Credit card debt will always be a problem for people. But in America, this problem runs pretty deep with many people. According to recent data, the average American carries $3,600 in credit card debt. However, that is a vague statistic that leaves out a lot of other potential factors. For example, most Americans may carry credit card debt most of the time but they pay down their balance at the end of the month. There are also 60 percent of Americans who don't carry credit card debt at all.
So while the $3,600 number is enlightening, there are still other factors at play here. Possibly the biggest: for those Americans that carry a balance, they owe an average of $16,048 in credit card debt. That is a staggering figure, and it carrying that much debt on a consistent basis can lead people to financial ruin.
For those who have a lot of credit card debt, or even for those who just have credit cards and are learning how to use them: do everything you can to pay off your debt in a timely manner. If you carry too much debt to make this happen, communicate with your lender to see if you can negotiate a deal to handle your debt. And if it comes time to call for bankruptcy to aid you, don't be ashamed.
Credit card debt can be discharged through the bankruptcy process, clearing a path for you to rebuild your financial life and get back to a confident and happy place.
Source: Motley Fool, "The Average American's Credit Card Debt May Shock You," Matthew Frankel, Oct. 2, 2016