2020 Student Loans Are at an All-Time High

Scottsdale, AZ, April 15, 2020 – The Student Debt Crisis continues to be a pressing issue for 44 Million Americans nationwide. With the growing economic and unemployment concerns due to the global health crisis, Kevin Fallon McCarthy, Managing Partner of McCarthy Law PLC continues to monitor the developing financial situation. The firm has been dedicated to negotiating debt settlements since 2010, after seeing how devastating debt situations can be for the average American. At the time of publication, the National Student Debt is estimated to be $1.6 Trillion.

When asked how the current pandemic has affected his fellow Americans, McCarthy said: “It’s been difficult for everyone and particularly stressful for those that have lost their jobs or own a small business. Right now, we are receiving many calls from hard-working folks worried about the personal economic impact the virus is having on them and their families.  Our message to these folks seeking help is that we are here for you. Our lawyers and paralegals can answer questions by phone right now and can be an excellent resource for those families trying to figure out what their options are if they have credit card debtprivate student loans or credit report errors. Fear comes from feeling like you don’t have options or a plan. We are helping our clients navigate these challenging issues so they can take back control of their financial lives.”

In March 2020, the US Government announced a 6-month automatic payment suspension and interest relief plan for federal student loans. This initiative is accessible for many borrowers but has left many others vulnerable to the growing economic issues. Many Federal Family Education Loans and Private Loans have not announced any intention to offer a similar 6-month suspension. Specific details about the forgiveness plan have been sparse, and have left many borrowers with even more questions.

About McCarthy Law PLC McCarthy Law PLC believes that finances are a very personal matter and should be discussed with a qualified debt attorney. McCarthy Law helps people in difficult financial situations because of too much debt. For many different reasons – the loss of a job, personal or medical emergencies, divorce, declining home values, a difficult economic environment – many people find themselves in financial difficulties. As debt attorneys, we are one of the rare debt settlement companies that can actually represent you in lawsuits and defend you against your creditors.

Media Contact

Kevin Fallon McCarthy
McCarthy Law PLC
4250 N Drinkwater Blvd. Suite 320
Scottsdale, AZ 85251
(855) 976-5777

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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.