A recent study points to it being common these days for American households to carry pretty hefty credit card balances month to month.

According to the study, by NerdWallet, the average amount of revolving credit card balances for U.S. households in late 2018 was $6,929. The study also found the total amount of revolving credit card balances in the U.S. to be around 5 percent higher in late 2018 than was the case a year ago.

Carrying high balances can trigger major interest payments for consumers. The study estimated the average amount of annual interest for U.S. households that carry credit card balances to be $1,141.

Today’s environment of rising interest rates raises some extra concerns regarding what difficulties high revolving balances could pose for consumers.

Getting rid of high balances can be challenging for consumers. This can especially be the case if they are facing things like high everyday living expenses, high amounts of other debt or unexpected costs.

These challenges may leave some consumers discouraged about their prospects for getting free of high credit card debt. A NerdWallet survey found that, of Americans with credit card debt, around 9 percent report believing that that they won’t even be able to entirely escape their credit card debt.

While cutting costs and adjusting spending isn’t always enough to get people out of high credit card debt, it is important to remember that there are additional tools consumers can turn to getting free of such debt.

For example, there is Chapter 7 bankruptcy. Credit card debt can be discharged, and thus eliminated, in this type of bankruptcy. Now, Chapter 7 bankruptcy is a complex process and there are various rules on who can qualify for it. Also, a range of factors can impact whether this type of bankruptcy would be an effective way of addressing a given credit card debt problem one is facing. So, when considering Chapter 7 bankruptcy in connection to struggles with high credit card debt, consumers should consider going to skilled bankruptcy attorneys for guidance on whether this debt relief tool is a good fit for their circumstances.