How Much is Your Credit Card Debt?
I can help you eliminate your Debts, including your Credit Card Debts.
- Credit Card Debt is prominent in those filing for bankruptcy.
Debtors in the U.S. hold about 2-3 credit cards.
Debtors that I meet hold about 10 credit cards.
- It is not surprising that New Jersey consumers carry very high credit card debts. Credit card debt is a key factor for clients who come to me for a free bankruptcy consultation to see if filing for bankruptcy will help.
- A significant number of consumers will expect their financial situation to worsen.
- With high interest rates, borrowers have to pay significantly more for balances, which reduces the amount of discretionary spending left. Much of the earnings are going to essentials.
- About 73% of credit card debt is driven not by luxury items but by essential items.
- I see this all the time when I meet with my clients.
Among the 10 credit cards, many debtors hold several Visa and Mastercard credit cards. Now it is so easy to apply for a credit card. You can apply online for credit cards.
- How much Credit Card Debt do you have?
- How many credit cards do you have in your wallet? How much is your balance on each of your credit cards?
Credit Card Debts - Ease of Use of Credit Cards
It is just natural that handing over a credit card is easier than handing over cash. When you charge with a credit card, it is not as noticeable as paying with cash. Even the cost of the item or services you are purchasing is less noticeable.
However, the sting comes later when you receive the bills. Interest rates are high on credit cards. When you apply for credit cards, most individuals do not even look at the interest rates. The average interest rates are approximately 21% to 22.3%.
You will not be surprised to find that, over time, your balances keep growing. Those interest rates can amount to much more than you thought.
USA Debt Stats:
- Total Credit Card Debt is: $1.39 Trillion (2026 Credit Card Debt Stats (Federal Reserve Industry Data).
- Delinquency Rate 3% of all US accounts
- However, as a State, New Jersey’s credit card debt is among the highest and continues to rise. That is not surprising to any of us who struggle with the high costs just for basic expenses.
Get rid of your debts – Get Debt Free Fast:
You may qualify for:
- Chapter 7 Bankruptcy, you pay zero back to your creditors, or
- Chapter 13 Bankruptcy: You pay only part of your debts back over time.
- I am a board-certified bankruptcy lawyer.
- You look to a board-certified physician. Why not a board-certified bankruptcy lawyer?
See how a smaller bankruptcy law firm can benefit you and your financial situation.
When you call me, your calls are never screened – you reach me directly at my cell phone: (201) 446-5904.
I want to Help you
I am looking forward to meeting with you.
