Can you free yourself from credit card debt? Over 160 million Americans have credit card debt with the average household debt being over $15,000. What is more shocking is that only about 50% of Americans have enough cash to pay off their credit card debt. The percentage of Americans that could potentially pay off their debts if required has decreased consecutively for the past 4 years. These statistics indicate that over 44% of Americans are “liquid asset poor” meaning they have less than three months of income in savings. As this article in US News & World Report points out, being free from credit card debt is one of the best things that we all can do for ourselves.
Read more here: https://money.usnews.com/money/blogs/my-money/2014/06/30/5-tips-to-liberate-yourself-from-credit-card-debt
This article provides some tips on freeing yourself from your credit card debt. While some of the options are imperative to decreasing your debt, many American’s are so overwhelmed with debt that the options presented may not do the trick. If you are in this predicament, you should visit with an experienced debt settlement attorney. Attorneys that focus in this area can negotiate principal reductions in the amount that you owe without the need for bankruptcy. This can be a great option for many and also does not leave a “black mark” on your credit report like a bankruptcy does.
Author: Kevin Fallon McCarthy