Is there a maximum amount of credit card debt I can have?
In Washington, the law does allow for a maximum amount of credit card debt you can have. The Federal Trade Commission (FTC) states that a consumer can have no more than $50,000 in total credit card debt. This limit applies to the combined credit limit of all credit cards held by a consumer, plus any cash advances. For example, if you have three credit cards with a $15,000 limit on each one, then your total credit card debt can be no more than $45,000. The remaining $5,000 would be the amount of cash advances that you can take from the credit cards. If you do happen to exceed the $50,000 credit limit, then it is highly recommended that you speak to a financial advisor to explore your options for dealing with your credit card debt. They may be able to suggest methods for paying off the debt, or if necessary, speak with creditors on your behalf to create a payment plan. Bottom line, it is important to keep your total credit card debt below the $50,000 limit set by the FTC. If your credit card debt does exceed this limit, it is best to seek help immediately in order to lessen the financial burden.
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