On behalf of Law Offices of Mark M. Kratter, LLC on March 08, 2013
Credit card debt is often a common problem for Connecticut residents and others across the country. Many may have trouble saving enough money each month to build up a savings account because of other required bills that must be paid. Whether someone has a mortgage, credit card debt or even student loans to pay, many end up sacrificing their savings by the end of their pay cycle; potentially placing them into a jam if they're living paycheck to paycheck and have an unexpected circumstance occur.
Over half of the people living in this country have more money in their emergency savings fund than they do in credit card debt. However, almost 25 percent have more credit debt than they do savings funds. Sixteen percent have no debt but also no savings to speak of. The statistics show that almost half the population may be in danger of experiencing serious financial trouble.
Even though Americans have been reducing the balances on their credit cards, their saving habits appear to have stayed the same. Men tend to place more importance on savings and statistically have more money than debt, but a slightly smaller amount of women could say the same. However, credit card debt can be an issue for all types of consumers and affect anyone detrimentally if it gets high enough.
Connecticut residents currently overwhelmed by credit card debt may wish to research bankruptcy to see if it is something that could meet their needs. Bankruptcy will likely stop collection calls and attempts by others to collect on debts. Depending upon one's current financial circumstances, bankruptcy may be the best option to help someone tackle their debt and begin a fresh financial slate.
Source: cnbc.com, "One Quarter of US Has More Card Debt Than Savings," Sheyna Steiner, Feb. 25, 2013
