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Credit card debt continues to rise

On Behalf of | Oct 17, 2018 | Credit Card Debt |

On the one hand, as consumer confidence in the economy rose, so did the amount people spent. On the other hand, as people continued to struggle financially, so did the amount of their debt. In both scenarios, the amount of credit card debt carried by consumers here in Texas and across the country began to rise again.

In fact, it has continued to rise in 2018. The other type of debt consumers continue to take on is mortgage loan debt. There is good news, however. As those types of debts go up, student loan debt has gone down.

At present, the amount of credit card debt has not risen nearly as much as student loan debt has dropped. However, if consumers are not careful, it easily could. The average amount of mortgage loan debt rose to $181,176 in the second quarter of this year from $179,575 in the first quarter. That is not even a change of 1 percent, but it still represents an increase.

The average amount of credit card debt in the first quarter of the year was $15,432. In the second quarter, it was $15,482. That $50 increase may not seem like much, but it is important to remember that it is an average amount.

With these increases in mortgage loan and credit card debt, some Texas residents could find themselves overwhelmed by debt. After trying other debt relief options, it may be time to consider bankruptcy. This has allowed many families to regain control over their financial situations and start over with a clean slate.