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Average American's credit card debt is over $5,000

Credit card debt can be a debilitating financial problem. It can eat up a Massachusetts resident's spare income as the debtor attempts to get ahead of his minimum payments and chip away at the principal and interest he owes. Despite the challenges that credit card debt can introduce into a person's life, however, a recent news story suggests that dealing such burdensome debt is not as uncommon as one might think.

In fact, according to a leading credit agency the average American carries around $5,551 in credit card debt. Americans average around two credit cards per person, and the average debt reported consumes around 30 percent of the average American's available credit.

These sums, however, may be misleading. It was also reported that many Americans have no credit card debt at all, and those individuals were also factored into the averaging. When they are removed, the average amount of credit card debt that a household with such a debt carries skyrockets to over $16,000.

With high balances on credit cards and heavy interest rates driving up payments each and every month, individuals who owe money to credit card companies may feel helpless when they try to figure out how to conquer their debts. They can always try to pay more than their minimums and can consider balance transfers to no interests and low interest credit cards, but those who simply cannot achieve financial freedom on their own may consider seeking debt relief assistance from legal professionals.

Not every person with burdensome credit card debt will need to file for bankruptcy, but bankruptcy can provide some debtors with a legal, legitimate path toward credit stability. Different types of personal bankruptcy exist and offer debtors with credit card, medical, and other obligations varying ways of overcoming their financial challenges.

Source: usatoday.com, "Here's the average American's credit card debt - and how to get yours under control," Michael Frankel, Jan. 24, 2017

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