Law Office of Allan E. Dunaway, PLC

Facts about credit card debt in the United States

Most Americans would agree that the economy is on the upswing once again. The market is stabilizing, and the morale of the state of Kentucky has increased as a whole. This improvement may not be evident if you looked at credit card debtin the United States, however, which is spiraling out of control at an alarming rate.

In total, Americans saw in increase of $57 billion in 2014. Experts suggest that number will rise again in 2015, to an astonishing $60 billion. The average household has $7,200 worth of credit card debt, which is not far from the magic number that is considered “unsustainable.”

Some might argue that increased spending is a reflection of new consumer confidence, which is a positive occurrence. However, these numbers present huge concerns, as most Americans are not bringing in enough income to cover their debts. More than half of those living in the United States do not feel that they are financially secure, stating credit card debt as one major reason.

This is also due to the fact that the amount of income that is generated by the average household has not increased in nearly a decade, while the amount of debt accrued has increased each year. This is proving to be a financially deadly combination.

Credit card debt is often a driving force behind individuals and families filing for bankruptcy. If you are considering filing for bankruptcy due to your debts, speaking with an experienced attorney about your options might be very beneficial.

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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.

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