Kentucky residents are carrying massive amounts of credit card debt. If your income is sufficient to pay your credit card bills, this debt may not be a huge problem. However, as soon as a problem comes up that interferes with your ability to pay your monthly bills, you could face serious debt problems -- and maybe the only way to get out from under those difficulties is bankruptcy.
According to statistics, the average American holds anywhere from $3,600 to $5,700 worth of credit card debt each month. When you consider that average household incomes in the United States are around $55,000, this amount of debt doesn't appear too horrible -- especially when you consider the fact that most credit card holders pay down their monthly balances to zero each month.
However, when you remove card users who pay off their credit cards each month from the picture, you see a starkly different picture. In these cases, the average debt runs as high as $16,047. That is a lot of money, and the amount of money is even higher when you realize that it could take 14 years to pay off that amount of debt -- and including interest into the picture -- would mean that the credit card holder would pay a full $40,200 before the debt is resolved.
Even worse is the fact that the people holding this debt are the ones least capable of affording it. In fact, families that have zero or negative net worths are struggling under an average of $10,300 worth of credit card debt.
Kentucky residents who are having a hard time seeing an end to their credit card debt woes may want to talk about their debt situation with a bankruptcy attorney who can help them evaluate the most appropriate ways of getting out from underneath their financial burdens. In some situations, bankruptcy could be the answer.
Source: AOL, "American credit card debt may shock you," Oct. 13, 2016