Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Credit card debt increases in America

Credit card debt can lead to serious financial struggles for consumers in Wisconsin and throughout the country. Credit card debt levels have declined in the last few years due to the Great Recession, but the improving economy has led to a comeback in consumers taking on more debt. 

A new survey by CardHub reports that credit card debt has increased by 47 percent in the last year. This is a significant increase, and one that is expected to continue to grow by at least five percent in 2015. 

The CEO of CardHub said that even though the economy is improving, the increase in credit card debt shows that consumers have not changed their attitude when it comes to credit card debt. 

The company reported that defaults on credit card payments are lower than they have been in the past, the average household's credit card balance is increasing and could become unsustainable if it continues to grow. 

Credit card debt is one of the leading causes of bankruptcy. Individuals who cannot afford to pay off their credit card balance each month are subject to paying high interest fees on top of the debt they already owe. This can lead to a serious financial burden that can spiral into unending debt for some consumers. 

Individuals struggling with unbearable credit card debt may be eligible to file for Chapter 7 or Chapter 13 bankruptcy. Bankruptcy can result in your debt being discharged or paid back on a specific schedule. However, there are strict bankruptcy eligibility requirements that need to be met. Individuals thinking about filing for bankruptcy should work with an attorney to discuss their specific situation. 

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
735 West Wisconsin Avenue
Suite 600
Milwaukee, WI 53233

Phone: 414-326-9231
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map