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Credit card debt in many households

Kentucky is not one of the states with one of the highest credit card debt in the country, but many people who live there may carry credit card debt. In all, people in the United States have $3.4 trillion in consumer debt, and $929 billion of that is revolving debt. Around 38 percent of all households carry credit card debt with a mean of about $5,700.

The states with the highest amount of credit card debt are Alaska, Virginia, Connecticut, Maryland and New York. In general, households with higher incomes have higher credit card debt. The states with the highest debt are also among the states with the highest income in the country with the exception of New York, but that may be attributable to the expense of living in New York City causing more debt.

People can take several steps to limit their credit card debt. Making a monthly budget as well as a plan to control debt is important. People who are struggling to pay off their credit cards should try talking with their creditors. Many credit card companies would prefer to work out a payment plan. Finally, using cash in lieu of credit is a good practice for avoiding debt altogether.

However, in some cases, a person may become overwhelmed by credit card debt, and creditors might only offer payment plans that are impossible for that person to adhere to. Credit card debt is not always due to carelessness. In fact, bankruptcies tend to be because of events out of a person's control such as job loss, divorce or illness.

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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