Huge Credit Card Debt
The term huge credit card debt is typically dependent upon the person stating the term. For someone that makes $35,000 per year $20,000 could be huge credit card debt. On the other side of the coin however many well to do businesses and consumers use credit cards as short term financing for their most recent endeavor and don’t consider $40,000 to be huge credit card debt.
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100k In Credit Card Debt
A local business man took the time to talk to me about how credit card debt is a major player in today’s bankruptcy filings. Years ago bankruptcy was only used by business to obtain relief from its debtors. Today 1 out of every 7 people has filed bankruptcy and walked away from thousands of dollars of credit card debt.