More Americans will soon be looking for Credit Card Debt help.

Credit card debt held by the average American consumer is growing to unsustainable levels, leading some to speculate that consumer bankruptcy filings will soon be on the rise.

According to a recent report issued by CardHub, outstanding Credit Card Debt held by U.S. consumers is on the rise and is estimated to top a record $1 Trillion by the end of the year.

The report says that the traditional consumer paydown expected in the first quarter of this year was much weaker than expected, while consumer spending escalated rapidly. The report suggested that the levels of outstanding household credit card debt, reminiscent of 2007 levels,  are unsustainable and could be a factor in leading to a recession in the overall U.S. economy.

This comes on top of an accumulation of some $71 Billion in credit card debt in 2015, a number CardHub called “astounding”.

Credit card debt problems affect families, individuals, senior citizens and, at an alarming rate, recent college graduates who may also be contending with massive student loan debt.

If you are concerned about your own financial situation, or have questions about debt relief, bankruptcy , responding to lawsuits, harassing bill collectors, foreclosure, tax debt, medical debt, student loan debt, or other issues, contact the attorneys at massdebtlaw.com  for a free case evaluation.

According to the Massachusetts Secretary of State, the dangers of being overextended on credit card debt include the following among students:

Debt problems can lead to depression, which affects study habits, academic performance and retention rates.

People stressed about debt (particularly credit card debt) are more prone to heart attacks, insomnia and explosive emotions. Some studies suggest that those students with credit card balances in excess of $1000 drink more, smoke more, use more prescriptions for depression and have lower grade point averages than those who don’t carry credit card debt.

Debt can stick with students long after graduation. Debt ridden students interested in advanced degrees may not be able to secure graduate loans. Potential landlords, and some employers, routinely review credit histories.

Colleges and universities are the one group that makes money out of the credit card industry without bearing any responsibility for educating the students about the possible pitfalls and the devastating effect bad credit can have on their financial future. In return for lucrative fees, many colleges allow the banks and credit card companies to hawk their cards right on campus.

Many young adults have been forced by long-term financial problems to file for bankruptcy. In the years 1991-1999, there was a 50% increase in bankruptcy filings for people under 25.

Companies offer student “teaser” interest rates of 5 to 7 percent and quickly increase them sometimes as high as 20% or even more for those who miss payments or receive cash advances.

For the full article go to http://www.cardhub.com/edu/credit-card-debt-study/

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