the law offices of george castrataro, P.A.Serving South Florida And Fort Lauderdale, Since 2008
Call Us for Your Free Initial Consultation
954-573-2003 Se Habla EspaƱol
We Are There For You

Americans carry a significant amount of debt

Some Florida families may be among the households throughout the country that owe an average non-mortgage debt of more than $24,000. The credit reporting agency Experian also found that in 2017, people's average mortgage debt was over $200,000. On average, people owed more than $6,300 on their credit cards and $1,841 on retail cards. The average student loan debt set a new record at $34,144.

These averages do not necessarily represent the typical situation of most households. There are significant regional variations, and even people who carry a high credit card balance might pay it off monthly. However, it is clear that overall, Americans carry a large amount of debt. In June 2017, the total debt hit a record high of $1.02 trillion. Furthermore, the fact that 33 percent of people with student loans have had a late payment over the past year and that over 7 percent of credit card debt was at least 90 days past due in the third quarter of the year suggest that some people are struggling with those obligations.

There are several approaches people can take to paying off debt. It might make financial sense to pay off the ones with the highest interest rates. However, the debt snowball, which involves paying off the smallest ones first, may be the most psychologically rewarding and thus easier to stick to.

Unfortunately, in some cases, people simply do not have the resources to pay off their debts. When this occurs, they might want to consider filing for bankruptcy. Although this can feel overwhelming, a bankruptcy filing immediately stops any creditor actions. People are usually able to keep at least some assets, and it can provide a fresh financial start.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

  • Peer Review Rated | LexisNexis | Martindale-Hubbell
  • Super lawyers | Rising Stars 2013
  • Super lawyers | Rising Stars 2014
  • Super lawyers | Rising Stars 2015
  • Super lawyers | Rising Stars 2016
  • AVVO