As a nation, household debt is continuing to increase. Debt is increasing in all major categories, except for auto loans during the last quarter of 2017. The two categories with the most significant growth were mortgage debt, which increased by more than $3,000 per household and credit card debt that went up by $250 per household.
The growth in credit card debt can be partially attributed to holiday spending. The last quarter of 2017 credit card debt per household stood at $15,983. Mortgage debt totaled $178,037 per household.
Credit card debt often comes with high interest rates, which means carrying debt month to month can create significant financial stress. Carrying this debt for many years can cause thousands of dollars in interest to accrue. Some quick tips to pay off credit card debt include: Finding out your total balance, doing a balance transfer to stop the accruing interest and powering through the balance (i.e. – take advantage of the interest-free period of your new card).
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If you are struggling with insurmountable credit card debt or are in 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 McMaken 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 McMaken website at www.miamibankruptcy.com.