SOURCE: Wink & Wink, P.C.

Wink & Wink, P.C.

July 28, 2011 06:10 ET

American Families Hit Debt Ceiling of Their Own -- Infographic

The Median American Family Never Pays Off Their Credit Cards, Says Colorado Bankruptcy Attorneys Wink and Wink

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."

According to Wink and Wink, America's "culture of debt" doesn't have to be debilitating. When the US Constitution was written, every citizen was granted the right to declare bankruptcy. Since that time, many famous Americans have declared bankruptcy, including former President Harry Truman and captain of industry Henry Ford.

"Because we live in a culture that encourages debt, there's a stigma associated with bankruptcy that's completely unfair," says Gailyn. "American families are encouraged to take on debt while America's corporate leaders earn millions. The current system is out of whack, and bankruptcy is how debt-burdened families can find the right balance."

About Wink & Wink, PC
Wink & Wink, PC is a small family law firm that counsels individuals and small businesses on bankruptcy matters. A husband and wife team, Michael Wink, Esq. and Gailyn Wink, Esq. specialize in Chapter 7 and Chapter 13 bankruptcies. Their combined experience covers the law as well as finance and business. For more information, visit www.winkandwink.com.

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