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Texans have an above average credit card debt

When it comes to credit card debt, there is some good news and some bad news. The good news is that, while the average American credit card debt is more than $3,600 that number is down from last year, and it continues to fall lower. The bad news is that some states have a higher than average credit card debt, and Texas is one of those states. In fact, Texas has the 10th highest credit card debt of any state in the country at a per person average of $4,047.

There are a number of factors that could be contributing to this higher number, such as cost of living or unemployment rate. However, it could also be that the strong Texas economy has encouraged people to spend more, confident in their ability to make enough money to pay off their debts. Regardless of the reason, the fact that the average Texan is facing more than $4,000 in credit card debts could quickly become a problem.

It’s wonderful to have a steady income that is capable of keeping up with debts, but the world is an unpredictable place, and sudden loss of job isn’t out of the realm of possibility. Even with a very secure job, people may find that their credit card spending is getting out of control should the cost of living increases. Think about it: if the price of gas jumped up, for example, would you be able to maintain your standard of living and keep up with your credit card debts?

For those Texans who are concerned about their credit card debt and aren’t sure where to turn, you might want to consider bankruptcy. Bankruptcy is a form of debt relief that could help you discharge some of your debts or repay them in a more manageable way. Bankruptcy is not something that should be taken lightly, but it is a reasonable alternative to those who are facing massive debt.

Source: Marketplace Business, “With credit card debt, not all states are equal,” Conrad Wilson, July 4, 2014

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