Mississippi residents have the lowest credit card balance

Credit Karma has released new statistics about American consumers' credit card balances. While managing credit card debt can be difficult, the recent study revealed hopeful information about Mississippi residents. They have some of the lowest credit card balances in the country.

In fact, Mississippi residents have the lowest credit card balances in the U.S., with an average of $4,217. The national average is nearly $5,500. This low number is promising in light of the recent financial challenges that consumers have faced. Some posit, though, that the low balances may only be related to consumers' post-holiday hesitancy to spend. No matter what the cause, this is a positive trend that Mississippi residents should keep up.

Credit card debt can become an overwhelming problem. It is easy for bills to add up and credit card balances to escalate. Consumers may feel like there is no recourse, especially when creditors begin to contact them.

There are some solutions and legal considerations to keep in mind, though. For instance, the Fair Debt Collections Practices Act prohibits creditors from engaging in certain conduct like creditor harassment. A creditor cannot contact a consumer directly if he or she is represented by a lawyer. Further, a creditor cannot contact a person at inconvenient times or places, like work. If a creditor does engage in such conduct, the individual affected by such actions does have legal remedies.

Credit card spending can result in financial highs and lows for Mississippi residents. Right now, the data is positive, and individuals are managing their debts. There are legal tools available if the tides change.

Source: Phoenix Business Journal, "Arizonans' credit card debt down from a year ago," Tim Gallen, Feb. 13, 2013

No Comments

Leave a comment
Comment Information

Office Location

7160 Tchulahoma Road Suite A5
Southaven, MS 38671

Toll Free: 888-341-8136
Phone: 662-655-1605
Fax: 866-267-5360
Southhaven Law Office Map

Review Us

REACH US BY PHONE