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American credit card debt may be on the decline

Credit cards can be extremely useful at times, allowing users to delay paying for something a little longer. However, without due care being taken, debts can soon mount up. Throughout Arkansas, many people have multiple credit cards, gradually accruing interest. Unfortunately, if this debt gets out of hand and payments are missed, it can result in a credit card lawsuit and permanent damage to your credit rating.

A recent report has shown that many Americans have been managing to pay down their debts in recent months. The statistics, acquired by TransUnion, show a decline this quarter in the average amount owed per borrower. In contrast, the total number of credit card accounts has increased, with almost 15 million more accounts in existence in comparison with the first quarter of 2013.

A decline in average debt is usual for the year’s first quarter, as borrowers start to repay debts accrued over the holiday period. However, the figure is also smaller in comparison with the same period in 2013, with the average amount owed falling from $5,201 to $5,164. The quantity of borrowers with at least 90 days delinquency has also fallen since 2013. The improvements are thought to be at least in part due to there being better payment patterns this year.

Although there appears to be an overall decline, for many residents of Arkansas, credit card debt is still a big issue. If you are struggling to manage your payments or are worried that your debt is getting out of control, you do not need to face it alone. An attorney may be able to help you figure out a way to redistribute your debt, form a payment plan, or look into ways of wiping out your obligations altogether.

Source: 

KCRG, "Credit card delinquency rate declines," George C. Ford, May 16, 2014

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