According to recent statistics the average US household credit card debt stands at $15,191. With many families living paycheck to paycheck its easy to see how one minor bump in the road can land a person in some serious hot water with their creditors. Here are statistics, trends, studies and methodology behind the average U.S. household debt.
Current as of April 2014 – U.S. household consumer debt profile:
- Average credit card debt: $15,191
- Average mortgage debt: $154,365
- Average student loan debt: $33,607
- Total average debt: $203,163
Which makes it easy to see why so many families are living paycheck to paycheck, hoping and praying that nothing bad will happen but all to often it does. Cars need repaired, family members suffer with injuries and illnesses, bread winners are laid off at the worst possible times, and children grow-up needing new shoes on their feet, food on the table, and braces on their teeth. Simply put, life happens. When life happens Bankruptcy may be viable option for you to consider. Consider the infographic below.
Burdensome Debt Can Affect Anyone – But You Don’t have to Let it Ruin Your Life.
Often I meet hard working families who endure months or years of financial pains before even considering speaking with an attorney about bankruptcy. When they come into my office it’s all to familiar of a story. “I’ve worked hard all of my life, and I’ve always paid my bills, but I’ve fallen on some hard times and I’ve lost almost everything. My house is in foreclose, my cars could be repossessed at any point, and we’ve drained our retirement account to pay off credit cards, but it’s simply was not enough.”
Consider Your Options
Starting fresh after a bankruptcy filing can be the quickest path to financial recovery in some cases. Before you drain your retirement accounts, take on 2nd or 3rd jobs, endure harassing collection phone calls, lawsuits, garnishments, or sell all of your hard earned possessions consider speaking with a bankruptcy attorney about your financial situation. Bankruptcy won’t work for everyone, nor is it a solution for every financial problem, but more times than not it provides honest debtors the fresh start they need. Many of our clients find they have an ability to quickly and effectively reorganize and rebuild their credit, and can spend their hard earned money on creating a better future instead of remaining a slave to minimum credit card interest payments.
Call for a Free Consultation
The Law Office of Erin Bradley McAleer assists hard working individuals and families in getting the fresh financial start they need. Our consultations are always free and informative, and we take the time to answer your questions and discuss whether bankruptcy is right for you. Should you decide to file bankruptcy with our office you may be surprised how inexpensive our services are. In any case, we will be more than happy to discuss and arrange with you a payment plan that is affordable and fits your budget.
Call us today at (360) 334-6277 to schedule a free, confidential consultation.
The Law Office of Erin Bradley McAleerrepresents clients throughout Southwest Washington State, including in Clark County, Cowlitz County, and Skamania County and Vancouver, Battle Ground, Camas, La Center, Ridgefield, Washougal, Woodland, Yacolt, Castle Rock, Kalama, Kelso, Longview, North Bonneville, and Stevenson. Attorney Erin Bradley McAleer focuses on the areas of Criminal Defense, Bankruptcy, Traffic Infractions, Landlord Tenant, Personal Injury, Firearm Rights Restoration, and Post-Conviction Relief (Vacating & Sealing Criminal Records).