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Russell G. Small

Survey looks at attitudes toward credit card debt

Some Connecticut consumers may be among the more than 20% who say they do not know whether or not they have credit card debt. An online survey of over 1,000 consumers by U.S. News & World Report also found that almost one-quarter of respondents had over $10,000 in credit card debt. Another quarter said they kept a revolving balance of around $2,000.

The survey also found that 30% of people said they did not know their interest rate, and 16% said they had a balance, but they did not know what it was. Although half of respondents said that making payments did not cause them difficulties and 60% said they carried no credit card debt, 15% said their balances were increasing and that they struggled as a result. Furthermore, 13% said they struggled to make ends meet, and 14% said they had some difficulty with their bills.

One expert suggests that people who are struggling with credit cards look into getting a card that gives people 0% interest on new balance transfers. However, if people do this, they must be disciplined and avoid adding new purchases to the amount that is transferred. Nearly half of the people surveyed said they had never used a zero-balance transfer, and 45% said they did not know if their card had a transfer fee.

Consumers for whom a balance transfer is not an option or who still struggle to make their credit card payments even after using this strategy may want to consider bankruptcy. Filing for bankruptcy puts an immediate stop to creditor actions, including phone calls, lawsuits and foreclosure on a home. If you are struggling with debt, contact the Law Office of Russell Gary Small PC to discuss your eligibility for various alternatives, including the fresh start that filing for bankruptcy can provide.

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