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What Does The Face Of Credit Card Debt Look Like In The US?

On Behalf of | Jul 24, 2018 | Debt Relief

You may be one of many Ohio residents who owns several credit cards. On the other hand, you may be the type of person who only has one credit card and tries to use cash at all times, except in rare circumstances. Surprisingly, no matter which classification you relate to most, either scenario can lead to serious financial problems if credit card debt gets out of hand.

Studies show that some people are reportedly more prone to substantial credit card debt than others. If one or more categories applies to your particular situation, you may want to keep a close watch on your balances each month. That doesn’t mean that you should feel guilty if a financial crisis arises that has been prompted by an unpaid credit card balance. You’d definitely not be alone in your struggle. You may be delighted to know that most financial crises are temporary, and there are often several debt relief options.

Who is most in debt in the USA?

No two financial situations are exactly the same; however, there are financial analysts who spend a lot of time studying global, national and local economies to see if there are trends that suggest some people are more likely than others to carry debt. You may find yourself in one or more of the following groups:

  • If you are among those in Ohio and all other states who earn more than $50,000 per year, you may be more at risk for serious financial debt than someone who earns less.
  • If you were born at the tail end of the Baby Boomer era or are a Generation Xer, you are more likely to carry debt than your older or younger counterparts.
  • If you tend to live beyond your means or use credit as a means to pay short-term expenses, you may have a higher monthly balance than those who use credit in very limited circumstances and pay off their monthly balances.
  • If you use credit cards to pay medical bills or for purchases involving clothing or electronics, you may be surprised at how quickly your balance accrues.

Ironically, if you’re a college graduate, you may not be as diligent at paying off your monthly credit card balance as non-college grads in the nation. High interest rates can make it quite challenging to pay off balances that have remained for more than two years. If your financial train has derailed, you may determine an immediate need for debt relief, and Chapter 7 or Chapter 13 bankruptcy might be an option.