Bloomberg News has reported that US consumer credit card debt has reached $1.02 trillion in June, beating a record set just before the financial system near collapse in 2008. What does this mean?
This means that more people in the US are carrying a significant amount of debt on their credit cards and the default rate is rising on those cards.
Rising credit card debt is an indicator of underlying financial difficulties and rising default rates means many people cannot make the required minimum payments on those cards.
Here are some warning signs that your financial health may be at risk:
- Your credit cards are at the limit
- You are unable to make minimum monthly payments
- You are taking on new credit cards to pay existing debt
- You are late making house or car payments
- You are borrowing from your 401k or other retirement plan to pay credit card bills
- You are using pay day loans or title loans to make ends meet
If you are experiencing any of these financial crisis warning signs, you should consider contacting our office for a financial consultation.
You cannot borrow your way out of debt. There are options to get your financial health back on track. Before you take on more debt, miss any house payments or put your car title up as collateral for a loan, please call Ebert Law Offices for a free initial consultation. We care about your financial future and want to help you through this difficult time.