Credit

Credit

Eliminate Your Credit Card Debt

If you feel like credit card debt has taken over your life, statistics show that you’re not alone. Studies have found that the average American household carries thousands of dollars in credit card debt. (Note, October 2026: figures cited in older versions of this page were current when written; current averages are reported periodically by the Federal Reserve and CFPB.) It’s no wonder that many Americans turn to credit cards to meet their everyday needs.

If you’re struggling under the burden of debilitating credit card debt, and can’t seem to make real progress with any of your creditors, your best option may be to declare bankruptcy. Filing for bankruptcy doesn’t mean you’ve given up—for many, it’s the only way to get back on the path to financial independence.