Data collected in Arkansas and across the nation indicate that has been a wide degree of variation in the amount owed by households that use credit cards. The average American household that holds debt now carries a liability of $15,608. This number has fluctuated substantially over the last decade, but it appeared to have be holding steady over the last four years until it encountered a slight increase in 2014.

American credit card debt crested from 2006 to 2008, reaching a peak of $19,000 per average debt holding household during the financial crisis. After a year at that level, the average began to decline steadily. It hit the bottom of approximately $15,000 in Jan. 2011. Although the news that credit card debt declined may have been welcome, there were some caveats to those statistics that make the numbers less palatable. Credit card companies wrote off enormous numbers of debt in seriously delinquency. By the second quarter of 2010, the companies were writing off more than 10 percent of the amount owed to them.

The companies also began to loan more cautiously, which contributed to shrinking debt. As the economy continues its cautious resurgence, credit card agencies are beginning to loan more. Experts on the subject speculate that the recent events may have improved financial discipline among borrowers, but they do not expect credit card debt to decline in such a precipitous manner again.

Debt settlement and other methods of liability amelioration may go more smoothly with the help of a lawyer. As a legal representative, the lawyer may represent their client and carry out any negotiations that might be necessary to pursue such remedies. Requisite trial appearances may also be attended and assisted by a lawyer.

Source: Nerd Wallet, “American Household Credit Card Debt Statistics: 2014“, Tim Chen, December 05, 2014