Credit card debt is often one of the largest sources of debt people have, and it tends to be one of the most difficult to get rid of. In fact, even if you are good about making your minimum monthly payments, it can be hard to start making real headway on the principle if you continue to run up charges on your credit cards.
While this may be as obvious as it is disconcerting to you, the good news is that:
- You are not alone.
- There are options for resolving credit card debt.
- Knowing when to seek professional help from a lawyer – like experienced Denver Bankruptcy Attorney Jon B. Clarke – can be crucial to obtaining the financial fresh start you need and deserve.
Shedding some more light on this, this blog series will focus on pointing out some 2014 credit card statistics (which are the most recent stats that are currently available). While the info herein can be important to understanding trends in U.S. consumer debt, be sure to contact Denver Bankruptcy Attorney Jon B. Clarke when you are ready for help getting out from under serious debt.
2014 Credit Card Debt Statistics: The Big Picture
These stats have been compiled based on data from the U.S. Federal Reserve, as well as other reputable institutions:
- Since about 1970, credit card debt has been steadily increasing in the U.S.
- As of January 2015, the total amount of consumer debt in the U.S. was $3.34 trillion. While this debt includes credit card debt, as well as student loan and car loan debt, it doesn’t include mortgage debt.
- In 2014, the total outstanding U.S. revolving debt (which is primarily comprised of credit card debt) was $847 billion.
- The amount of this revolving debt reflects the combined total gross domestic products (GDPs) of Belgium and Denmark combined.
- When slight drops in credit card debt have occurred over the past decade, they have usually been due to people defaulting on payments, rather than paying off their debt.
Be sure to check out the upcoming second part of this blog series for some stats on the amount of credit card debt carried by the average U.S. consumer. In the meantime, share your thoughts and comments on these stats with us on social media.
Denver Bankruptcy Attorney Jon B. Clarke Can Help You
If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Denver Bankruptcy Attorney Jon B. Clarke for experienced help pursuing your best debt relief option.
To get answers from an experienced and esteemed lawyer, contact us today. We encourage you to complete our Business or Consumer Debtor Analysis Form. You can also get answers from Denver Bankruptcy Attorney Jon B. Clarke by calling our firm at (866) 916-3950 or by emailing us using the contact form on this page.
From our offices based in Denver, Castle Rock and Greenwood village, we take pride in providing people throughout the state of Colorado with the highest quality debt relief legal services.