It’s hard to believe, but Americans are so fed up with looming credit card debt that many admitted in a recent survey they would give up some of their favorite things for the chance to be debt free. The debt survey conducted by Mr. Cooper showed that 33 percent of Americans admitted that credit card debt caused them to lose sleep, and 25 percent said that credit card debt is interfering with the family relationships.
Many of those who were surveyed by Mr. Cooper admitted that they would do some crazy things to get rid of their debt, even prior to turning to a professional for financial advice. In fact, the majority of those surveyed said that they would exit all social media in exchange for deleting their credit card bills. Would you be willing to do the same?
Experian reports that American cardholders, on average, hold approximately $6,376 in credit card debt, and 68 percent of people surveyed are worried about how they’ll ever pay off their cards. Nevertheless, few of those surveyed have set up an actual plan for resolving the situation.
Many Americans have options available to help them get out of debt much faster than they realize. They just don’t know that these options and strategies are available.
Some Americans who may never be able to pay off their debt given their current income levels might even be able to qualify for bankruptcy. If you think you are a suitable candidate for bankruptcy, you may want to look at the possibility in greater detail to determine if it would benefit you and your debt situation.