November 5, 2013

Consumer Debt Delinquency Rises on Sluggish Economy

US consumer delinquencies on debt rose in the second quarter of 2013. After the 2008 recession, delinquencies rose sharply then leveled off as many consumers were unable to obtain credit and many banks didn’t reissue credit. In recent years, consumers have focused on paying down debt but the trend could not continue without a boost from the economy. This boost has not happened and thus the trend of paying down debt has ended.

As debt delinquency is now on the rise many consumers need new options other than repayment of their debt in full. These consumers need to contact a qualified debt settlement attorney. A qualified debt settlement attorney will negotiate against the banks for a reduction in the balance owed. This not only makes repayment possible but the consumer then gets out of debt faster. If you are a consumer that is delinquent on a repayment of a debt, contact a qualified debt settlement attorney.