Help! Is My Credit Card Debt Normal?

In a perfect world, everyone would have enough cash from their monthly income and savings to cover all their expenses without tapping into their credit cards. The reality, however, is that credit card debt is a pretty normal part of American life, according to Money Management International (MMI).

In fact, MMI reports that the average adult in the US is carrying a credit card balance more than $6,500, with Gen X consumers (ages 43 to 58) leading the way with an average credit card balance of over $9,000.

It's easy to see why - life happens! Unexpected car repairs, medical expenses and more can quickly derail even the best laid plans. The good news is that if you have credit card debt, you are definitely not alone and there are alternatives to being saddled with high-rate debt for the long-term.

As a not-for-profit financial cooperative, Abound is here to help you manage your money and achieve your goals. That includes reducing the amount of interest you're paying to high-rate, for-profit card providers and consolidating monthly payments from multiple cards to ease stress, improve your monthly budget, and get on a path to becoming debt free.

Want a better credit card? Check out Abound's card compare and card check tools to find your best option and ensure your cards are working for you.

Ready to get out of debt? Learn more about your debt consolidation options online or stop by a branch today to discuss your best path out of debt with one of our friendly Team Members!