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Credit card debt ratio reaches lowest point in 25 years

It is no secret that the United States economy has been struggling for the last few years, but many have recently begun to claim that the economy is improving. Thanks to The Nilson Report's annual credit card debt report, we now have some concrete evidence that indicates this may be the case. According to the report, the United States credit card debt ratio has hit a 25-year low, which is good news for consumers.

The report shows that back at the end of 2014, total household debt across the country was more than $13.5 trillion, only 6.52 percent ($881.57 billion) of which was credit card debt. To put this in a more specific perspective, the average American household had just under $110,000 in debt at the end of the year, and about $7,200 of that was credit card debt. What all of this ultimately means is that the credit card debt ratio is looking better than it has in more than two decades.

Of course just because credit card debts may only account for a small portion of consumer debt nowadays, that does not mean that credit card debt is not still a concern. Many households that are struggling with debt may not realize that they can complete discharge their credit card debts, which can allow them to focus on their more serious debts.

This debt can be discharged through a Chapter 7 bankruptcy filing, which is a legal form of debt relief that consumers can take advantage of to regain control of their finances. If you are struggling with debt, consider meeting with a bankruptcy attorney to discuss your options and learn about what you can expect from a bankruptcy filing. Bankruptcies in Texas tend to be very friendly to filers, allowing them to keep many of their assets. Do not hesitate to take charge of your financial future.

Source: pymnts, "US CREDIT CARD DEBT RATIO SEES 25-YEAR LOW," June 25, 2015

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