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As consumer debt grows, credit card companies offer incentives

As you may have heard, we are presently living in the days of easy credit. More and more credit card companies are attempting to lure customers into increasing their credit limits as well as offering incentives to get people to pull out the plastic and make purchases. If the numbers being released are accurate, Americans are not hesitating to do just that.

Information released by Moody's Analytics and Equifax indicates that consumers have rung up around $662 billion of credit card debt as well as $320 billion worth of consumer credit, which includes finance loans. Add those numbers together and you get a figure that approaches a mind-boggling $1 trillion.

Yet, according to Moody's Analytics chief economist, the current credit debt numbers are not as severe as those of the record highs set during the recession. The economist also says that the current debt rates pose no immediate significant problems.

Meanwhile, credit companies and banks are dangling such deals as cashback cards, and zero percent introductory rates in front of customers. While all of this may sound tempting, it is important to remember that interest rates typically go up after the zero percent offer ends; typically within a 12 to 15 month time period.

If you have already found yourself dealing with credit card debt problems that started with extended credit limits and too-good-to-last interest rates, then this may sound like the same old song. You likely know all too well that credit card debt can be a relentless drain on your finances, impacting your way of life and peace of mind. Sometimes it is simply impossible to pay more than the interest every month, which only increases your debt as time goes on.

So if you have grown weary of paying out and receiving only more debt in return, you may want to take a serious look at the benefits provided by filing for Chapter 7 bankruptcy, which can help you get your credit card debts discharged. A Texas bankruptcy attorney could assess your debt and overall financial outlook and advise you if Chapter 7 is your best option.

Source: WZZM 13, "Credit binge could hit $1 trillion. Yes, that's a 'T'," Susan Tompor, June 3, 2016

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