Generally speaking, younger adults in Maryland and throughout the country were less likely to use credit cards or take on debt. However, new data indicates that 8% of credit card balances among individuals aged 18-29 are 90 days or more past due. Younger individuals are signing up for credit cards in greater numbers because credit card companies are offering perks that they desire. These perks include travel credits and cash bonuses upon signing up for a card.

According to a report from Creditcards.com, only 11 percent of respondents said that paying 0% on new purchases was most enticing for them. Furthermore, only 6 percent said that paying no interest on balance transfers was their top reason for signing up for a new card. Rising interest rates have also put borrowers in a tough spot as those with good credit can expect to pay 18% on revolving balances. The interest rate rises to 25% or higher for those who don't have good credit.

Ideally, an individual will be able to pay his or her balance in full each month to avoid paying interest. Roughly 40% of those who have credit cards manage to do so regularly. Being able to pay a balance in full means that there is no need to pay interest. Alternatively, individuals may want to consider transferring their balance to a card with a lower interest rate.

By filing for bankruptcy, it may be possible to eliminate or reduce credit card and other debt balances while also protecting some personal assets. An attorney might provide education and advice regarding a debtor's rights during the bankruptcy process such as the automatic stay. The automatic stay prohibits creditors from attempting to collect a debt during the bankruptcy process.

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