Let Geri Lyons Chase's experience work for you

Recent report indicates 49% of consumers carry credit card debt

On Behalf of | Jan 15, 2024 | Bankruptcy Law

The strain of recent financial challenges has affected the lives of many families, some of whom may have turned to credit accounts for aid in their time of need. While carrying a constant balance on a credit card can be a harrowing concept, some individuals in Maryland may even feel they have little choice in the matter. Recent reports indicate that almost half of consumers across the nation carrying revolving balances on credit accounts and those who face issues with credit card debt might not know what they can do to protect their financial futures.

Recent surveys

According to results from a recent survey, around 49% of consumers carry constant balances on credit card accounts. Reports indicate that this is an increase of up to 10% over the past three years. The survey also states that almost 60% of individuals who carry revolving balances have dealt with similar issues for at least a year.

This study suggests that many of those who struggle under the weight of credit card debts claim they are simply unable to keep up with these obligations due to rising financial pressure. Survey results also indicate that overall credit card debt in the United States has reached an all time high of over $1 trillion. Those who encounter similar financial hardships may wish to know what steps they can take to address the situation, but they might be uncertain of where to turn for guidance on their options.

Addressing the options for debt relief

Credit card debt is one of the most common sources of financial strain for many individuals. When facing such challenges, individuals in Maryland could consider speaking with a bankruptcy attorney for guidance in addressing their available options for relief and in preparing to make informed decisions about their situations. This type of guidance could prove essential to helping a person prepare a strategy with which to seek much needed debt relief and approach the future with financial peace of mind.