Consumer debt is at an all-time high and is expected to keep growing through the end of the year—projected to reach a cumulative total of $4 trillion. Recent news shows that consumers in the US are currently paying in 26 percent of their income to household debt, at an increase of 4 percent since 2010. Other facts regarding consumer debt include:
- Auto loans increasing in household debt by seven percent
- Credit cards by seven percent
- Consumer credit five to six percent
- Housing debt increasing by only two percent
And while delinquencies and charge-offs have not reached a crisis point, there are analysts who point out that there will be a breaking point, with a larger percentage of consumers beginning to struggle, and lenders beginning to tighten up—not to mention filing even more collections lawsuits and attempting to cash in on default judgments with wage garnishing, freezing of checking accounts, and property seizure.
Discussing numbers and statistics on the national scale is important, but if you have fallen heavily into debt, you may not feel like that information helps you out much in terms of your own financial distress. You may have succumbed to piles of medical bills and even be thinking about filing for bankruptcy. You may have lost your job once you were unable to work due to an illness or accident, or you may have had to take care of a family member. Divorce and other family issues can devastate finances, too, along with wreaking havoc on your emotional health too.
If the bills are increasing and there is no income to match it, you may feel very alone—and like there is no way out of the financial nightmare. For many consumers in the US going through the same thing, serious debt can lead to stress that causes many sleepless nights and worry. Depression may follow, and further stress may occur with personal issues such as divorce; in fact, growing numbers of student loan borrowers point to their debts as contributing to marital problems.
The key to all these problems is making a financial plan after consulting with a skilled debt protection attorney from a firm like Fitzgerald & Campbell, APLC. They can help you make a strategy for the future, whether that is in negotiating with creditors to settle debts, file for bankruptcy, or go on to fight a collections lawsuit or a default judgement.
Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at email@example.com.