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How much credit card debt does the average American have?

Debt seems to be a problem for all kinds of people all across the country. The national deficit remains a talking point in the political sphere, but more and more people are talking about student loan debts and the ability of future generations to stay financially afloat. Among all of this talk, some are forgetting another significant type of debt that affects many households in the country: credit card debt.

Credit card debt may not be reaching the astronomical numbers of student loan debts, but a recent study found that of all the households that have credit card debt, the average amount of debt is more than $15,000. What is particularly alarming about such a high debt amount is that credit cards often have massive interest rates. At an average interest rate of just under 20 percent, that $15,000 in debt could cost American households more than $6,500 per year. Of course, if the households continue to pay only their minimums, that number could keep growing.

There are many reasons that credit card debts may be rising, including increases in food costs and medical bills, but some statistics indicate that denial may play a large role. A vast majority of surveyed Americans claimed that credit card debt carries a massive stigma, so they choose to ignore their balances. In fact, the study found that borrowers, as a whole, owed about $415 billion more than they thought they did.

Do not fool yourself into thinking that credit card debt is not serious. It can have a significant negative impact on your life. However, you have options and you can find relief. If you live in Texas, and you are struggling with credit card debt, do not hesitate to consult with an attorney about the possibility of filing for bankruptcy.

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