William H. Oliver, Jr. & Associates
Call today for a free consultation
Local 732-988-1500

Blog

Credit card debt accounts for 10 percent of U.S. consumer debt

Americans often rely on using credit to make both necessary and luxury purchases. Unfortunately, this consumer culture has led to a great deal of credit card debt in the country. The inability to pay bills on time, and making only minimum payments, could result in interest atop mounting expenses, and a vicious cycle of continuously owing money.

It can be especially stressful dealing with creditors calling from credit card companies when you are struggling with financial challenges from unemployment or consumer debt.

According to a recent study, more than 35 percent of Americans have been reported to collection agencies. These individuals apparently have debts resulting from such sources as medical expenses (accounting for almost 40 percent of debt), student loans (over 25 percent), credit cards (more than 10 percent) and mortgages. According to reports, the collections industry recovers approximately $50 billion each year.

These figures have remained fairly consistent in spite of the drop in credit card debt overall across the U.S., including New Jersey, since the end of the recession in 2009. Relative to the income produced by individual Americans, credit card debt has actually reached a low point over the past 10 years as people are increasingly paying off their balances every month.

Although it is not a simple solution and may not be suitable for everyone facing debt collection, filing for bankruptcy can often help in providing relief from creditor harassment. If you are experiencing unsustainable credit card debt, it may be helpful to seek the advice of a legal professional who can discuss your possible legal options for dealing with your financial matters.

Source: NorthJersey.com, "Study: 35 percent in US facing debt collectors," Josh Boak, July 29, 2014

No Comments

Leave a comment
Comment Information

Get A Free Lawyer Consultation

With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.

Email Us For a Response

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Toms River Office
609 Main Street
Toms River, NJ 08753

Fax: 732-775-7404
Toms River Law Office Map

Neptune Office
2240 State Route 33
Neptune, NJ 07753

Phone: 732-341-1550
Fax: 732-775-7404
Neptune Law Office Map

visa, master card, american express, discover network