Is Your Credit Card Debt Beyond Your Control?

There are many kinds of debt that people carry, including medical debt, student loan debt and mortgage debt. However, one of the most common kinds of debt that just about every adult carries is credit card debt. Credit card debt is so bad that according to numbers from NerdWallet the average amount of credit card debt in every U.S. household is more than $15,000. That is a lot of debt to overcome and what’s worse is that most people only make the minimum payment, which means it takes years to pay off and the interest fees are enormous. No matter how much money you have in credit card debt, the important thing is to come up with a plan to get out from underneath that debt.

The problem is many people don’t want to admit they have a problem and others don’t realize how bad the problem really is. So what kinds of signs should you be looking for when it comes to credit card debt? One sign of trouble is denial. If all the signs are obvious but you refuse to acknowledge them, that’s a sign you have too much credit card debt. Another sign of trouble is not having any idea when you will be debt-free. Without a specific pay-off date it is much harder to overcome your credit card debt. If you are one who continually uses balance transfers to save on credit card interest rates but your balance never really goes down, then you might have a problem with credit card debt.

People in serious debt usually don’t put any money towards their savings account. However, even when facing serious credit card debt, you should try to put some money into savings. If you find that you are using the money that is supposed to go to savings, to pay off credit card debt instead, then your debt is likely out of control. Lastly, if you are always worried about your debt and it is negatively affecting your family life, your job or any other aspect of your life then your credit card debt is almost assuredly out of control.

All of these are signs you are in trouble with your debt. Getting out of debt is extremely important, but you first have to recognize and accept that you have a problem. Once you have accepted that you have a debt problem the next step is to determine how to overcome it. One such possibility for some people is to file for bankruptcy. If you feel like this might be an option for you, then please contact Whitten & Whitten in Merrillville today for more information. We’ll help guide you through the entire bankruptcy process. Call us at 219-756-0555 or click here to connect with us online.