American Families Hit Debt Ceiling of Their Own -Infographic Marketwire (press release)

28.07.11

DENVER, CO--(Marketwire - Jul 28, 2011) - Citing data from their American family debt infographic , Colorado bankruptcy attorneys Wink and Wink report that the median American family never pays off their credit cards. Wink and Wink have found that the median American family has carried at least $4,300 in credit card debt for more than 20 years, effectively never paying off their credit card debt.

"We live in culture that encourages debt," says attorney Gailyn Wink. "From politicians in Washington to individual families, too many Americans spend more than they earn. Sadly, that means the median American family is never able to get ahead of their credit card debt."

According to Wink and Wink, the median American family carries more than $170,000 dollars in debt while earning just $50,221 per year.

"Many families don't realize how long it will take to pay off their debts," says attorney Michael Wink, also of Wink & Wink. "When our clients add up all the money they owe and then compare that to how much they can afford to pay back, they're often shocked to learn it could take decades to become debt free. Fortunately, all Americans have a legal right to bankruptcy."

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