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A New Trillion Dollar Record In Credit Card Debt

According to a recent study, “for the first time ever, total credit card debt in the United States is approaching a trillion dollars.” As the United states credit card debt skyrocketing, Michael Snyder, Credit Card Debt In The United States Is Approaching A Trillion Dollars, according to The Economic Collapse Blog (March 11, 2016).  You read that right – a staggering trillion dollars!  Indeed, “U.S. consumers accumulated more new credit card debt during the 4th quarter of 2015 than they did during the years of 2009, 2010 and 2011 combined.”  Id. (emphasis added).  While this alarming, recent increase surely has creditors cheering with glee, the majority of debtors contributing to this increase will likely find themselves in terrible situations for years to come.

Although credit cards can serve as financial conveniences from time to time, they often come at high costs – both figuratively and literally.  On one hand, if you faithfully pay your minimum payments on your credit cards each month, you will likely only be subject to paying interest.  This may be comfortable for some people, despite the fact that you prolong the length of time that you must pay off your debt for. Yet, these interest payments may significantly add up over time.  Before you know it, your total debt could be exponentially higher than you could ever even begin to fathom. In other words, these “minimum” payments may result in “maximum” headaches.

On the other hand, however, should you miss one single payment, your interest rates may sky rocket to egregious levels and you may be faced with debilitating penalties and legal fees.  As a result, your total debt may rise to levels that you never even thought possible. Should this continue, your total debt may continue to creep up on you until you inevitably find yourself in an enormous financial hole without anywhere to turn. How will you possibly dig yourself out when you can’t even afford to charge a shovel to your maxed out credit card?

This is where McCarthy Law PLC steps in.  We work directly with your credit card creditors to negotiate a significant reduction in your total credit card debt.  We will fight for you and prevent you from falling victim to these debts.  Don’t hesitate – call today at (855) 976-5777!

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.