According to data culled from government sources, the “average” indebted American household in 2014 owes $15,593 to credit card companies.
Does that surprise you?
It likely does, of course, if you view virtually any amount of debt with alacrity and almost never let your cards out of your wallet. Conversely, that number might sound just about right to a consumer for whom credit card use is a common routine.
The relevant question is perhaps this: Can it be paid back in a timely manner and without undue stress?
The answer to that query is highly dependent on individual circumstances. The above-cited information relating to the U.S. consumer debt profile reveals that the divide separating solvent from so-called “underwater” families is great. The average indebted American household owes far more money to creditors than does the median household.
What that means is that some people just don’t borrow much at all and that those who do go into debt much more deeply and materially skew national numbers relating to debt.
As noted in the research source above, the more than $880 billion in credit card debt reportedly owed collectively by American consumers can be construed as both a good and a bad thing. While it fuels purchases and helps money flow across the economy, it also entraps a select number of consumers, placing them in dire financial straits.
Experienced bankruptcy attorneys know that, fully appreciating that onerous levels of credit card debt can make life flatly miserable for many individuals and families.
In many instances, that is anything but an inevitable outcome. In fact, high numbers of burdened consumers discover meaningful avenues of financial relief following consultation with a proven debt relief lawyer.
Although those include bankruptcy, of course, they can also encompass other possibilities. An experienced attorney can help a financially challenged consumer explore options.