. For most individuals in this situation, bankruptcy is a smart option for discharging debt and re-establishing financial security in the future.

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