With the US national debt spiraling out of control, it is a fact universally acknowledged that US is a nation of spenders. For a while, it seemed as if the Americans are getting a grip on their finances and can handle their overwhelmingly large credit card debts. But unfortunately, the recent data shows that the Americans are falling off the debt wagon once again. There are an increasingly large number of people who are filing bankruptcy, after being unable to handle the harassing creditor calls. Though FDCPA or the Fair Debt Collection Practices Act, one of the bill consolidation laws have restrained the collection agents from abusing and harassing the debtors, yet there are reports of many who are still continuing the unscrupulous practices.
So how big is the US national debt level? Well, the level is somewhere around $13 trillion. The US government has somehow managed to accumulate this sky-high level of debt and has callously paralyzed the future generations in America. With the large amount of consumers who are defaulting on their credit card accounts, more and more accounts are being turned down to collection agencies and the consumers are also being warned about the fake debt collectors who are calling for a past due bill.
As the recent recession is pushing more Americans into the debt hole, it is high time that it should be considered whether or not the increasing costs and the increasing debt burden are posing to be a hindrance to the US economy. The US is simultaneously seeing a rise in the unemployment rate and this is boosting the number of credit card defaults in the year 2010. As per recent reports from a trustworthy source, in the last decade, a number of 22 million Americans got access to their personal credit cards bringing the number to a 181 million in 2010, from 160 million a decade back. This is not the whole picture of America as among this number half of the cardholders have multiple credit cards that mean that the total number of credit cards that are circulated throughout the US is around 1.5 billion.
