Dealing with debt may make Ohio residents feel as if they are alone in their struggles. They may feel that their financial burdens are insurmountable and that they will have to continue facing credit card debt from month to month. However, individuals with debt issues are certainly not alone, as a considerable number of Americans face similar issues. Additionally, there are options that may be able to help discharge debt.
Recent reports stated that revolving debts among citizens were at the highest point since 2009. From November to December of last year, such debts increased by $6 billion. This increase caused the total debts from credit cards, home equity and other personal lines of credit to total approximately $936 billion. The report also indicated that the average citizen has nearly $2,300 in credit card debt.
Of course, these numbers may be worse for some individuals than others. Individuals with few assets and high interest rates often have the highest outstanding balances. Households with low net worth owe more than $10,000 on average due to credit card debt. As a result, these individuals may feel the most need to explore relief options.
If Ohio residents are interested in seeking assistance, they may wish to look into bankruptcy options. This path could allow qualifying individuals to discharge debts and develop feasible ways to get their finances back on track. Information on the various types of bankruptcy and how it might help their debt situation may allow interested parties to determine whether pursuing this avenue could be warranted in their specific cases.
Source: New York Post, “Credit debt at its highest since the 2009 recession“, Gregory Bresiger, Feb. 27, 2016