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Consumer Topics: Most Americans Are in Debt

consumer topics
  • May 11 2018

Experiencing a serious spiral into debt can be a difficult and depressing time, to say the least. If you have been taken down by piles of bills and no way to pay them, you certainly are not alone—and as recent news outlines, most consumers in the US are in various stages of debt; in fact, Boomers are leading the way, second to the Gen Ex crowd, and then the Millennials.

The average household puts the mortgage first, and then payments taper down to vehicles, credit cards and more. Medical debt is one of the biggest precursors to serious financial distress though and is a leading cause of bankruptcy today. Crushing student loans are at a crisis level as well, with 44 million borrowers contributing to a cumulate nationwide total of over $1.48 trillion; however, discharging student loans in bankruptcy is challenging without the help of an extremely skilled student loan debt trial attorney.

As the debt statistics continue to reach new highs, analysts begin to worry about the future of the economy. On the individual level, you may be worried too if you are receiving endless calls from debt collection agencies. In consulting with an experienced attorney from a law firm like Fitzgerald & Campbell, APLC  you can explore options and find long-term solutions. If you have numerous delinquencies, debt settlement may be a good option for you, and your attorney can provide protection for you from debt collection activities while they negotiate on your behalf.

Filing for Chapter 7 bankruptcy may be an option for you depending on income and assets, and you may also be able to restructure your student loan payments—whether through refinancing your loan or exploring an income-based repayment program. And if you have recently been served with a collections lawsuit, it is almost always in your best interest to work with an attorney for filing a response and either fighting the case or attempting to settle. This is the best way to prevent a default judgment from being granted against you, preventing the creditor from taking much more aggressive action such as garnishing of wages, seizing of property, and access to bank accounts.

If you are finding it difficult to pay your bills, or are being sued, or have judgments granted against you, contact us at Fitzgerald & Campbell, APLC. We can review your current situation and discuss your options with you, whether that means fighting in court, negotiating a settlement, filing for bankruptcy, or more. Our attorneys have decades of experience representing clients in all types of financial matters, and we are here to help you! Call us today for a free consultation at (855) 709-5788 or email us at info@debtorprotectors.com.

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Posted in: Credit Card Debt, Medical debt, Student Loan Debt