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Total national credit card debt nearly $900 billion

In a perfect world, no Tennessean would have debt. But we do not live in a perfect world. We live in a world that costs money, in a world where people can lose their jobs through no fault of their own, in a world where even the young and healthy can get sick without warning. When these realities hit, sometimes the only thing to do is pull out the credit card, charge what is necessary and then figure out how to pay for it later. Perhaps that is one of the reasons Americans are buried under so much debt.

Consider the debt loads of Americans. As of this month, the average American household had over $200,000 in debt, including, in households that carried debt, over $15,000 in credit card debt, over $30,000 in student loan debt and over $150,000 in mortgage debt.

Extrapolate those numbers into total consumer debt and the numbers become enormous. American households, as a whole, owe nearly $12 trillion (yes, with a "T") in debt. Nearly $900 billion of that is in the form of credit card debt. That's more than the gross national product of many countries. It also represents a better than two percent increase over last year, but an improvement over the beginning of the year.

But averages can obscure an important reality. In general, a few American household carry enormous credit card debt loads while many carry small ones. So what the aggregate numbers actually show is that some Americans are drowning under staggering credit card debt.

Tennesseans who fall into this category may want to consider a new approach. Perhaps it's time to stop thrashing about, hoping to simply tread water. Instead, these individuals and families may benefit from considering that the right choice may be filing for bankruptcy. Doing so could be just what they need to get a fresh start.

Source: nerdwallet.com, "American Household Credit Card Debt Statistics," Tim Chen, Accessed May 18, 2015

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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