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Credit card debt jumps by $28 billion in second quarter

Just about everyone in America, including most in the Tampa area, have credit card debt. Credit cards can be a convenient way to purchase things but too many times people are unable to control their spending and they wind up in debt. Unfortunately, despite the negative effects of having debt, most people still get into this financial trap; and it appears that the problem might be getting worse.

According to CardHub.com, during the second quarter of this year, Americans added more than $28 billion to their credit card debt. That is the highest amount in the last six years. What’s more, that number is 200 percent more than in the second quarter of 2009, when the country was coming out of the “Great Recession.” 

Despite paying off about $32 billion in the first quarter of 2014, consumers then turned around and added about 86 percent more debt in the second quarter. While the country was busy building up its total, individual households were also adding to their debt. The average household credit card debt is now just over $6,800 compared to $6,628 in the first quarter. However, that’s still better than the average at the end of 2008 when it stood at $8,431.

Credit card debt is obviously a problem for most, if not all, American households. Although some people are able to manage their debt and pay off their cards, others have more difficulty. If you have problems with credit card debt and can’t find your way out, then you might want to seek the help of an experienced bankruptcy attorney.

Source: MarketWatch, “American credit-card debt hits post-recession high,” Quentin Fottrell, Sep. 13, 2014.

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