More than 1.53 million U.S. citizens filed for bankruptcy last year, a 9 percent increase over the number of filed bankruptcies in 2009. The figures have been rising steadily since 2005, in part due to new bankruptcy laws, reports CNN.

"The steady climb of consumer filings notwithstanding, the 2005 bankruptcy law restrictions demonstrate that families continue to turn to bankruptcy a s a result of high debt burdens and stagnant income growth," said Samuel Gerdano, executive director of the American Bankruptcy Institute, according to the news provide.

In 2009, 1,407,788 consumers filed for bankruptcy, a significantly lower number than this year's figure. It appears that the majority of these filings were due in part to the combination of a difficult job market and mounting debt.

December proved to be one of the worst months in terms of bankruptcy filings with 118,146 total filings, a 3 percent rise from November's figure. Some economists believe that numbers may continue to increase at the same rate.

Consumers who want to pay off their credit card debt before they have to file for bankruptcy should consider employing money management skills such as budgeting and using personal finance rather than credit to make purchases, according to MSNBC.