The economy has improved, and when that happens, people tend to loosen their purse strings and spend more money. Unfortunately, this often means incurring credit card debt. It may not surprise many Brownsville residents to know that this type of debt continues to rise across the country, which could end up causing serious financial issues for some.
Companies and banks that issue credit cards received upward of $113 billion in interest from their customers in 2018. That is a 12% increase over the prior year. Projections for 2019 indicate that number could rise to $120 billion by the end of 2019.
Jan. 2019 estimates reveal that the total of Americans’ credit card debt reached $1.03 trillion as of that month. It is estimated that 71% of this debt is not paid off each month, which is, of course, the preferred method for using this type of credit. As interest rates continue to rise, consumers could encounter financial difficulties with repaying their balances. When that happens, they may begin to search for the appropriate debt relief option for their unique circumstances.
One options that Brownsville residents facing substantial credit card debt ought to consider is bankruptcy. Considering the reality that if a consumer is having trouble with one form of debt, the odds are high that other debts are piling up and delinquent as well. This form of debt relief could be just what someone needs in order to move forward. At the center of the process is the ability of “ordinary” citizens who find themselves in dire straits when it comes to money issues to receive a much needed financial fresh start.