The idea of never getting out from under serious credit card debt is a fear that plagues many Americans. South Carolina residents, as well as others, may find themselves facing debt balances totaling in the thousands, and they may feel as if there is no way out. However, struggling with debt is not an issue that affects just a few, and there are options available for confronting those liabilities.
It was recently reported that a study into average American debt amounts revealed that the indicated numbers could be misleading. Though it is reported that the average amount of credit card debt totals $3,600, that amount includes individuals who actually have zero credit card debt. In fact, the true amount for households with such debt is closer to $16,000.
Because these amounts can be so staggering, it is no shock that many people feel as if they will be paying off debt forever. Indeed, it could take individuals with this amount of debt over a decade to pay off that balance when making minimum payments. Including added interest and other fees, the actual amount paid over that time could be upwards of $40,000.
Credit cards can be a valuable tool for individuals who may need assistance in stretching their income. However, when the amount of credit card debt accrued leads to more issues than benefits, individuals may wish to consider their debt management options. South Carolina residents interested in debt relief may wish to explore their bankruptcy options and determine whether such an avenue may be right for them.
Source: USA Today, “The average American’s credit card debt may shock you”, Matthew Frankel, Oct. 12, 2016