There is even a growing trend of debt among Americans that is quite interesting. Credit cards are one of the major contributors to the debt crisis among Americans. Every single person should have a better grasp on their finances. No one wants to talk about debt but sometimes bankruptcy is the only way to resolve your financial issues. If you are in need of help, talk to an expert bankruptcy attorney at Galarza Law Firm. Getting into debt is much easier than getting out of it.
Your credit score is the number that lenders use to determine your ability to be approved for a loan or credit card. Debt and missed payments can all be detrimental to your score. Here are a few little known facts about debt that you may find interesting:
- Unpaid parking tickets can affect your credit score.
- The United States has the most debt which totals $18 Trillion.
- 1:10 consumers have more than 10 credit cards in their wallets.
- The average American has 3 credit cards.
- On average, each household carries $15,000 in credit card debt.
- Corporations can file for bankruptcy but that is not an option for student borrowers.
- Average entry-level wages have decreased while student-loan debt increases.
- California is $431.6 billion in debt.
There is no escaping the possibility of debt on a personal or national level. Everyone knows someone that is struggling with debt. There are tips on how to manage your finances to keep you out of debt. There is also the option of bankruptcy which should first be discussed with a bankruptcy attorney at Galarza Law Firm. There is nothing to be ashamed of, you can ask for help!