With credit card debt reaching record levels over the previous year, many individuals in Ohio may be experiencing the potential downsides of funding purchases through similar lines of credit. With high interest rates on many credit card accounts, those who struggle to keep up with payments may only continue to see an increase in their balances. Those who wish to cut down on similar forms of debt may find it beneficial to speak with a bankruptcy attorney for guidance on the options available.
Recent reports suggest that Americans racked up more than $90 billion in credit card purchases over the past year alone. According to reports, this brings the total amount of credit card debt in the nation to just over $1 trillion. Financial experts suggest that these record levels of spending may be partly due to recent economical growth and increased levels of confidence among consumers.
According to these reports, a staggering $67 million of purchases over last year took place over the recent holiday season. At the time, the rewards offered in using a credit card to fund holiday purchases may have been appealing to many. However, should one fall behind on payments, he or she may lose access to introductory rates and incentives. As interest rates rise, a person who is only able to make the minimum required payments may see his or her balances increase steadily over time.
Many individuals in Ohio may wish to reduce or eliminate their credit card debts, but they might be uncertain how to achieve this goal. Those who are constantly struggling with financial obligations might find it beneficial to speak with a bankruptcy attorney for guidance on taking control of their finances. An attorney can evaluate a client’s financial situation and assist in choosing a path with which to pursue relief from the burdens of debt.
Source: abcnews.go.com, “Credit card debt surpasses $1 trillion in the US for first time“, Nataly Pak, Accessed on March 27, 2018