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.