Do you have a considerable amount of credit card debt? Yes? You are in good company. Unfortunately, according to a 2014 analysis of Federal Reserve and other government data conducted by NerdWallet, an average American household currently has about $7,300 in credit card debt. Further, of the close to 1,200 people surveyed recently, more than half the people who admit to having credit card debt are more than $6,000 in debt. New Yorkers have the most credit card debt – an average of $8,266.

Thanks to the economic crisis that swept the entire country, and unexpected expenses such as medical emergencies, Americans are facing overwhelming debt. It’s not unusual to use credit cards when the emergency fund is dry.

In April, another survey of 1,100 people who have credit card debt revealed the following interesting statistics:

• More women than men have credit card debt
• In fact, 63 percent of the women between the ages of 18-24 surveyed have credit card debt (compared with 36 percent of male respondents)
• Additionally, females between the ages of 55-64 have twice as much debt as their male counterparts (66 percent v. 33 percent.)

There is hope for those facing seemingly insurmountable credit card debt.

Set financial goals and create a plan to meet them: Put yourself on a budget and stick with it so you can use the extra money to start paying down your debt. Don’t let yourself off the hook when you see unexpectedly see something you want but don’t really need and can’t afford.

Figure out ways to save money without doing without: If you like to eat out, look for specials or coupons that allow you to have your cake and pay less for it.

Don’t go it alone: You may have gotten yourself into debt by yourself but you can work with a skilled debt management lawyer who will help you get out from underwater. There are many alternatives to bankruptcy, especially if the problem is credit card debt and your financial situation is otherwise under control.

Contact Joel R. Spivack, Esq. today for advice about managing your debt. He will review your situation and advise about whether debt consolidation or settlement is an option for you. He has helped countless residents in Camden County, NJ get back on track with their financial situations and he can help you, too.