Survey: credit card debt soared last year

A new survey revealed that credit card debt in America had increased in 2014 and the trend is expected to continue this year as the economy strengthens, CBS reported on March 10.

According to a CardHub survey, a total of $57.1 billion in new credit card debt was recorded last year. This 2015, credit card debt is expected to increase by 5 percent, an estimated $60 billion. Last year’s credit card average left most Americans $7,200 in debt, close to the $8,300 mark that CardHub believes is largely unsustainable. The article also noted that household income only increased by 2 percent in the last decade. CardHub’s Jill Gonzalez stated that the increase suggests that people may have not learned their lesson following the recession.

If you are stuck with overwhelming credit card debt, working with an experienced attorney is important, especially if you believe that you are running out of options. Waco Attorney Erin B. Shank, PC can counsel people with overwhelming debt and offer a range of legal options to resolve this problem. Find out how she may work for you today by calling (254) 296-1161.