Louisiana residents who are age 75 and beyond will be glad to learn that they are among those least at risk for carrying an outstanding balance on their credit cards. However, those in other age groups are not so lucky; as a matter of fact, some are at great risk for serious credit card debt. Not being able to keep up with monthly payments is a common problem nowadays.
Those between the ages of 45 and 54 are reportedly most at risk for amassing debt they are unable to pay off. Credit balances can easily get out of hand due to high interest rates. The longer a balance goes unpaid, the greater the chance an interest rate will increase.
People with low net worth are also at risk for credit card debt. Current data shows that the average monthly balance is approximately $5,000 to $7,000 in most households. Any number of issues may be key factors toward inability to satisfy such debt. For instance, a high cost of living and low income prompts many people to use their credit cards as cash to pay bills or simply to make ends meet and put food on their tables.
While income level, age group and net worth may be factors toward credit card debt, many Louisiana residents lower their balances by changing their spending habits and creating realistic budgets. It’s also a good idea to know where to seek support if a person determines a need to explore additional debt relief options. Where there is a high credit balance, there tends to be other debt as well, such as overdue mortgage payments. An attorney well-versed in bankruptcy law can provide guidance and support to anyone trying to overcome a serious financial crisis.