In October 2013 US credit card debt hit a 3 year high. Revolving credit debt has risen to $856.82 billion dollars. This number is expected to increase with holiday shopping that occurs after October. This increase may represents a shift in consumer attitudes, where consumers are now more comfortable carrying a balance on their credit cards. Or it mean they are out of money and back to borrowing all they can to make ends meet. Only time will tell.
At the end of the government shutdown this year, overall consumer debt increased, suggesting this event also played a factor in the expanded debt. Regardless of the reason, many consumers will not be able to repay this increased debt. If you are unable to repay debts, contact a qualified debt settlement lawyer. A law firm focused on debt settlement can often successfully resolve outstanding debts for far less than the original balance owed.
Kevin Fallon McCarthy
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