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Is Consumer Debt on the Rise Again?

by | Mar 3, 2014 | Avoid Bankruptcy, Business Debt, Credit Card Debt, Debt Settlement, Loan Debt, Medical Debt

Yes, sadly.  US household debt rose by 2.4% or $241 Billion in the last quarter of 2013, which is the biggest jump since 2007. This may show that Americans are finally beginning to spend after several years of belt tightening, or it may show that they are simply tired of a tight belt and are going to buy what they want without any real way to repay the debt quickly. There has been a rise in all categories of consumer debt except for Home equity lines of credit.

https://www.reuters.com/article/2014/02/18/us-usa-fed-consumerdebt-idUSBREA1H1JI20140218

Many Americans charged up holiday expenses on credit cards and are beginning to receive the statements and panicking. Others simply continue to make minimum payments without seeing any change in their balance. People that are in debt and are struggling to continue making payments should contact a qualified debt settlement attorney to explore their options in settling their debt and avoiding bankruptcy.

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.