The average American household holds about a dozen credit cards, according to the Consumer Federation of America.
This is alarming enough, but it doesn’t stop there.
About 60 percent of credit card holders carry more than $10,000 in credit card debt from month to month. This adds up to more than $1 trillion in debt each year in the U.S.
It’s estimated that by simply having a credit card, you will spend 12-18 percent more than you normally would. Blame it on what you will—the mental disconnect that takes place between the consumer and the plastic as the transaction is made, or sketchy fees and billing tactics of credit card companies.
The fact remains that a credit card represents money that you definitely don’t have at the time, and might not in the reasonably foreseeable future. Ignoring this fact has caused many people to file bankruptcy due to high credit card balances.
If you are struggling to keep up with monthly payments on your Visa card you certainly aren’t alone. The cycle of compounding credit card debt can hit anyone.
Teens are the number one consumer target of credit card companies, especially when they enter college. Visa and other credit cards often target students as soon as they step on campus, but the debt often stays with students. About 80 percent of graduating college seniors have credit card debt.
The debt acquired by using their Visa cards can even catch up with students before they graduate. The American Bankruptcy Institute revealed that 1 in 5 bankruptcy filings are by young people with prematurely poor financial records.
But it isn’t just teens that are faced with overwhelming debt from their Visa cards. For the first half of this year, individual bankruptcies are up 36 percent from last year.
Though attempts have been made by the government to protect and help the average American from falling victim to Visa credit card debt, many people still fall into the credit card debt cycle and - thanks to complicated contracts and fees - cannot get out of debt without help.
If you’re one of the millions of Americans that has seen their debt grow out of control because of a Visa or other credit cards know there is help available.
You may feel unable to fight back, but the force of Chapter Seven bankruptcy was designed to provide Visa debt relief and help you get back on your feet.
More and more people are filing bankruptcy. Each of these people needed serious protections and serious debt elimination. And for many people, bankruptcy provides just that.
If you want to speak with a local bankruptcy lawyer about how filing can help you eliminate your Visa credit card debt, complete the free connection form on this page to receive a free review form a local bankruptcy lawyer.
Or, you can call 877-349-1309 and we’ll connect you with a local bankruptcy lawyer right away.
Your bankruptcy attorney can answer your questions and show you exactly how Visa bankruptcy works to eliminate your credit card debt.