Many people go through their 20s using credit cards because they aren’t quite earning enough to make ends meet every pay period. Someone might use a credit card to buy the little extras and then to be able to afford to pay for them over time.
There are others who use their credit cards liberally in their 20s while believing that their income later on will make up for it, but with job loss, demotions and other changes in income, that may never really come to fruition.
If you’re in your 30s now and are finding it hard to make ends meet with heavy credit card debt, you may want to look into bankruptcy. Either Chapter 7 or 13 bankruptcy can help you resolve your debts and move forward with a more stable financial outlook.
An average American owns three credit cards
If you have more than one credit card, you’re not alone. In fact, an average person in America has three credit cards. In total, 47% of all adults in America had credit card debt in 2020, and over half have increased their debt from the end of 2019 onward.
Economic downturns like those seen in 2020 are difficult for many people, and when you already carry credit card debt from your 20s, your 30s can be tough as you work to get out of that debt despite growing costs.
The national credit card debt is $756 billion
As of the third quarter of 2020, the national credit card debt total grew to $756 billion. This shows you that you’re not alone when it comes to debt. Your options are not limited, either. You may be able to use Chapter 7 bankruptcy to liquidate assets and pay off what you can before having the remaining debts dismissed. You might also use Chapter 13 bankruptcy to repay what you owe over the next three to five years.
Other kinds of bankruptcy and debt solutions may work for you, too. That’s why it’s time to look into your legal options to decide how you want to move forward. You can put an end to your credit card debt so that you can have better financial security.