Americans frequently find themselves with significant credit card debt, a tendency that has only increased in recent years. With inflation driving up costs and more customers using credit cards to cover everyday expenses, it’s no surprise that credit card balances are increasing.
In this blog, we’ll look at how much credit card debt the average American has and discuss some of the underlying causes of this expanding problem. Understanding the scope of the problem allows us to manage and eliminate this debt more effectively. As a bonus, we’ll discuss a debt relief alternative to help you eliminate your credit card debt!
How Much Credit Card Debt Does The Average American Have?
The amount of credit card debt that Americans carry is startling. According to recent figures, US consumers owe a record $1.166 trillion on credit cards, with the average person holding $6,380. That is a large number, and it has just been increasing.
Since early 2021, credit card debt has increased by $396 billion, representing a 51% growth in just a few years. Even compared to pre-pandemic levels, debt has risen by $239 billion, a 26% increase from 2019. This uptick demonstrates how much financial stress many Americans are experiencing.
With the cost of living rising due to inflation and credit card interest rates continuing to be extremely high, paying down bills has become more challenging than ever. Credit cards have become a tool to meet basic demands for many people, yet this strategy can quickly spiral into unmanageable debt. It is evident that credit card debt is becoming a significant issue, and finding solutions is more crucial than ever.
Finding a Way Out: How Debt Settlement Can Help
In today’s economy, living with heavy credit card debt is unsustainable. The burden of growing debts, exorbitant interest rates, and the never-ending effort to make ends meet can feel oppressive. But there is hope, which comes in debt settlement, a tried-and-true approach for regaining control of your finances and starting again.
Debt settlement involves talking with your creditors to minimize the amount you owe. Instead of repaying the entire balance, you pay a lump sum less than the total loan. This approach is especially beneficial if you are struggling to meet minimum payments or are already behind.
Debt settlement allows you to lower your debt and avoid the long-term financial strain of high interest rates and endless payments.
When selecting the ideal partner to help you navigate this procedure, Gershfeld Law Group stands out as a reliable champion. With significant debt settlement experience, they handle talks on your behalf, relieving you of the burden. Their purpose is straightforward: to assist you in eliminating debt as soon and effectively as possible, allowing you to focus on rebuilding your financial future.
Do not let credit card debt control your life. Contact Gershfeld Law Group immediately to take the first step toward financial freedom. You deserve a future free of debt.
