More Americans are struggling to make ends meet in today's tough economic environment, and, as a result, credit card debt problems are growing. Not only has the number of maxed-out credit card accounts been increasing, but the average amount of credit card debt has, too. Right now, the average cardholder owes about $8,000 on their credit cards — and they owe that much at a time when the average credit card rate is north of 21%.
Main Idea: If you are behind on credit card debt, settling before a lawsuit is often safer, but fighting in court can make sense in some cases.
Key Points:
More households may face lawsuits, wage garnishment, and long credit damage as card debt stays high and payments fall behind.
Some consumers may cut debt faster by settling early or by beating weak cases in court.
Rate how each entity in this article affected the American people.
No entity suggestions or linked entities saved yet.
Named editor in the byline; mentioned in the article but not a substantive subject of the piece.
Comments here are the same thread shown when this article appears in The Pulse.
No comments on this article yet.
Sign in to comment