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Shreveport
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318-598-4100

Lafayette
337-205-0492

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Simon Fitzgerald LLC

Shreveport
318-550-4873

Alexandria
318-598-4100

Lafayette
337-205-0492

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Credit card debt a major problem for many Americans
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Credit card debt a major problem for many Americans

| Mar 15, 2019 | Credit Card Debt |

Most people use a credit card to make daily purchases, and some Louisiana consumers even consider their credit cards to be their emergency funding option in case of a large and unexpected expense. Reliance on purchasing things on credit has led to a record amount of credit card debt. Americans now carry a total of around $870 billion in credit card debt, and many cannot keep up with their payments.

Seasonal patterns play a role in the amount of credit card debt. Many consumers come out of the holiday season with more debt, which is normal. However, there are now more than 100 million more credit cards in use than there were in use about 10 years ago during the last major recession. Statistics also indicate that around 37 million credit cards are at least 90 days past due, and and credit card limits continue to rise.

All of these statistics and more indicate that credit card debt is a significant issue for many people. As the total amount of debt rises, it is likely that more people are struggling to meet minimum payments and keep accumulating interest in check. It is reasonable to assume that for many, this type of debt will lead to other financial problems, perhaps leading to the need to consider bankruptcy.

Filing for bankruptcy is often a smart way for Louisiana consumers to deal with certain types of unmanageable debt, including credit card debt, once and for all. For many, this step is the way to secure a better financial future. A complete evaluation of a person’s individual financial situation can indicate if bankruptcy is the best choice. 

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