Recently Nerdwallet posted it’s 2018 study of household debt. The study revealed the American households have 5% more credit card debt over the 2017 year. The study attributes this increase to a rise in household expenses that is far more rapid than the rise in average income. This trend is causing American families to live beyond their means and rely more heavily on credit to supplement the gap between their income and expenses.
Average credit card interest rates are at their highest levels in two years, topping 17% in October 2018. Outstanding credit card balances have also increased, reaching $944 billion, according to the report.
The report also found that credit card debt varies with each generation. Millennials carried the least, at roughly $4,500. For those aged 45-54, the debt load significantly increases, to more than $8,500. Those aged 55-64 owed, on average $8,100.
If your household is struggling under the weight of consumer debt, contact your Modesto bankruptcy attorney for more information.
Categorized in: Debt