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American credit card debt could reach unsustainable levels

By all measures and accounts, our country's economy is seeing some much needed improvement. However, even though the economy is on the upswing, there are still many Americans who are struggling with debt. Much of the buzz around our country's debt focuses on the ever-rising student loan debts, but thanks to CardHub, some light is being shed on another significant form of debt: credit card debt.

According to CardHub's newest survey, American households are experiencing a near $60 billion net increase in their credit card debts. The website also predicts a 5 percent increase in credit card debts this year, which would actually push the countrywide credit card debt up to the $60 billion mark. It can be argued that this increase in debt is a good thing, since Americans are spending more money and fostering further economic growth. However, it is worth noting that many workers have not received wage increases to match their heightened spending.

CardHub considers a credit card debt of at least $8,300 to be unsustainable, and the numbers indicate that the average household now sits at about $7,200. This survey indicates that many American households are slowly closing in on an unmanageable amount of credit card debt. Fortunately for individuals with extreme credit card debt, there are options.

A bankruptcy filing can help you discharge some or all of your credit card debts and help you on your way to a fresh financial start. Regardless of your circumstances, there is probably a bankruptcy option for you. Even if you are afraid of losing your assets in a Chapter 7 bankruptcy filing, Texas residents should know that many assets are exempt in our state. You could have your debts discharged without losing significant assets such as a car or a house.

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