Collectively, Americans inch toward $1 trillion in revolving debt

The research department at one of the nation's Federal Reserve banks recently culled through and analyzed what a media article on consumer debt calls "a huge data set" of credit report-related information. Reportedly, researchers scrutinized a full 5 percent of all credit reports in the country over a nearly 15-year period.

Imagine the magnitude of that project.

And imagine what it found.

Here's a hint: Collectively, Americans are flat-out in love with their credit cards.

And here's another finding: Virtually all a lender has to do to entice many consumers to take on more debt is, well, offer a higher spending limit.

The Boston Fed's Consumer Payments Research Center reports that consumers nationally owe nearly $940 billion in revolving debt obligations, with, obviously, credit card suppliers benefiting the most from those month-to-month payments.

And that is precisely how most Americans handle their debt -- by seemingly paying it off forever, with hefty interest charges attached.

"The median person is always borrowing," the bank's research arm states.

Reportedly, borrowing for most Californians and other consumers nationally typically starts in the 20s, and it often continues for a lifetime. It is estimated that Americans in their 50s often use about half of all the credit that lenders offer them.

Does such easy access to credit -- and in decidedly lofty amounts -- equate to a problem for progressively debt-ridden consumers?

Well, of course it does, once those monthly payments become patently onerous to stay on top of. What can especially drive a person to a Chapter 7 bankruptcy or other type of debt-relief strategy is what the above-cited article terms financial "shocks."

We all know what those are. A spike in credit card debt can owe to a sudden family medical emergency, a job loss, a major auto repair or a host of other reasons.

In such a case, bankruptcy is not for everyone. In many instances, though, debtors find that a bankruptcy filing is an eminently sensible and optimally effective option for shedding insuperably high debt and regaining firm financial traction.

Questions regarding bankruptcy and additional debt-reducing strategies can be directed to a proven debt-relief attorney.