U.S. credit card debt is just over $1 trillion, exceeding the previous high set in April 2008 right before the Great Recession. The average amount of credit card debt per household is $9,600. That equals about 17% of the average U.S. household income. Since the average interest rate on a credit card is 16%, and about 24% for those with “less than perfect” credit, that debt grows between $1,600 and $2,300 each year.
A recent survey found millennials’ knowledge on credit card use troubling. A few millennials (6%) actually believe that missing a credit card payment would “improve” their credit rating. 17% said missing a card payment would have no effect on their score. Some 36% have maxed out credit cards and 48% carry card balances over to the next month, paying high interest rates and other monthly fees.
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If you have any questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.