Law Office of Allan E. Dunaway, PLC

Credit card debt climbs

Though defaults on credit card payments reached a six-year low last year, Kentucky and the rest of the United States added a record-breaking $57.1 billion in net credit card debt. These and other findings related to American consumer debt are based on the results of a recently released CardHub survey.

Net credit card debt increased for the fifth year in a row, and Americans added 47 percent more in 2014 than in the previous year. These increases in net credit card debt follow the nearly $1 million decrease that occurred in 2009 after the financial industry crisis.

At the end of 2014, the average household's credit card balance was $7,200, which is approaching the credit card debt level of $8,100 that CardHub considers an unsustainable level. In January 2015, the total revolving debt totaled $867 billion, and it is predicted that the level of new credit card debt added by U.S. consumers will exceed $60 billion by the end of 2015. If the prediction is accurate, then the revolving debt balance will climb nearer the record high of $1 trillion that was reached in 2007.

Recent trends in unsecured debt such as credit cards are believed to reflect increased confidence in the state of the economy. However, these increasing levels of confidence may result in unmanageable levels of debt. Debtors facing defaults and experiencing difficulty while repaying debt might consider seeking the counsel of an attorney who might offer guidance on consumer rights, legal options with creditors and the possibility of filing for bankruptcy.

Source: CNBC, "Americans took on $57B in credit card debt in 2014," Jacob Pramuk, March 9, 2015

No Comments

Leave a comment
Comment Information
Contact the Firm

Get Sound Advice In A Free Consultation

For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Kentucky Office

Indiana Office

714 Lyndon Lane
Suite 4
Louisville, KY 40222

Phone: 502-785-1005
Fax: 502-412-2258
Louisville Law Office Map

530 East Court Avenue
Jeffersonville, IN 47130

Phone: 502-785-1005
Fax: 502-412-2258
Jeffersonville Law Office Map