Arizona residents who owe thousands of dollars in credit card debt are not alone, according to a recent analysis of Federal Reserve statistics and government data. As of December 2014, the average household in the United States has $7,281 in outstanding credit card debt. When the households without any debt are taken out of the equation, the average household owes $15,608 on credit cards. In total, Americans owe approximately $881.8 billion in credit card debt as of September 2014.
The last time that data about credit card debt was analyzed was in March 2010. At that time, the average U.S. household owed about $500 more in credit card debt than they do now. The average indebted household owed approximately $2,000 more than the average indebted household does now.
Although a drop in overall credit card debt may seem positive, falling indebtedness is sometimes due to default rather than repayment. In 2009 and 2010, for instance, credit card debt fell dramatically as loans were discharged rather than paid off. Afterwards, creditors began making fewer loans. Many believe that the low overall credit card debt numbers are due to the fact that fewer households are able to secure loans. As the economy improves, overall indebtedness may actually rise.
Those who have found themselves in a mess of credit card debt might want to speak with an attorney about solutions. In some cases, filing for bankruptcy can be a viable option that can be used to discharge debts. There are several eligibility requirements associated with both Chapter 7 and Chapter 13 that a bankruptcy attorney will explain.
Source: Nerd Wallet, “American Household Credit Card Debt Statistics: 2014“, Tim Chen, December 05, 2014