There Is No Charge For The First Consultation: 903-266-1843

Law Office of Gordon Mosley
A Bankruptcy & Consumer law Firm
20 Years Experience Helping People Gain A Fresh Start

Many Americans still struggling with credit card debt


If you're in credit card debt, you're in good company. Americans, as a whole, hold more than $1 trillion worth of credit card debt. The average American with credit card debt holds nearly $10,000 in credit card balances each month. Last year, those who made only the minimum payments each month ended up facing more than $1,000 in interest fees, on average. These interest expenses are expected to rise as the economy continues to improve and the Federal Reserve hikes interest rates.

The increase in interest costs is worrisome for multiple reasons. First, wages are not keeping up, meaning that more and more Americans are finding themselves facing increased debt with no way to pay it off. Second, other household expenses are also rising, including food costs and housing. Those struggling to make ends meet thus turn to credit cards to help them get through the tough times.

Some financial experts suggest that those facing high credit card debt look for zero-interest balance transfer cards. These credit cards will allow you to shift your credit card debt from a high-interest card to a new card. Then, many of these cards provide holders with a period of zero-interest. This can allow an individual to get caught up on the debt without drowning in interest and fees.

Although taking these steps may be quite helpful, it may not be enough for some debtors. Those struggling with overwhelming debt may have other debt relief options available to them, though. Personal bankruptcy, for example, whether Chapter 7 or Chapter 13, may allow an individual to escape their burdensome financial situation and obtain a fresh financial start. To learn more, these individuals can speak with a Texas attorney skilled at handling these types of debt matters.

Source: New York Post, "Americans are swamped in $1 trillion of credit card debt," Catherine Curan, April 16, 2017

No Comments

Leave a comment
Comment Information

Start Fresh - We Can Help!

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact Information

Law Office of Gordon Mosley

Tyler Office
4411 Old Bullard Rd.
Tyler, TX 75703

Phone: 903-266-1843
Tyler Law Office Map

Gun Barrel City Office
431 N Gun Barrel Ln
Suite 112
Gun Barrel City, TX 75156

Phone: 903-266-1843
Map & Directions

  • Local: 903-266-1843

  • Fax: 903-581-4038

  • Facebook
  • Google Plus
  • Linkedin
  • Twitter
  • Review Us