Thompson Law Group, P.C.

Consumers struggling with credit card debt, student loans

In general, most people in Pennsylvania are just doing the best they can to manage their finances. Money matters can be complicated though, and it is easier to get into debt than many realize. This is especially true when it comes to things like credit card debt and student loans.

Consumers use credit cards for a lot of different reasons. But no matter how people amass their credit card debts they almost all have something in common -- trouble paying off those balances. Americans owe a collective $868 billion on their credit cards, which is nearly 5% more than in 2018. Credit card delinquencies are also on the rise.

Student loans are not looking much better. In 2017, the average college graduate left school with $30,000 in student loans. This is about how much people earn in their first year after graduating, so paying off other debts or saving money can be a real challenge. Without any savings it is even easier to fall further into debt or get behind on student loan payments. To make matters even more complicated, residents of 15 different states owe on average more than they even earn annually.

Having any type of debt can be a burden, but it is especially hard when paying off that debt feels impossible. Even when a person is making regular payments on credit card debt, it can keep growing because of interest rates. It is often necessary to take serious action in these situations. For some Pennsylvania residents, filing for bankruptcy is the solution for dealing with too much debt.

No Comments

Leave a comment
Comment Information

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response

Warrendale Office
Main Office
125 Warrendale-Bayne Road
Suite 200
Warrendale, PA 15086

Phone: 724-799-8404
Warrendale Law Office Map

Greensburg Office
101 North Main Street, Suite 104-A
Greenburg, PA 15601

Phone: 724-832-3500
Map & Directions

Canonsburg Office
Satellite Office
2400 Ansys Drive
Canonsburg, PA 15317

Phone: 724-799-8404
Map & Directions

Pittsburgh Office
Downtown Pittsburgh
500 Grant Street, Suite 2900
Pittsburgh, PA 15219

Phone: 412-823-8080
Map & Directions

Monroeville/Wilkins Township Office
Satellite Office
Building 1, 201 Penn Center Blvd., Suite 400
Pittsburgh, PA 15235

Phone: 412-823-8080
Map & Directions

Erie Office
1001 State Street
Suite 1400
Erie, PA 16501

Phone: 814-451-1125
Map & Directions