Minnillo & Jenkins, CO. LPA
Hyde Park, Eastgate, Fairfield, Covington: 513-723-1600
Portsmouth: 740-300-2022
Call For A No-Pressure, Free Consultation

Issues with credit card debt still a threat as income grows

Many individuals in Ohio and across the nation may feel that as their incomes continue to grow, the trials of financial strain may be less of a threat. However, studies indicate that when it comes to certain forms of debt, those who earn a higher income may face additional challenges that might only work to complicate the situation. While credit card debt can pose a threat to the financial future of virtually anyone, it may be a growing concern for individuals with a higher net worth.

The balance the average American household carries in credit card debt reportedly continues to rise, with recent numbers coming in at nearly $6,200. With these constant increases, experts indicate that there may be few consumers who are capable of paying their balances off in full each month. While such trials can affect all consumers, experts suggest that individuals with higher income levels may be more likely to carry substantial amounts in credit card debt.

Recent studies suggest that individuals who earn between $100,000 and $200,000 are the most likely to carry high credit card balances. With average interest rates reaching just over 17%, even those who earn a higher wage may experience difficulty keeping up with monthly obligations at times. Studies also indicate that those who are only capable of making the minimum payment on a balance of over $5,000 could spend as long as 20 years paying down credit card debt.

The resulting monetary strain that can accompany high levels of credit card debt can have a substantial impact on a person's finances. Those who wish to seek relief from the burdens of debt could benefit from seeking guidance on all their available options by consulting with a bankruptcy attorney. An attorney can work with a client in Ohio in developing a plan to pursue the necessary relief through the proper channels and provide guidance on how to avoid similar challenges in the future.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Hyde Park Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: +1-513-723-1600
Cincinnati Law Office Map

Eastgate Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: +1-513-723-1600
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: +1-513-723-1600
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Suite 5
Covington, KY 41011

Phone: +1-513-723-1600
Map & Directions
Covington Law Office Map

Portsmouth Office
612 Chillicothe Street
Portsmouth, OH 45662

Phone: +1-740-300-2022
Map & Directions
Portsmouth Law Office Map