Embarrassment keeps many from dealing with credit card debt

Many people in Texas struggle with credit card debt without their friends, neighbors or even family members knowing about it. Credit cards allow people to keep up appearances as they continue purchasing luxury items for so long as they keep making monthly minimum payments. Card holders who only pay the minimum every month see their balance quickly gather interest, and before long they can face an overwhelming debt.

It’s a common scenario, but one that people don’t like to talk about. According to one report, the credit card balance of the average U.S. household is over $15,000. According to another recent survey, their credit card debt was one of the subjects Americans were most embarrassed about.

The survey, conducted by the National Foundation for Credit Counseling, asked more than 2,000 people what number they would be most embarrassed to reveal: their age, their weight, their bank balance, their credit card debt or their credit score. Thirty-seven percent of respondents chose their credit card debt. Only 12 percent chose their weight.

As with so many problems, embarrassment can get in the way of finding a solution. Texans who want to reduce or eliminate debt have many options at their disposal, and Texas attorneys who deal with debt relief can help them to make a fresh financial start.

Some Dallas credit card debt problems can be overcome with a debt payoff plan. Others require negotiating a settlement with credit providers. Still others may be best handled through personal bankruptcy. Texas attorneys with experience in this field can help people to find the solution that best fits their needs.

Source: US News & World Report, “Does credit card debt make you blush? You’re not alone,” Lindsay Konsko, May 26, 2014.