Helping You Get Peace Of Mind And Start Fresh Is Our Priority

Credit card debt remains an issue for many consumers

On Behalf of | Feb 13, 2024 | Bankruptcy

Recent financial challenges stemming from issues such as inflation have continued to place a significant strain on the lives of many families. In some cases, individuals in Ohio who struggle to keep up with monetary obligations may even turn to lines of credit for aid and even if this seems necessary, the presence of credit card debts could create further financial challenges. According to recent reports, nearly half of consumers in the U.S. currently carry revolving balances in their credit card accounts.  

Reports on credit card debts 

Recent studies indicate that nearly half of all consumers carry constant balances on their credit cards. This study suggests that more than half of those surveyed stated that they have carried revolving balances on these accounts for at least a year. Researchers assert that the recent rise in credit card debts might not indicate the presence of impulsive or reckless spending, as many may feel forced to use lines of credit just to get by. 

Another issue that may contribute to the rise of credit card debt in the U.S. could involve recent increases in interest rates of similar accounts. When combined with rising financial pressures, high-interest rates can create a situation in which those who carry high balances might feel there is little hope of reducing or eliminating their debts. Individuals who struggle with credit card debts may wish to explore all their available options for debt relief, but they might need guidance in choosing a path that best fits their situations. 

Credit card debt relief 

Credit card debt remains a common source of financial strain for many families. Those who face similar financial challenges and remain uncertain of the best course of action to take to protect their futures could find it helpful to consult with a bankruptcy attorney for guidance in carefully evaluating their options. An attorney in Ohio can help a client prepare to make informed decisions about his or her financial future and assist in preparing a strategy with which to reduce or eliminate debts via the proper paths.