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Many Americans are unaware of credit card debt

Throughout North Carolina and the rest of the United States, one out of every five American consumers do not know if they owe money on their credit card. Three out of every 10 Americans have no knowledge regarding the interest rates on their lines of credit. In a new online survey, 24% of the participants owed money in excess of $10,000 while 21% of the consumers did not have a clue as to whether they even had any debt.

The survey also showed that 37% of consumers only used one credit card. However, 27% had two credit cards, and the other 12% said they used at least five credit cards. On a different note, 60% of the participants stated that they always paid their bills by the due date and that they did not have any credit card debt. Additionally, 50% mentioned that they did not experience any difficulties managing several payments per month.

Nevertheless, many American consumers are in constant battles over their financial challenges. Some people admit that they have delinquent payments and are unable to pay for their daily expenses. Others watch their credit card balances grow while feeling helpless to do anything about their predicament. Younger people are not taught how to manage their finances. Consequently, they may find themselves in heavy debt because they do not know anything about high interest rates.

Those who qualify for balance transfer credit cards have better chances of conquering their uncontrollable debt. However, people who do not have good to excellent credit histories may not qualify for balance transfers. Sometimes, filing for bankruptcy is a viable way out of credit card debt. A consultation with a bankruptcy lawyer may help a person find debt relief from creditors.

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