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Credit card debt is a national problem

From Seattle to the District of Columbia, Detroit to San Antonio, Americans from all parts of the nation struggle with credit card debt. This fact may not offer Tennessee residents fighting with the burdens of high credit card balances and interest rates a lot of solace, but it should let them recognize that their problems are not unique. Credit cards can be important financial tools for many but can also lead some down the path of financial ruin.

According to data released by the Federal Reserve, the sum of credit card debt carried by Americans is around $1 trillion. Across some of the biggest metropolitan areas in the nation, the amount of debt that individuals carry with them is in excess of $5,000. Credit card debt of that magnitude can take years to pay off if a person does not earn enough income to make more than their expected minimum payments, particularly when they are subject to a high interest rate.

Interest rates right now are rising and do not show signs of coming down. This is bad news for individuals who carry credit card debt as it suggests that their burdens will not be lessened by decreases in the amount of money lenders can charge for balances that are not zeroed out by consumers.

Even though credit card debt is a financial problem that impacts many Americans, it is still a personal issue dealt with by many Tennessee residents. Overcoming credit card debt can be challenging, particularly when debtors do not know where to start. Opening a dialogue with a bankruptcy and debt relief attorney can be an excellent first step toward cutting down credit card debt and moving one's life forward.

Source: cnbc.com, "These US cities have the highest credit card debt," Helen Zhao, Feb. 7, 2018

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
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