Debt Statistics

Being in a position of intense financial distress can be a very upsetting and isolating experience. The pressure from collection calls and letters can leave you harried and irritable. Beyond this, money-related stress can have a direct impact upon your physical and mental health and may have a further detrimental impact on your interpersonal relationships. One reason for this broad harm is the sense of embarrassment and shame that is sometimes associated with being unable to keep up with one’s financial obligations or the reliance upon financing and debt instruments to make ends meet.

Do not let this dishearten you. Consumer debt statistics serve to illuminate the reality that you are most certainly not alone in this matter. If you are consistently struggling to make timely payments to your creditors or to keep up with the basic cost of living, a bankruptcy filing may offer a means to attain a favorable resolution. Contact the Birmingham bankruptcy lawyers of Greenway Law, L.L.C., at (205) 324-4000 for more information.

Debt Numbers worth Noting

Living in debt is a relatively new phenomenon, and many individuals never receive instruction that could help them to manage their debt wisely. Over the course of the past century, federal home ownership programs, educational loan programs, auto loans, and credit cards have all led to a more widespread dependence upon debt to finance what is perceived to be the standard of living. The following are some of the effects of this trend:

  • The Federal Reserve reports that 40 % of American families outspend their income

  • The total amount of credit debt has increased from $8 billion in 1968 to $880 billion in 2010

Increases in personal debt are most closely linked with unemployment or medical bills, with roughly 3 in 10 low and middle income homes using credit cards to pay for healthcare.

 

Contact Us

You do not deserve to be judged. You deserve to be helped. Contact the Birmingham bankruptcy lawyers of Greenway Law, L.L.C., at (205) 324-4000 to learn how we can help you.

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