Connecticut and NJ were the States in the country with the highest average credit card balances as of the fourth quarter 2023, with close to nine thousand dollars in outstanding credit card balances. The delinquency rate on credit cards has gone up in 2023, over three percent of credit card holders are thirty days or more past due on their payments.

As you can see from the above chart delinquencies soared in 2008, right after the housing market crash caused an economic crash. Is there currently a credit card bubble waiting to crash?

If you are having problems making payments on your credit cards, or any other debt, such as your mortgage or car loan, you need to know your legal rights as a debtor. You may be able to file bankruptcy and keep all your personal assets, such as your residence, car and household furnishings. Please call my office for a free consultation: 2037724848