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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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