Purveyors of competing viewpoints sometimes make reference to statistical data to support their assertions.
Often, the application of those numbers to a certain situation or context results in as many new questions being raised as it does in the definitive settlement of a debate or dispute.
In other words: We’ve got numbers, but what exactly do they mean?
Take the realm of debt, for example, specifically relating to the universe of credit cards.
As noted in a recent analysis of credit card debt and related trends nationally, the amount that Americans collectively owe on their cards is somewhat down from recent years, although holding fairly steady and somewhat on the rise again recently.
A writer commenting on the data — which was culled from Federal Reserve and other government statistics — unsurprisingly asks this question after crunching the relevant numbers:
“What does this mean?”
Truly, it is always difficult to tell. On the one hand, consumers’ consistent spending via credit card purchases is good for the economy in the general sense that it helps create a continuing spiral of purchases, job accretion and further spending.
On the other hand, though, what about that lingering month-to-month debt that comes back to bite many consumers who are unable to pay their debts off in full?
As was readily seen in the recent so-called Great Recession, high numbers of consumers were ultimately victimized by lofty card balances in ways that threatened their financial stability across a wide dimension. Some lost their homes. Some filed for bankruptcy.
Are many consumers again treading that path? Research indicates that credit card debt follows only mortgage debt and student loan debt as the predominant source of household indebtedness across the country.
Any debtor who is growing concerned that he or she might be losing the battle with the slippery slope that centrally marks credit cards for millions of consumers might reasonably want to consider meeting with an experienced debt relief attorney to discuss options.
And options do indeed exist. Credit card debt is dischargeable under bankruptcy law, for example, and other protections also work to promote the interests of persons seeking relief from extreme financial challenges.
A proven lawyer can provide details.