We live in a world where we can swipe our credit card virtually everywhere while barely a thought to the ever-increasing balance on our card. Therefore, it’s not surprising that many people rack up thousands of dollars in credit card debt that they can’t pay. However, it’s not just overspending that causes out-of-control debt.

Interest rates are increasing. This applies not just to credit cards, but other loans. It may be tempting to pay the minimums on your credit cards to get by. However, the total amount you owe is only going to rise.

The cost of living is rising faster than wages are. More and more Americans are using credit cards to pay for buy everyday items and pay bills to make ends meet. They also have less in savings for emergencies.

Lenders are making it easier to get credit. That means that more people are getting credit card with lines of credit that they simply can’t afford to pay off if they use them.

Even in a two-income family, if one breadwinner is unemployed or underemployed, they’re likely to rely on credit cards to pay the bills. This can leave them with debt they can’t pay off once they’re back on their feet financially again.

Medical expenses are one of the primary causes of financial problems in this country. You may be able to use your credit cards to pay unexpected health care costs. However, you have to pay back the debt eventually.

Many Americans have poor money management skills. Even some people with an MBA from a prestigious school aren’t able to balance a checkbook or stick to a budget. Too many people go out into the world without the skills needed to spend within their means and save for a rainy day.

Whatever the reason for your overwhelming credit card debt, you’re not alone. The sooner you get help, the easier it will be to deal with your debt and make a fresh start. A New Jersey bankruptcy attorney can provide you with essential guidance.

Source: CardTrak, “9 Reasons Credit Card Debt Can Get Out of Control,” July 05, 2017