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Debt & Collection Lawsuits As Financial Hardship Continues

For many citizens in the US, springing back into good health isn’t as easy as sounds, either physically or financially; in fact, as long-term effects from COVID-19 and unemployment continue to plague many, the future may only hold question marks.

While ethnicities in the US have been hardest hit, recent data shows that nearly 18 million adults are experiencing such hardship that they may not have enough to eat. Obviously, the effects are trickling down to children too, as they are also left hungry. Moratoriums on evictions may be running out in many states shortly too, leaving further worry about paying rent and ensuing homelessness. Numbers also show that millions are behind on rent, with Black and Latino families being the hardest hit.

Debt and financial issues were already in the picture for many, previous to the repercussions caused by COVID, with collection lawsuits abounding in the courts, and medical debt and credit card debt continuing to rise. Educational costs had already turned into the ‘student loan debt crisis,’ reaching a cumulative debt of $1.64 trillion, with over 45 million borrowers in the mix.

Private student loan borrowers were already burdened, and of course as the viral pandemic continued to spread, the situation worsened exponentially. The cumulative debt is now around $1.74 trillion, and while millions of federal student loan borrowers are able to enjoy deferments and ongoing relief, that has not been the same for private student loan borrowers.

For those not protected by eviction moratoriums, other worries loom too, according to data cited by the Census Bureau:

“While households that don’t rent their homes but have mortgage payments typically have higher incomes than renters, they, too, can face difficulties, especially if they have lost their jobs or seen their incomes fall significantly. An estimated 6.4 million adults are in a household that is not caught up in its mortgage payment.”

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 info@debtorprotectors.com.

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