Credit card debt is a national problem. The Federal Reserve reports that the total U.S. credit card debt reached more than $1 trillion in 2018. A snowballing credit card bill can quickly overwhelm you. It can seem like you will never get out from underneath it.
Frightening and frustrating as it can be, situations like this are what personal bankruptcy protection are for. Chapter 7 and Chapter 13 bankruptcy are there for people who need a fresh start and do not want credit card debt to stop them from advancing their careers or finding a decent place to live.
Thousands in debts per household
If you are in debt to the credit card companies, you are not alone. A study reported by CNBC found that each U.S. household owes an average of nearly $9,000 in credit card debt.
Young adults are especially vulnerable. In a survey, one in 10 people aged 23 to 38 said they have carried a credit card balance for more than five years; nearly one out of four had carried a balance for at least a year.
The 10 worst U.S. cities for credit card debt
The CNBC report mentioned the top 10 cities for average household credit card debt. Indianapolis did not make the list, which was:
1. Ewa Beach, HI (average household debt: $30,094)
2. Darien, CT ($28,714)
3. Dix Hills, NY ($28,645)
4. Lake Forest, IL ($27,020)
5. Southlake, TX ($25,862)
6. Westport, CT ($25,797)
7. Collegeville, PA ($25,627)
8. Calabasas, CA ($25,266)
9. Beverly Hills, CA ($24,962)
10. Scarsdale, NY ($24,180)
One thing most of these cities have in common is they are in states where the cost of living is high. Trying to get by in California or Connecticut can force you to borrow beyond your means. Even people who do not spend frivolously can be stretched past the breaking point by a sudden emergency.
If you are struggling with what to do about credit card debt, you should consider speaking with an experienced bankruptcy attorney about your options.