Is America’s Credit Card Debt Skyrocketing?
Los Angeles, CA
Here we go again! A recent article from CBS News discusses the skyrocketing credit card debt. In 2014, credit card debt increased by $57.1 billion dollars. In 2015 predictions estimate an additional $60 billion dollars of new credit card debt. While increased credit card debt may signal good faith in the economy, the rapid pace of credit card debt growth outpaces the growth of American wages. Americans are simply spending more on credit cards than they have in cash. Household wages have only increased 2% during the past ten years.
The average household credit card balance is now $7,200. For comparison, during the height of the Great Recession in 2008 average credit card debt per household hit around $8,300. There have now been 6 consecutive years of credit card debt growth and all signs point to continued growth of debt. Auto loans are also expected to rise in 2015. Despite this growth in debt, half of all Americans report feeling financially insecure, due to student loans, credit card debt, and low wages. Half of Americans also report not being prepared for a financial emergency.
Action Plan: If your personal credit card debt continues to only grow. it may be time to consult a licensed debt settlement attorney. A qualified debt settlement attorney is a licensed and knowledgeable about consumer finance and should be the only source for a legal opinion on debt. During an initial free consultation an attorney can discuss available options to get out of debt and on the way to financial freedom.
Author: Kevin Fallon McCarthy
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