The new year has arrived, and even though many of us have received tax refunds already, it appears that Americans are diving deeper and deeper into debt. In fact, according to the Federal Reserve, outstanding consumer debt has exceeded $4 trillion for the first time ever. This means that approximately 10% of most consumers’ disposable income is spent on mortgage debts, credit cards, student loans, and more.
This applies even more to young people, who are 35% more likely to go into debt for frivolous credit card purchases than people over the age of 45. Between strong holiday spending in November, a steady rise in student loan debt, and the increasing credit card balances, it has contributed to an all-time high of credit card debt for consumer all across the country.
At Quality Credit Repair, we understand the adverse effects that debt and credit card issues can cause for our clients. In fact, it’s precisely why we offer our credit card debt relief services throughout Philadelphia, to offer people a way out of the cycle of debt. If you’re one of the millions of Americans that have racked up massive credit card debt last year, don’t fret — we can help! Let’s take a look:
The Great Escape
Unfortunately, more than a third of individuals report they would do anything to escape credit card debt. At the same time, student loan debt has tripled in the last decade. A college education is now the second largest expense an individual is likely to make in a lifetime, next to purchasing a home. Clearly, there is a significant need for debt counseling services not only in Philadelphia, but across the entire country.
The Struggle Is Real
When borrowers accumulate more credit card debt than they can afford, especially during a stagnation of economic growth, it can cause significant problems for them. Not only that, but interest rates on credit cards have never been higher. In fact, the current rates are more than 17%, which is up from the previous years’ rates.
Are you ready to break the cycle of debt once and for all? Then contact our credit card relief counseling services. We can help address your credit issues and get you started on on a credit revival plan today. Don’t spend another day in debt — call us today at 888-399-3898!