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Similarity in current debt trends to a decade ago

Mississippi residents who might be finding it hard to make ends meet financially every month can sometimes feel very alone, especially when so many reports are heard or read about how strong the economy is in the United States these days. It is important for people first to focus on their own situations, not those of others, but also to look behind the headlines and learn more of the facts. Some actually have pointed out that what looks like a bustling economy may not actually be so down the road.

In the last 10 years, the amount of debt held by consumers has increased from $2.6 trillion to $3.82 trillion. In the third quarter of last year, roughly 70,000 home foreclosures were initiated and a jump in the number of people who were behind on payments to banks for credit card debt or for vehicle loan payments also rose. The rise in delinquencies among auto loan holders is said to have been happening steadily for several years while the credit card debt delinquency was witnessed over the prior year.

At some point, the high levels of debt will need to be repaid and there may be some challenge in making this happen. Some consumers may find that a Chapter 7 bankruptcy is their best option while others might benefit more from a Chapter 13 bankruptcy.

People who see that they are having problems paying their bills might find it helpful to talk with an attorney in Mississippi sooner rather than later to understand their best course of action.

Source: Newsmax.com, "Consumer Debt Soars 47 Percent Since 2008, Near Crisis Point," Peter Reagan, May 11, 2018

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Pond Law Firm
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Jackson, MS 39216

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