Average Credit Card Debt High – Avoid It

Americans are facing credit card debt and other high-interest debt unparalleled in history. The typical credit card debt carried by typical American households is record-level. Most Americans carry a great deal of credit card debt. In 2003, The American Bankruptcy Institute that over 1.6 million filings were made in the face of credit card debt. Think how bad it is in 2011. It lessens the prospect of economic recovery in the U.S.Are You Among the Average?The firm represented on IndexCreditCards.com has statistics that say if the credit card debt in this country were averaged out it would come to around $4K per American adult and just around $8K per household. Indeed, these statistics have gotten a little better because of smarter consumer spending and somewhat easing of the general economic situation. However, it will still be a long time before many will be able to climb back out of the quicksand created by credit card debt.Why the High Average Credit Card Debt?Of course, those little pieces of plastic are not the culprits when considering all this debt -- it is the folks who wield them. People just do not often think before whipping out the plastic. Some matters quickly come to mind and they should be considered by all before applying for credit cards or as they use those they already have:Pay Offs. A large proportion of credit card debt is made up of interest rates and fees, usually late payment fees. Balances on credit cards should be paid in full every month. Many card issuers offer up to 55 interest-free days, plenty of time to get that debt off the books.Nickel and Dime. Small time purchases are another culprit. They tend to sneak up. One gourmet coffee a day for a month can easily wind up as a $50 item on the next credit card bill, just not added all up so you can really see.Keeping Track. At times a credit card user can look on a credit card as a source of income. It is anything but. As the month goes along, any credit card user would be wise to hold onto receipts and even keep track in a check register to watch where that debt is going and how fast it is piling up.How Can You Get Around Being One of the Average?Sleepless nights. Arguments at bill-paying time. A feeling of dread. All these things can accompany excessive credit card debt and send debtors searching desperately for a way out. How would you feel if you had over $21K in credit card debt before you even sat down to pay the mortgage or the light bill. Folks in such debt often start to consider bankruptcy. Bankruptcy is no guarantee of a good night sleep. Your credit ratings will be off for up to ten years, putting a stymie on a new home or a better car. If at all possible, bankruptcy should be avoided.Consider Debt ConsolidationTaking advantage of credit card balance transfer offers may be one way to help. If credit card debt is way out of control, a debt consolidation loan my work. Debt settlement agencies may be another avenue. Whichever path you may choose, be sure the potential for a rip-off does not exist.Do Not Be One Who Holds a High Credit Card Debt AverageAside from bankruptcy, there are ways to bring your credit card debt down. Sometimes it can approached alone; sometimes it is best to seek out a professional for help.