Consumer debt has risen five percent from last year, with the average U.S. household owing $15,480 in credit card debt alone – not counting mortgage debt and student loan debt. With sky high interest rates and annual fees, credit cards are a common reason why many people have to declare bankruptcy. It can be very challenging for an individual to pay back a mountain of debt when interest keeps adding to it.
You can hear more about the latest trends in consumer debt by watching this news clip. You’ll hear the story of Tracy, who found out the hard way that it can be all too easy to rack up excessive credit card debt. You’ll also hear why some banks are allowed to charge unreasonable interest rates and fees.
If you’re burdened with excessive credit card debt, you may wish to consider declaring bankruptcy. Call (847) 505-0380 to consult Cutler & Associates, Ltd., a bankruptcy law firm serving Aurora and Schaumburg.