While the economy may be returning to some semblance of health, for millions of Americans there is still a hard road ahead in terms of dealing with long-term consequences from COVID-19, and now also wondering what is in store as variants become a concern on top of vaccination efforts. Consumers are not only dealing with getting over the effects of being sick from the coronavirus but also mourning those who lost their battle with the illness and passed away. Along with that, financial issues abound and will take some time to be reversed.
As a whole, credit card debt was lower after spring of 2020 because people were at home and not out spending like crazy in retail areas. If you became unemployed during this period and were forced to live on credit cards, your experience may have been the opposite while trying to pay essential bills and just survive; however, recent news shows that as stimulus checks come to an end, credit card debt is on the rise.
The New York Federal Reserve has released data showing that for the second quarter of 2021 credit-card debt soared by a whopping $17 billion, reaching $790 billion. While future numbers will tell more, most likely Americans are feeling the loss of stimulus payments that were making up for intense financial problems due to job losses, diminished hours, loss of insurance, and much more.
On the individual level, restrictions, shutdowns, and lockdowns posed serious financial repercussions, but many business owners were forced to close for good too, leading to a cycle of economic depression in communities.
If you are worried about credit card debt, or if you are being sued, seek legal expertise from a credit card debt attorney at Fitzgerald & Campbell, APLC as soon as possible. The matter is even more urgent if you have been served with a summons and complaint, with a timeframe usually spanning 20 to 30 days to respond. Without attention to a lawsuit, you could find yourself with a default judgment being granted almost automatically, leaving you open to loss of wages and property.
“Overall household debt grew by $313 billion in the second quarter to $14.96 trillion,” states MarketWatch regarding recent numbers. “The total debt balance is now $812 billion higher than at the end of 2019, not adjusting for inflation.
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.