While it is reported that the average credit card debt for Arizona residents in going down, other forms of debt have gone up during the same period.  Credit card debt was listed at $4,879 per credit card borrower during the month of May of this year.  Residents in Phoenix had somewhat lower debts at around $4,356 during the past month.

Though mortgage debt across our state was lower than it was in 2012, it has risen slightly from the month of April until May.  Also, student loan and automobile loan debt both significant increases for individuals living in Arizona.

It would be significant if overall debt decreased over the past year. Otherwise it’s possible that certain debts decrease while others increase because consumers choose to go with one form of debt as opposed to another.

The shifting around of debt by consumers can usually be managed for short period of times, but eventually credit will dry up and lenders will decline to supply consumers with any additional financing. At such times, it’s often good to have the legal counsel of an experienced attorney in debt representation and management to provide suggestions and legal alternatives as concerning what to do next.

Though one may not qualify for Chapter 7 bankruptcy protection, they may stop the harassment of creditors by assisting in the filing of Chapter 13 bankruptcy. There is also the option of having an attorney deal straight up with the creditors to see if the credit card installments can be reduced to a more manageable level.

Source: Phoenix Business Journal, “Average credit card, mortgage debt declining in Arizona,” by Tim Gallen, June 18, 2013