Some Texas consumers may be paying a significant amount of money in credit card fees and interest. The personal finance website MagnifyMoney looked at data provided by the Federal Deposit Insurance Corporation and found that Americans had paid over $104 billion in interest and fees over the past year. That number is anticipated to increase.

In 2018, the Federal Reserve has raised interest rates and will probably do so two more times before the end of the year. This usually means higher rates for credit card customers as well as mortgage holders. It is anticipated that the last rate increase will cost credit card debtors over $2 billion more in interest rates.

While this is a lot of money in a collective sense, most credit card holders will only see their minimum payments go up by a few dollars. However, those dollars can add up. Each month, there is $687 billion in credit card debt that is not paid in full, and for the average credit card holder, that translates to a debt of $6,348. Furthermore, the total in revolving debt for Americans is more than $1 trillion despite a surge of people paying down a total of $40.3 billion in credit card debt in the first three months of 2018.

For some people, credit card debt may become overwhelming, and they may want to consider filing for bankruptcy. With a Chapter 13 bankruptcy, people may be able to keep some assets. Chapter 13 allows a person to work out a payment plan with creditors, so filing for Chapter 13 can stop foreclosure on a home and allow a person to keep it. There are several eligibility and other requirements that an experienced attorney can explain.