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Nationwide credit card debt to reach $886.8 billion in 2015

Credit card debt is a financial stress that many Tennesseans have experienced. While some of them are lucky because their outstanding amounts are still within their reach. Others are not so lucky, and as a result, they have to face many difficulties to stay afloat financially. However, in 2015, the use of credit cards is almost unavoidable, and nationwide outstanding debt has been steadily rising.

According to news reports, a recent study estimated that the nationwide credit card debt by the end of this year would be $886.8 billion. In 2015, the nation had an outstanding credit card debt of $831 billion, which means that the increase from the previous year stands at $55.8 billion. Last year, the increase was $57 billion. The study also says that the average household credit card debt at the beginning of 2015 was $7,177, which is the highest first quarter household credit debt since the year 2009.

The study also says that Americans have added debt every year since 2009 when the total outstanding debt had dipped by $875 million, which is minor when one considers the total outstanding credit card debt. Nonetheless, like a cloud with an unseen benefit, Americans seems to be doing better repaying credit card debt. Apparently, credit card debt repayments increased by 7 percent in the first quarter of 2015 when compared to the same period in 2014.

The figures determined by this study paint a stark picture of the credit card debt scenario that is affecting many people in Tennessee, as well as the rest of the country. But, credit card debt is very difficult to control effectively. Nevertheless, there are a number of ways to obtain credit card debt relief. Therefore, if somebody is suffering from extreme credit card debt, it may be beneficial to speak with an experienced attorney who understands the various debt relief options that are available.

Source: Fortune, "Here's how much credit card debt we'll have this year," Tom Huddleston, Jr., June 12, 2015

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Kenneth C. Rannick, P.C.
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