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America’s credit card balance continues to grow

Do you have credit card debt? You’re probably thinking: “Who doesn’t have credit card debt?” The fact is, just about everyone in America does have credit card debt, including many in the Tampa area. The average American owes thousands of dollars on his or her credit card accounts, and many of those people don’t have the means to get out from under that debt.

According to recent data from several sources, including the Federal Reserve, the average American owes slightly more than $7,000 to his or her credit card company, or companies. That may not seem like a huge number to some people, but the scarier number lies in indebted households. According to statistics, households that can’t pay their credit balances for long periods of time, average more than $15,000.

 

Getting into debt is not good, and getting out of debt once a person is in the red, can be very difficult. However, there are some steps one can take to start getting back on their feet financially. First, cut back on all unnecessary purchases. It might not be easy but stop buying things unless you absolutely need them. Also, use cash to make purchases for the things you do need. Lastly, focus on paying down one credit bill at a time, starting with the smallest, and the work your way up.

If you are like most Americans, then you probably have some sort of credit card debt. Although some people can afford to pay their bills and stay current, others cannot. If you have reached the point where your debt is out of control, then now might be the time for you to meet with an experienced bankruptcy attorney who can help you take the right steps to get back on stable financial ground.

Source: Business Insider, “Here's America's steep average credit card balance,” Mary Hiers Mint, Apr. 9, 2014.

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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
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  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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