There is good news for people in New Jersey in a recent report about credit card debt. The amount that the average person in our country owes for these types of financial obligations has fallen again. This has occurred throughout the past year. However, for the many who still find it difficult to pay the debts that they owe, the decision to file a personal bankruptcy may be a good choice.
In fact, the number of people who pay their credit cards late each month increased over the past quarter. The number is still lower than was the case for the equivalent period last year, but as many as 1.36 percent of all consumers who owe credit card debts were at least 90 days late in the third quarter of 2013. Some of these late payments are attributed to the spending that typically occurs as the school year starts.
On average, consumers in New Jersey and across the nation owe a little over $5,200. This amount is often on high interest cards, including those from department stores. In addition, the number of cards being taken out by people is increasing. This could lead some to run up high balances that they cannot repay.
A personal bankruptcy is often a responsible choice for many people in New Jersey who find that they have high balances on their credit cards. This is because the action can result in a discharge of unsecured debts in many cases. However, there are many Chapters of the Bankruptcy Code that are available to those who want to confront unmanageable financial obligations. To ensure that the best choice is made, consumers may gain by making a careful review of their finances in order to choose the best manner in which to proceed.
Source: USA Today, Average credit card debt per borrower falls in 3Q, Alexis Veiga, Nov. 20, 2013