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Nicolet Law managing attorney Russell Nicolet

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Staggering Facts About Credit Card Debt in America

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Staggering Facts About Credit Card Debt in America

Woman holding credit card while online shopping, increasing her credit card debt

Credit card can lead you into a debt hole that is difficult to get out of, especially if you are already on a tight budget. For people who do have credit cards, the temptation to use them is often great. If you are one of those people, but are also trying to get out of debt, knowing when to use your credit card is imperative.

According to NerdWallet, the average American household spends around $1,300 in interest payments each year. The average household has $132,529 in debt. When you think about those figures, you can see how this would be a problem for some people who are already under financial strain.

A different study was done by NerdWallet to determine what expenses were important enough to go into credit card debt. There were only two items that ranked high enough -- medical bills and emergency expenses. Necessities that occur during unemployment and necessities that regular income doesn't cover came in third and fourth, but those weren't ranked high enough to be considered acceptable reasons to go into debt.

In order to be considered an acceptable reason to go into credit card debt, at least 60 percent of respondents had to agree the expense was an acceptable reason. Emergency expenses came in at 63 percent, medical expenses came in at 61 percent. Necessities during unemployment came in much lower with only 45 percent, and necessities that income won't cover came in even lower at 36 percent.

This glimpse into what people think is acceptable for credit card usage is interesting. Still, some people just find the temptation too great. If you have found that you are in too much credit card debt, whether it accumulated for a good reason or from misuse, you should explore your options for dealing with the debt. Bankruptcy is one option to consider.

Source: The Motley Fool, "There Are Only 2 Acceptable Reasons to Go Into Credit Card Debt, New Survey Shows," Sean Williams, Feb. 06, 2017

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SEE HOW NICOLET LAW MAKES A DIFFERENCE IN OUR CLIENTS’ CASES

CAR ACCIDENT

Result with Nicolet Law 
$1,200,000.00

CAR ACCIDENT

Offer before Nicolet Law
$50,000.00

SEMI-TRUCK ACCIDENT

Result with Nicolet Law 
$700,000.00

SEMI-TRUCK ACCIDENT

Offer before Nicolet Law
$75,000.00

SLIP AND FALL ACCIDENT

Result with Nicolet Law 
$180,000.00

SLIP AND FALL ACCIDENT

Offer before Nicolet Law
$5,000.00

PEDESTRIAN HIT BY CAR

Result with Nicolet Law 
$1,050,000.00

PEDESTRIAN HIT BY CAR

Offer before Nicolet Law
$0.00 - denial

DRUNK DRIVING ACCIDENT

Result with Nicolet Law 
$815,000.00

DRUNK DRIVING VICTIM

Offer before Nicolet Law
$0.00

UTV ACCIDENT

Result with Nicolet Law 
$250,000.00

UTV ACCIDENT

Offer before Nicolet Law
$5,000.00
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Nicolet Law Office is honored to have been nominated for numerous awards for excellence in service and client satisfaction. Our attorneys have appeared in such prestigious lists as Top 40 Under 40 and Rising Stars. While we’re thankful to have the support of industry peers and independent third-party organizations, nothing beats the feeling of gratitude we share with clients when we can make a positive impact on their lives.

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12 locations in Wisconsin and Minnesota to serve you

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Wisconsin Locations:

EAU CLAIRE:

402 Graham Ave.
Suite 305
Eau Claire, WI 54701

Phone: (715) 835-5959
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HUDSON:

517 2nd Street
Unit #205
Hudson, WI 54016

Phone: 715-226-6158
Map & Directions

LA CROSSE:

119 N 19th St S
La Crosse, WI 54601

Phone: 608-527-0876
Map & Directions

NEW RICHMOND:

1500 Madison Ave.
Suite 220
New Richmond, WI 54017

Phone: 715-226-6164
Map & Directions

RICE LAKE:
337 North Main Street
Rice Lake, WI 54868

Phone: (715) 790-1114
Map & Directions

RIVER FALLS:
215 S 2nd St #20
River Falls, WI 54022

Phone: (715) 716-5869
Map & Directions

SUPERIOR:
1200 Tower Ave.
Superior, WI 54880

Phone: (715) 718-2969
Map & Directions

WAUSAU:
408 3rd Street
Suite 303
Wausau, WI 54403

Phone: (715) 716-5092
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Minnesota Locations:

DULUTH:
306 West Superior Street,
Suite 606 West
Duluth, MN 55802

Phone: (218) 729-0628
Map & Directions

HIBBING:
Howard Court Bldg.
302 Howard Street, Suite 123
Hibbing, MN 55746

Phone: 218-217-0659
Map & Directions

MINNEAPOLIS:
225 South 6th Street
Suite 3900
Minneapolis, MN 55402
Phone: (608) 315-5639
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WOODBURY:
724 Bielenberg Drive
Suite 126
Woodbury, MN 55125

Phone: (651) 815-0017
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