Average US household has more than $16K in credit card debt

Posted on Friday, December 16th, 2016 at 9:15 pm    

A recent report revealed a typical family in the U.S. has more than $16,000 in credit card debt, and it seems their income is not enough to cover these debts, a December 13 article of CNBC reported.

After analyzing information from the Census Bureau and the Federal Reserve Bank of New York, financial think tank NerdWallet revealed households currently have balances on their credit cards amounting to $16,061. The report also found that an average family can pay only a small fraction of their debt. A typical family’s debt could increase to $132,529 when other household debts are added, such as mortgages. Though the overall household debt tends to increase, student loan debts stagnated since last year.

Unfortunately, there are some families who can no longer manage their overwhelming debts. However, if this happens to you, an attorney can offer you workable solutions to give you a fresh start. Consult with an attorney at the Bradford Law Offices, PLLC in Fayetteville today by calling (910) 668-0006 to learn more about your options.