Credit card debt increases in America | Milwaukee, WI

BREAKING NEWS:   U.S. Department of Justice announces new rules to discharging federal student loans. Find out if you qualify TODAY!

Milwaukee 414-250-7880         Madison 608-465-4594         Green Bay 920-626-3125

Serving all of Wisconsin
Toll-free 866-906-5634  Milwaukee  414-250-7880     Madison  608-465-4594     Green Bay 920-626-3125

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Credit Card Debt 9 Credit card debt increases in America

Credit card debt increases in America

by | Apr 6, 2015 | Credit Card Debt

Credit card debt can lead to serious financial struggles for consumers in Wisconsin and throughout the country. Credit card debt levels have declined in the last few years due to the Great Recession, but the improving economy has led to a comeback in consumers taking on more debt. 

A new survey by CardHub reports that credit card debt has increased by 47 percent in the last year. This is a significant increase, and one that is expected to continue to grow by at least five percent in 2015. 

The CEO of CardHub said that even though the economy is improving, the increase in credit card debt shows that consumers have not changed their attitude when it comes to credit card debt. 

The company reported that defaults on credit card payments are lower than they have been in the past, the average household’s credit card balance is increasing and could become unsustainable if it continues to grow. 

Credit card debt is one of the leading causes of bankruptcy. Individuals who cannot afford to pay off their credit card balance each month are subject to paying high interest fees on top of the debt they already owe. This can lead to a serious financial burden that can spiral into unending debt for some consumers. 

Individuals struggling with unbearable credit card debt may be eligible to file for Chapter 7 or Chapter 13 bankruptcy. Bankruptcy can result in your debt being discharged or paid back on a specific schedule. However, there are strict bankruptcy eligibility requirements that need to be met. Individuals thinking about filing for bankruptcy should work with an attorney to discuss their specific situation. 

the secrets about bankruptcy they don't want you to know

Complete this form to receive your FREE copy of Attorney Miller’s book, The Secrets About Bankruptcy They Don’t Want You to Know. Order today to begin your personal journey toward true financial freedom.

Sidebar (Book Request)