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Credit card debt steadily rising

According to data from ValuePenguin, as of November 2015, total consumer debt in the United States stood at $3.4 trillion, and outstanding revolving debt stood at $929 billion. The latter figure represents a nerly $90 billion increase since 2010. The steady increase in the amount of debt held by consumers in South Carolina and around the country is due to a number of factors, including easy credit and incentives to get credit cards.

Three out of every eight households in the country have credit card debt, with a mean of $5,700 being owed. The greater the income of a household, the larger the credit card debt is likely to be. However, the exception to this is that households with zero or negative worth carry, on average, the highest amount of debt.

There are numerous incentives that make credit cards attractive, such a year with no interest or cash back rewards. Still, it is very easy for people to get in over their head if they are not paying attention to their debt to income ratio and ensuring that they are making regular payments above the minimum required.

Although credit cards may be easy to obtain for many people, getting out of credit card debt tends to be far more difficult. For some people, even working extra hours or cutting down on expenses is not enough to get them out of debt. In these cases, filing for bankruptcy may be an alternative The two primary forms of consumer bankruptcy are Chapter 7 and Chapter 13, and an attorney can outline the differences as well as the particular eligibility requirements.

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The Huggins Law Firm, PA

Columbia Office
1812 Lincoln Street
Suite 201
Columbia, SC 29201

Phone: 803-764-1558
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