Many individuals in Ohio and across the nation may feel that as their incomes continue to grow, the trials of financial strain may be less of a threat. However, studies indicate that when it comes to certain forms of debt, those who earn a higher income may face additional challenges that might only work to complicate the situation. While credit card debt can pose a threat to the financial future of virtually anyone, it may be a growing concern for individuals with a higher net worth.
The balance the average American household carries in credit card debt reportedly continues to rise, with recent numbers coming in at nearly $6,200. With these constant increases, experts indicate that there may be few consumers who are capable of paying their balances off in full each month. While such trials can affect all consumers, experts suggest that individuals with higher income levels may be more likely to carry substantial amounts in credit card debt.
Recent studies suggest that individuals who earn between $100,000 and $200,000 are the most likely to carry high credit card balances. With average interest rates reaching just over 17%, even those who earn a higher wage may experience difficulty keeping up with monthly obligations at times. Studies also indicate that those who are only capable of making the minimum payment on a balance of over $5,000 could spend as long as 20 years paying down credit card debt.
The resulting monetary strain that can accompany high levels of credit card debt can have a substantial impact on a person’s finances. Those who wish to seek relief from the burdens of debt could benefit from seeking guidance on all their available options by consulting with a bankruptcy attorney. An attorney can work with a client in Ohio in developing a plan to pursue the necessary relief through the proper channels and provide guidance on how to avoid similar challenges in the future.