Markowitz & O'Donnell, LLP
Local609-482-3138
Toll Free866-437-1189

Call To Schedule A Consultation

Credit card debt consistent accross the country

New Jersey residents may not know that the amount of money Americans owe on their credit cards is fairly consistent across the country. A survey of credit card debt levels in the nation's largest metropolitan areas conducted by CreditCards.com found only a $900 difference in average debt levels between the most indebted and least indebted cities. The credit card information and comparison website published its findings on July 26.

While the average amount of credit card debt owed by Americans across the nation may be fairly consistent, their income levels are not. According to CreditCards.com, residents of San Antonio, which was the most indebted city, earn about $18,000 per year less than San Francisco Bay Area residents. The San Francisco, Oakland and San Jose metro area had the lowest credit card debt levels in the survey.

The financial information website put these figures into perspective by calculating how long it would take Americans in different parts of the country to pay off their credit card balances. The calculations were based on consumers allocating 15 percent of their incomes to pay down revolving debt. They found that Bay Area residents would be able to wipe out their credit card debts in just nine months, but those living in San Antonio would have to make payments for 16 months to free themselves of revolving debt.

Many New Jersey residents turn to credit cards after a layoff, illness or injury, and they are rarely able to devote 15 percent of their paychecks to debt reduction. A bankruptcy attorney will often explain the debt relief options available to those struggling with unmanageable bills. An attorney could also point out that filing a Chapter 7 or Chapter 13 bankruptcy will put an end to creditor harassment and may provide the opportunity for a fresh start.

No Comments

Leave a comment
Comment Information

Markowitz & O'Donnell, LLP
3131 Princeton Pike, Building 3D, Suite 200
Lawrenceville, NJ 08648

Toll Free: 866-437-1189
Phone: 609-482-3138
Fax: 609-896-3184
Map & Directions

Send Us An Email.Get Started Today.

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