Thompson Law Group, P.C.

Is credit card debt part of your New Year's resolution?

American consumers are carrying an astounding $4 trillion in debt in 2019, more than any other time in history. Whether for things like auto loans or credit card debt, it seems as if consumers in Pennsylvania are more than ready to improve their financial situations. Unfortunately, this is usually easier said than done.

People are already thinking of their 2020 resolutions, and financial goals are the most popular choices for this upcoming New Year's. In fact, 84% of the 3,012 adults who participated in Fidelity Investments' 2020 New Year Financial Resolutions Study said that reducing debt was a better resolution than spending less time on phones and computers. In that same study, 84% said that they would rather save $5,000 than drop 5 pounds.

These financial goals are not necessarily anything new. When survey participants were asked about why they might not achieve their resolutions, most point to unexpected expenses. Since just 33% of people feel that they avoided large financial mistakes during 2019, this shows just how uncertain finances can be. Even if a person feels as if he or she is handling debt well, all it takes is one unexpected life event to change everything.

Even if credit card debt seems fairly common among adults in Pennsylvania, this does not make it easy to live with. Having to pay back any kind of debt can be extremely stressful, especially when making monthly payments is not always possible. Although some people choose to pursue debt management options, many of them may be in situations that are better suited for bankruptcy protection.

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