Consumers in Texas and across the nation are accumulating more and more credit card debt, according to a new report by CreditDonkey.com. Furthermore, 55 percent of credit card users fail to pay their credit card balance in full each month.
The report found that 83 percent of American adults have at least one credit card and the average credit card user has an individual debt of over $5,300 in 2019. Meanwhile, the total revolving U.S. credit card debt is currently $1.04 trillion, which is a significant jump from the $857 billion racked up in 2013. The report also found that the average interest rate paid by U.S. consumers is 16.46 percent, and adults between the ages of 35 and 65 have the most credit card debt.
Luckily, experts say there are several reliable ways for consumers to reduce their credit card debt, including paying more than the minimum monthly payment, considering interest rates and checking for late payment penalties and other hidden credit card fees. Experts also recommend that consumers pay their credit card bill as quickly as possible, resist the urge to max out their limits and use balance transfers to take advantage of better interest rates. By using these methods and staying motivated, consumers can reduce their debt faster and get back on firm financial ground.
When credit card debt gets out of control, it can feel frightening and overwhelming. However, no one needs to face financial problems alone. An attorney could carefully review a client’s personal situation and recommend the best way to get out of debt. For example, by filing for Chapter 7 or Chapter 13 bankruptcy, it may be possible to stop harassing phone calls, eliminate debt and obtain a fresh financial start.