Having high balances on one’s credit card can put a lot of financial stress on a person. Many things could lead to a person facing this situation. One is carrying a credit card debt for a long time, given the high interest rates that can apply to credit card balances.
A recent report points to having credit card debt stick around for awhile being something a good deal of Americans are dealing with. According to the report, around 29 million American consumers have a credit card debt that they’ve carried for at least two years. And around half of these individuals have carried this debt for at least five years.
The report also suggests that having years-old credit card debt is particularly common among older consumers. According to the report, the age group most likely to have credit card debt of at least two years in age were individuals 63 to 71.
Individuals with a long-running credit card debt can vary greatly in their situation. For some, the debt eventually gets to the point where they can no longer stay in control of it. When a person is in this situation, they may fear that they will never be able to get rid of the debt and right the ship financially.
When facing significant credit card difficulties, one shouldn’t just assume their situation is hopeless. A person could have a range of options for finally getting free of a major credit card debt. In some instances, pursuing a discharge of credit card debt through the bankruptcy process could be a route a person with out-of-control credit card debt may want to consider. Experienced bankruptcy lawyers can give individuals with high credit card debt guidance on whether bankruptcy would be an option available to them and whether it would be well-suited for their particular goals related to getting free of debt.
Source: Consumer Affairs, “More than 29 million Americans have years-old credit debt,” Christopher Maynard, Sept. 28, 2017