Times were already lean for many prior to the COVID-19 pandemic. Over 45 million borrowers were already weighed down by student loans, with an economic crisis in that sector creeping up to $1.6 trillion. Credit card debt was rising, and charge-offs and delinquencies were already on the increase too. While all these debt issues can lead to serious financial distress for individuals in the US who may be overextended or unemployed, few could have been prepared for the sudden downturn caused by a virus. And with over 30 million people suddenly facing unemployment, money problems have become so dire that many must rely on food banks now just to eat.
You may have received a stimulus check, and you may have received temporary relief from your student loan; however, with bills continuing to pile up—many of them for the essentials—the situation may begin to look grim, and especially if all these new issues arrive on the heels of other growing and troublesome debt.
Credit cards are a lifeline for many in such situations. You may have saved one or more of them for emergency funds; however, chances are you had no idea what type of serious situation was looming. And while credit cards may work as a form of income for a short amount of time, they are exhausted all too quickly. In a scenario like the one so many of us are dealing with today, such spending is dangerous when there is no income to back it up. In the end, creditors will demand their money.
If you are worried about your debt or an impending lawsuit, contact an attorney from Fitzgerald & Campbell, APLC as soon as possible. You must formulate a strategy for relieving yourself of debt, as well as answering to and defending any collections lawsuits you may have been served.
Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include collection lawsuits, default judgments, and more. Let us review your case and discuss what would work best for you.
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.