How much is USA Credit Card Debt?   – Major reason to file bankruptcy – Get Debt Free Fast

 

Credit Card Debt is prominent in those filing for bankruptcy.

Most debtors hold 2-3 credit cards.

Total Credit Card Debt is:   $1.08 Trillion.

 

That’s up from a record $1.031 trillion in the second quarter of 2023.  This is the highest balance since the New York Fed began tracking in 1999.

They’re not just racking up higher balances on their credit cards as sky-high inflation and rising interest rates hit household wallets, though.  The last time total credit card balances were this high was the first quarter of 2020 reported by Fortune.

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 many credit cards do you have in your wallet?   How much is your balance on each of your credit cards?

It is just natural that handing over a credit card rather than cash is easier.  When you charge on a credit card, it is not as noticeable as handing cash to pay.    Even the cost of the item or services you are purchasing is less noticeable.     

However, the sting comes later when you receive the bills.    With interest rates are high on credit cards.   When you apply for credit cards, most individuals do not even look at the interest rates.    You will not be surprised that over time, your balances keep growing and growing.    Those interest rates can amount to much more than you thought.

Paying off just the minimum balances on your credit cards creates major financial difficulties.

Get rid of your debts – Get Debt Free Fast:    You may qualify you for Chapter 7 and pay nothing back to your creditors.

I offer a free bankruptcy consultation.   Meet with me personally to review your debts and advise you if/which bankruptcy is right for you.

I am a board certified bankruptcy lawyer.   You look to a board certified physician.  Why not a board certified bankruptcy lawyer?      Ralph A. Ferro, Jr., Esq. Board Certified Bankruptcy Lawyer.     I look forward to working with you to achieve financial success.