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Nov
21
Debt Reaches Highest Point in Recent Years

Debt Reaches Highest Points In Recent Years
On behalf of Law Offices of Chad M. Hayward, P.C. posted in Credit Card Debt on Friday, November 22, 2013.

U.S. consumer debt has always been high, but in the more recent years, it has seemed to skyrocket. If you find yourself struggling with credit card debt and are threatened with losing your possessions, home or even find yourself nearing bankruptcy, you might want to find a Chicago credit card debt attorney and discuss your options. You’re not the only one facing these issues, of course; the report from Nov. 14 shows just how much debt has been rising for consumers since 2008 alone.

According to the article, the U.S. household’s average debt has risen by the most it ever has in the last five years over the last quarter. Additionally, the amount of student loans that have been found to be in delinquency has also hit a record high, according to the news and data from the Federal Reserve Bank of New York. The debt of consumers rose approximately 1.1 percent, according to the data, which means it has now reached $11.28 trillion. This rise is said to be the largest jump since the beginning of 2008.

The Federal Reserve also claims that a record 11.8 percent of student loans have fallen behind by at least 90 days; this percentage has risen from 10.9 percent at the end of the second quarter. Student debt, unfortunately, is one of the types of debt that can’t be eliminated through bankruptcy, according to the news, and it is continuing to grow.

If you’ve been struggling with debts, whether from credit cards or other sources, there may be a way to help you consolidate or eliminate some of that debt completely. Speaking with an attorney may be one way to learn about your options, so you can determine the best route to financial freedom.

Source: Chicago Tribune, “U.S. consumer debt highest since early 2008” No Author Given, Nov. 14, 2013


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We have office locations throughout the Chicago Area:

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Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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