Kentucky residents partake in the national trend towards increasing credit card debt. The combined households of America currently owe as much as $11.71 trillion. This number has increased about 3 percent since 2013. This means that the average household that carries debt has approximately $15,608 that they are liable for.
Reportedly, $881.8 billion of that debt is owed to credit card companies. This makes credit cards the third-biggest source of liability for American households. The majority of the rest of the debt is held in student loans and mortgages.
Credit card debt has increased nationwide over the last year, but the numbers did drop slightly from July to August. It is unclear what the precise meaning of these statistics may be, but experts speculate that higher consumer spending is a positive stimulant to the economy. Other authorities on the subject point out that employment and wages are not increasing at the same rate as consumer spending, which raises troubling questions about families living beyond their means and paying for basic needs with credit cards. It was also emphasized that the average household in America that held debt had a much higher average debt than the national median, which indicated that the average debt-holding household was very far in the negative. Common problems such as a home losing value to the point where the mortgage holder owed more than the house was worth showed the potential to add serious economic burdens to a household.
Major liabilities such as these can present singular challenges to Kentucky households, and the debt collection agencies that companies use are sometimes known for their aggressive and obtrusive tactics. Individuals who find themselves faced with creditor harassment may wish to consult with an attorney to seek methods to forestall or prevent their depredations.
Source: NerdWallet, “American Household Credit Card Debt Statistics: 2014“, Tim Chen, December 02, 2014