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Credit card debts to top $1 trillion in America

If you're carrying credit card debt, you're not alone. Millions of Americans have debt, and credit card debt is just one kind. With the average household having thousands in debt, it's no surprise that the spending habits of Americans has caused the national credit card debt amount to grow significantly.

Credit card debt is a major problem in America. In fact, a June 8 report indicates that it has now gotten close to a trillion dollars. Student loan debt topped $1 trillion several years ago, but now, in 2017, credit card debt is close to that same mark.

In April, the Federal Reserve reported that the total credit card debt had increased by 2.5 percent. Even with the growth, consumers do seem to be paying back more than in the past. In the first quarter of 2017, consumers repaid approximately $31 billion. $31 billion is still below the average pay-down per quarter since the Great Recession, which is a problem.

When consumers fail to repay their debts, they continue to accrue and put strain on the economy. It's expected that consumers will add another $60 billion in credit card debt in the remainder of 2017 and take the total debt well over $1 trillion this year.

If you're struggling to repay your debts, your attorney can help. There are many ways for you to tackle your financial issues head on. With the right support, you can get back in control of your finances, so you can have a stable future. Whether you wish to enter into bankruptcy or to pay down your debts, there are good options available.

Source: Consumer Affairs, "Credit card debt closing in on $1 trillion," Mark Huffman, June 08, 2017

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