Credit card debt is one of the largest forms of debt in Texas and across the United States. In addition to other forms of debt, such as medical expenses, student loans and mortgages, people can accrue massive amounts of credit card debt when creditors continue to supply people with high-limit credit cards. The problem exists in the fact that people are spending more than they have, and these cards often come with high interest rates and annual fees.
People continue to live beyond their means by using credit cards or plastic cash, to pay for items and services that they may not otherwise be able to afford. At the end of 2016, Americans had more than $1 trillion in credit card debt. At least 157 million Americans had debt on one or more credit cards at the end of the year. Credit card companies attract new customers by offering rewards points and travel miles to people who spend on their card. Although many peoples’ incomes have increased over the years, the cost of living has also increased and many people are unable to keep up with these financial changes. As a result, many people have turned to using their credit cards in order to purchase what they need and make ends meet.
When people have questions regarding their credit card debt or filing for bankruptcy, they may want to turn to a knowledgeable attorney regarding their legal options. An attorney may be able to answer any questions you have and point you in the right direction.
Source: CNBC, “Credit card users rack up over $1 trillion in debt,” Jessica Dickler, Feb. 17, 2017.