A recent report by Bloomberg observed that many credit card users are struggling to pay off the interest rates on their previous credit card balances.
According to College Professor Scott Fulford, Americans at an early age start to heavily depend on credit card use. In the 25 to 50 age bracket, the study found out that an estimated 35 percent of credit card users are able to settle their monthly dues. The study also observed that between the ages of 20 and 30 many Americans already have credit card debt as a result of being given high credit limits. Younger Americans, according to Fulford, are not interested in saving as a result of having high credit limits that they can access in case of emergencies.
Being struck with credit card debt is often a frustrating situation, especially if you have very limited resources to pay off your debts. If you are struggling under the weight of unmanageable debts, a Birmingham lawyer at Greenway Bankruptcy Law, LLC, may be able to help you. Find out how we may be able to help you get a fresh financial start today by calling (205) 324-4000.