People in Texas and across the country owe an ever-increasing amount of debt. In February, consumer credit rose less than expected, but still grew by $15.2 billion. Outstanding debt had been predicted to rise by $17.5 billion in February, according to the Federal Reserve. This increase marks a 4.5 percent growth. Every month, the Fed tracks the amount of debt Americans owe. It grew by a smaller amount than it did in January, when outstanding credit obligations grew by 5.2 percent. However, it was larger than the December 2018 growth, which was a 4.2 percent increase.
These figures are subdivided into revolving and non-revolving debt. Revolving credit includes credit card debt and other types of consumer loans. It rose by $35.4 billion dollars in February, 4 billion more than the $31.4 billion increase in January. On the other hand, non-revolving debt, which includes items like student and auto loans, rose by $146.8 billion in February, less than the $181.2 billion growth in this sector in January. In total, Americans owed $4.05 trillion in consumer debt as of February 2019.
It should be noted that this does not include all of the debt burdens that Americans face. Federal Reserve statistics do not include home mortgages and home equity lines of credit. Many people are struggling to make ends meet and pay their bills, especially if their debt is growing by more than their income.
People who are facing a heavy debt burden may be looking for alternatives. There are challenges associated with personal bankruptcy, but it could be a step toward a new financial future. A bankruptcy lawyer can consult with people about filing for Chapter 7 or Chapter 13 bankruptcy as options for debt relief.