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Ohio residents may be interested to know that the average American household has $5,700 in credit card debt. This is according to ValuePenguin, and it was also noted that the young or those with low incomes are not the only ones guilty of carry credit card balances. Households that make $160,000 or more have an average of $11,200 while those who are under the age of 35 carry the second-lowest credit balances on average.

Americans between the ages of 35 and 64 tend to carry the highest levels of credit debt with those between the ages of 45 and 54 carrying an average credit card balance of $9,098. The reason may be that parents are trying to put their kids through college, which means that they pay more of their own expenses with a credit card. Carrying large balances may create multiple problems for people.

First, they may pay an average interest rate of 14 percent. Those who had the average debt balance of $5,700 would pay $440 a year in interest, which means they would pay $1,300 if it took three years to pay off that balance. Paying this interest may make it harder to save for retirement or enter retirement free from debt.

Filing for Chapter 13 bankruptcy may make it possible to reorganize debt or make a deal with creditors resulting in manageable payments. An attorney may be able to explain the benefits of such a decision like a stay from creditor actions such as foreclosure or repossession while a case is pending. Debtors may also get a reprieve from harassing phone calls or letters seeking payment of late or missed payments. Finally, those who file for Chapter 13 bankruptcy may be able to retain ownership of property during the repayment period.