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Carrying a large amount of debt? There are options to help

On Behalf of | Jun 24, 2020 | Bankruptcy And Debt Relief

Did you know that the average household in America has $5,700 in debt? That debt may be held as credit card debt or other types, but it can certainly weigh down your ability to afford a comfortable lifestyle.

As someone who is in a balance-carrying household, you should know that the national average is $9,333 per household. Does that sound like the amount you’re dealing with now? If it does, then you’re not alone.

Debt levels often change by age. For instance, someone who is 75 or older is likely to have the least debt. Those under 35 may have lower debts as well. However, as people age, debts tend to get larger and then eventually wane, like looking at a mountain. Those between 35 and 44 may have an average debt of $8,235 compared to those between 45 and 54 who carry an average of $9,096. Those between 70 and 74 see a big decline in debt, carrying only around $6,465.

It’s also interesting to see that households with greater incomes do tend to have larger average rates of credit card debt, but it may not be as high of a percentage of income. For example, someone who makes less than $24,999 may not be as comfortable with carrying $3,000 in debt as someone who makes $44,999 would be, yet those in the $25,000 to $44,999 group tended to carry $3,900 in debt on average compared to $3,000 for the lower-earning group.

Regardless of your situation, if your feel that your credit cards and other debts are out of control, there is help available. You can look into bankruptcy, negotiating settlements and other options to get out of debt and back on track financially.