The debt-free household in the US is a rarity. And while it is unfortunate to think that holding sizeable sums of debt is the American way, the numbers don’t lie. A recent study for 2017 shows that the average household credit card debt in the US today is sitting at $16,048. Nearly forty percent of households are in debt to credit-card companies, with the West Coast holding the highest averages, along with the Northeast.
Overall, consumer debt is nearing the $4 trillion mark, with $1,022 billion in revolving debt. Within these numbers, many consumers are delinquent on payments and often faced with a sense of helplessness as they see their debts continuing to rise. Financial planning is challenging for many of us and sometimes mismanagement is an issue, but often insurmountable debt becomes a problem due to life events that may be out of our control. If you are concerned about how to handle debt, contact an experienced firm like Fitzgerald & Campbell, APLC as soon as possible.
There are many options open to you, even if your situation has progressed so far that creditors are suing you or you have one or more judgments against you. If that has happened, there is no more time to waste in finding a solution—unless you are judgment-free (with nothing for creditors to take) or are okay with creditors being paid back through garnishing your wages, seizing property, and more. While the actions being taken against them by creditors after a judgment is granted are usually the main issue for most, how to clean up the credit report is usually a major concern too. The judgment can be a major blemish, remaining on your credit for seven years. A judgment in California is usually good for ten years in terms of collecting, however, and the creditor can ask to have it extended for another ten if they have not been paid off.
In working with a skilled judgment attorney, you may be able to see the judgment removed from your credit report if it is there in error; for instance, you may have found that a judgment was granted against you due to a case of fraud or stolen identity. You may have been forced to prove yourself in court to stop any repercussions by the creditor, but it could still be on your report.
If a judgment has been placed on your credit report out of complete error, you should be able to have it removed by contacting the credit reporting agencies. This can usually be done at their website and you can receive updates there too regarding the error and its pending removal. In satisfying the judgment, you should see that reflected on your credit report, but the judgment will still remain there for seven years.
If you currently have a creditor lawsuit or default judgment weighing on your mind, let us review your case and discuss what would work best for you. We are here to help! Call Fitzgerald & Campbell, APLC today for a free consultation at (844) 431-3851, or email us at info@debtorprotectors.com.