Credit card debt can lead to serious financial troubles for consumers in Mississippi. A new survey by CardHub reports that credit card debt increased by 47 percent last year.
The increase in credit card debt by consumers is a sign that the economy is improving. However, the significant increase in just one year shows that many consumers in the United States have not changed their spending habits since the Great Recession.
The hike in credit card debt could grow to unsustainable levels if this trend continues, according to CardHub. In fact, the company projects that credit card debt will increase by at least five percent this year. As Americans take on more credit card debt, will it eventually lead to more consumers not being able to pay back the debt?
The answer to that question will remain unanswered right now, but has led to credit collection companies wondering if they will see more debt collection actions in the future.
As debt levels increase, it is not unlikely that more people will find themselves struggling to pay back their debt. Taking on more debt than you can handle can lead to debt collectors knocking at your door and even bankruptcy claims.
Consumers should be aware of their own debt levels, especially when it comes to credit card debt and medical debt. Credit card debt and medical debt are the two leading causes of bankruptcy.
If you are struggling with credit card debt now or in the future, bankruptcy may be an option to help you get a fresh start. Working with a skilled bankruptcy attorney can help you explore all of your options.