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.
Some hospital patients in Texas may find themselves unpleasantly surprised when they receive their medical bills. In some cases, certain treatments or services are not eligible for in-network insurance coverage. This can mean that some patients get hospital bills that they cannot afford to pay.
Many Texans are struggling with significant amounts of credit card debt that they find it difficult to repay. While some people are able to pay off their credit card bills each month and avoid carrying a balance, those who do carry a balance often extend it out over a year or more. According to one report, 56 percent of people who carry balances on their credit cards maintain them for more than a year. Around 23 percent have remained in debt for three years or more while 14 percent have carried their debt for five years or more.
An increasing number of people in Texas are facing significant credit card bills that they may find themselves unable to pay. This is especially true after a change in financial circumstances, such as the loss of a job or a serious illness that incurs medical bills. Across the country, 83 percent of American adults have at least one credit card, but the average person has three. There is over $1.04 trillion of credit card debt in the United States, an increase from $857 billion in 2013. On average, American consumers have $5,331 in credit card debt in 2019, and most people don't pay off their full bill every month.
Bankruptcy is a powerful financial tool for people in Texas who have burdensome debt, but they aren't a magic shield that protects from future financial woes. Many individuals find themselves in a situation where they may want to file for bankruptcy a second time. While getting a second bankruptcy has certain limitations and waiting periods, it is possible for some. For many, however, there may be other ways to relieve debt.