Debt is a way of life for most people in America. As of the 4th quarter of 2016 the average household credit card debt is $16,748, and the average household overall debt, including mortgages, is $134,643.
While the phrase “don’t spend above your means” will always be great advice increasing debt isn’t just a case of lifestyle creep. Household income has grown by 28% in the past 13 years but has been outpaced by the 30% growth in living expenses, making it very difficult for many families to make ends meet without relying on credit cards and loans. Medical costs alone have increased by 57% during this time.
Below is what the average household carries in debt.
Many people assume that if you have credit card debt you are a frivolous spender and think that to get out of debt you just need to stop buying expensive clothes and eating takeout. But many people use credit cards to cover necessities when their income just isn’t enough.
If you fall into this category and feel like you are a prisoner to your debt with no way out, we can help. Give us a call today for a FREE consultation and we will explore your options to financial freedom.
The Law Office of Jason M. Ward
120 S. Main Street – Suite B
Simpsonville, SC 29681
or submit our Consultation Form