In August 2010, TransUnion filed a report that stated credit card debt averages have dropped to less than $5,000. During the same time period in 2009, the national average was $6,000. While most people are not surprised that people are spending less than they have in the past few years, what is astounding is that debt has fallen and so too has the number of people seeking credit card debt relief.
The lower credit card debt average can be attributed to multiple factors. However, many experts assert that consumers have reduced confidence in credit cards due to high unemployment and are far less likely to spend. People are more conscientious of their spending and are working hard to lower their debt to avoid foreclosure or filing for Chapter 7 bankruptcy.
Are you struggling with credit card debt and considering filing for Chapter 7 in Texas? If so, contact our practice and get reliable advice from a San Antonio bankruptcy attorney now!