A recent quarterly Household Debt and Credit Report published by the Federal Reserve Bank of New York reports that consumers ended 2014 owing nearly twelve trillion dollars. The report further states that total consumer debt increased by $306 billion in 2014. Mortgage balances comprise the largest portion of household debt to include Home Equity Lines of Credit. The report also tells that new extensions for all types of credit were up during the last quarter of 2014 with a good portion of new credit being for new mortgages and refinanced mortgage with mortgage delinquencies diminishing. Credit card balances, however, have increased and student loan rates have increasing defaults and delinquent payments. Credit inquires increased by four percent which shows consumers are increasingly demanding extensions of new credit.
Americans are struggling with consumer debt. This is something myself and all the lawyers here at Bond and Botes witness every day, not only with our clients, but also with our friends and family. The increased costs of living and below median income level for many consumers leave them reliant on credit cards and high interest loans just to provide shelter, food and clothing for their families.
If you are among the many consumers struggling with your share of the trillions in debt, we are available to help you deal with that struggle and recapture a better financial future. Please call our office nearest you to get help from one of our experienced attorneys in a free initial consultation.