The Credit Card Confidence Index from CompareCards.com has provided some new insight into how Tennessee residents and others are managing their credit card balances. According to the survey, only 30% of respondents said that they were able to pay their credit card balances in full. Furthermore, 21% said that they were unable to pay their credit bills in full during the previous six months. This is the fourth straight month in which that percentage has increased.
Generally speaking, men have had an easier time paying down their credit card balances compared to women. The survey found that 10% of men said that they hadn’t paid a credit card bill in full over the past six months compared to 31% of women who said the same thing. Of those who had paid their bills in full each month over the past six months, 32% were men and 28% were women. The August survey also found that fewer people were confident in their ability to pay a monthly statement fully.
According to an analyst from Compare Cards, the data indicates that Americans are starting to have more trouble keeping up with their credit card debts. Collectively, Americans owe more than $1 trillion to credit card companies. Although the analyst doesn’t think that there is a crisis just yet, he says that consumer habits will need to be watched closely going forward.
Individuals who are seeking debt relief may be able to obtain it by filing for Chapter 7 bankruptcy. In a Chapter 7 case, debts may be discharged without the need to make payments to creditors. Typically, unsecured debts such as credit card balances and medical bills can be discharged in such a proceeding. An attorney could further explain the benefits of a liquidation bankruptcy.