You don’t need to let your credit card debt weigh you down

By On Behalf of Giddens & Gatton Law, P.C. | April 1, 2019

If you feel overwhelmed by your debt, you are not alone. Many Americans struggle to make ends meet. And countless others experience unexpected changes in income or expenses, which can lead to further debt.

In addition to your home mortgage, car note and school loans, you might have maxed-out credit cards. And you may not know what to do. But did you know that across the nation, credit card debt is at an all-time high?

What the numbers suggest

As of December 2018, credit card debt amounted to $870 billion – more than ever before. And nearly 37 million of the 480 million cards in circulation are at least 90 days past due.

The average American owes nearly $6,400 on bank-issued credit card accounts, but how does credit card debt in New Mexico compare to other states?

  • New Mexico rates number 21 in terms of state credit card debt
  • On average, residents have 2.8 credit cards
  • Statewide, 659 is the average credit score
  • The average card balance is slightly less than the national average at $6,317

Alaskans, on average, hold $8,515 in credit card balances, while Iowans average $5,155. In many cases, it helps to know you are not the only one struggling. But if your financial situation feels out of control, you may need to take action.

You can regain control of your finances

You might feel as though there is no way for you to recover financially. However, depending on the specifics of your situation, you might want to file bankruptcy to discharge your credit card debt.

Bankruptcy may not be your only choice for getting your finances back on track. However, learning about your options can help you make an informed decision about the best way for you to move forward.

Posted in Bankruptcy