Credit card debt is something that most people in America have some experience with. Whether it’s a sudden medical debt or the loss of a job that requires you to use your credit cards up to their limits, debt can end up weighing you down and become overwhelming.
You’re not the only person who struggles with credit card debt in America. Did you know that Americans owe over a trillion dollars in debts? Some states are more prone to high debts than others, too, which is an interesting thing to see when looking at debt calculations.
North Carolina’s average debt
Within households in North Carolina, credit card debts average $6,117, which sets the state as the 26th highest in household credit card debts. The cost of living in North Carolina is around 9.1% less than the overall average, which may suggest why people are willing to take out more debt. Unfortunately, the average credit score isn’t great at 666, and most households have an average of three credit cards.
As a household that has credit cards of your own, you know that the debts you have are often a reflection of your circumstances. In times when money is good, you may have more than usual, since you feel comfortable putting items on your cards. At the same time, people struggling from paycheck to paycheck may also have high credit card debts, since they have to use them to help make ends meet.
What should you do if you’re struggling with debt?
With Americans owing a staggering $1.04 trillion in credit card debt, according to the Federal Reserve, you may be one of those who find yourself struggling to pay those debts back. Credit cards have an appeal, but they are also dangerous and can end up tanking your credit score and leading to financial ruin.
If you’re truly struggling to pay back what you owe, it may be time to speak with your attorney about bankruptcy. There are a few kinds of bankruptcy that you can look into, but finding the right one will help you start fresh with your finances.
If you aren’t sure about bankruptcy, speak with your attorney about alternatives, like negotiating settlements and consolidating your debts. Doing this can help you obtain better financial security, so you can continue to live comfortably while paying back what you owe in a reasonable amount of time.
