Bankrate.com’s 2013 February Financial Security Index revealed that nearly 24 percent of the country has more credit card debt than money saved in the bank. In addition, 16 percent of people claim to have neither credit card debt nor emergency funds saved up. This means that nearly 40 percent of the population is just a financial emergency or an illness away from financial trouble.
Even though average credit card balances have dropped since 2007, most American’s fundamental spending behaviors haven’t changed. The trouble with credit card debt is that it can affect every consumer, no matter his or her income level. People of varying income levels can accumulate credit card debt by spending more than they can pay off in the foreseeable future. According to Bankrate.com’s survey, approximately a quarter of all income levels admitted to owing more in credit card debt than they had saved.
Burr Law Office offers clients in affordable bankruptcy services to help them manage their debt obligations. Call us at (262) 827-0375 or visit our website to schedule a consultation.