According to the Federal Reserve Bank of New York, late credit card payments have been ticking upward for the past 2 years. Card delinquencies have been rising for borrowers under 30 in particular. The major credit bureau, Experian, said the average card balance as of May 2019 was $6,553. 

There are steps that consumers can take if they are having trouble making payments. They can start by contacting their card companies and asking for a temporary interest rate reduction or lower minimum payment. Another option is to seek help from a credit counseling agencies. Many nonprofit agencies will give free or low-cost budget reviews. 

Consumers with more serious debt related problems may want to seek a debt management plan in which the counseling agency negotiates an interest-rate cut and structured payment plan. 

If you need help identifying the best plan for your debt management, contact Sam Henry Law. We offer free consultations to determine your bankruptcy eligibility and offer counseling for delinquent borrowers.