Americans are dealing with extreme amounts of credit card debt, according to a recent article by Tim Chen of nerdwallet.com. When only indebted households were considered, the average credit card debt was $15,706. This number decreases to $7,327 when all American households are included, as there are a number of individuals who do not currently owe a balance in credit card payments. However, even though the average credit card debt is $15,706.00, many individuals and families have much larger credit card debt.
In addition to credit card debt, the average U.S. household currently owes $156,333 in mortgages and $32,953 in student loans. In total, American consumer debt has increased by 1.7% from last year to $11.85 trillion. Student loan debts have also increased from last year by an astounding 7.1% to $1.19 trillion. U.S. consumers also owe $890.9 billion in credit card payments and $8.17 trillion in mortgages as of August of this year.
These numbers represent a very common problem for individual Americans: an overwhelming level of personal debt that can become impossible to pay back. While the stress of financial hardship can be among the most difficult and unhealthy issues a person can deal with, bankruptcy provides a path for alleviating this tension. Texans who are facing unmanageable personal debt can look to attorney Erin B. Shank, PC, for answers to all of their bankruptcy questions as well as caring, professional guidance for overcoming debt. To learn more, call (254) 296-1161 today.