In the aftermath of the Great Recession, the average American’s debt load decreased notably over time. However, recent statistics suggest that everyday Americans have recently allowed their debt loads to climb to the highest levels recorded since the end of the recession. A significant debt load is not always a negative reality. However, the specific circumstances surrounding any given individual’s debt certainly influence whether that debt is healthy, suspect or unmanageable.
Sometimes Americans run up significant debts for good reasons. Buying a home, purchasing a new vehicle, seeking higher education and incurring necessary medical expenses are not, in and of themselves, negative occurrences. However, if an individual’s debt load is so significant that it dramatically shadows that individual’s income, that debt load may reach unmanageable levels.
Once an individual’s debts are either in danger of becoming unmanageable or have become obviously unmanageable, that individual may benefit from speaking with an attorney experienced in matters related to bankruptcy and other forms of debt relief. An attorney with this specific experience will be able to walk that individual through his or her legal options so that an informed plan of action can be constructed.
The Federal Reserve recently released data which suggests that American credit card debt, student loan debt, auto loan debt and outstanding mortgage debt are all climbing. If your particular life circumstances have rendered your debt load unmanageable, you are certainly not alone. Thankfully, legal options are likely available to you so that you can swiftly regain a stable financial footing.
Source: The Motley Fool, “Is the Average American’s Debt a Problem Again?” Todd Campbell, Feb. 6, 2015