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Credit card debt is high, but it can be managed

The vast majority of the conversation regarding our country’s debt focuses on student loan debt, and while this debt is the largest problem, there are almost no debt relief options that deal directly with student loan debt. Instead, the focus should be on debt that you can do something about: credit card debt. As of 2014, the average American household has more than $15,000 in credit card debt, nearly half the average student loan debt. America’s total credit card debt reaches $880.5 billion.

There are two things about credit card debt that consumers can be happy about. The first is that the average credit card debt has fallen by nearly $4,000 in the last four years, though it has remained fairly steady over that time period. This could be a sign that the economy is improving and so people are more comfortable putting money on their cards. It could just as easily mean that people are still having difficulty making ends meet, so they are forced to rack up debt on their cards.

The second piece of good news about credit card debt is that there is something that you can do right now which may end up lowering your credit card debt or even eliminating it completely. Filing for bankruptcy may sound like a bad decision, but despite the negative connotation placed on it, bankruptcy is a legal option that provides debt relief to those who need it.

Of course these statistics include data from the whole of the United States, meaning that there are likely some Texans who are struggling with debt. If you are one of those who owe thousands in credit card debt and you would like to do something about it, consider meeting with a bankruptcy attorney to discuss what filing option might be best for you.

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