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Student loans top list of debt concerns

On Behalf of | Mar 17, 2014 | Credit Card Debt

As the national and local economies work to continue strengthening after the recession, many Oregon families still struggle to make ends meet. Credit card debt, medical debt and more have worked together to create a long-term challenge around the state. Depending upon who you talk to, consumer debt can sometimes be considered a positive economic indicator and other times it can be a negative one.

According to a current news article, some experts are highly worried about the level of consumer debt being experienced nationwide. It is the amount of student loan debt in particular that is of note in the report. Delinquent payments or accounts related to credit cards account for an average of 9.5 percent of all accounts. For student loans, that rate is 11.5 percent and includes all loans that are either in default or classified as more than 90 days late.

In the last quarter of 2013, the amount of consumer debt in the United States was the highest since 2007, with $241 billion of new debt being taken on. Student loan debt alone accounted for $1.08 trillion of the national total. Part of the concern related to these student loans is that many of the jobs that students are likely to get ultimately will not earn high enough salaries to allow them to pay off their debts.

People who have ongoing problems with delinquent payments due to financial challenges may think about talking to a bankruptcy attorney. Even if bankruptcy is not the right option, there may be other things that an attorney can do to help.

Source: Money News, “Increasing Consumer Debt Causing Worries,” Michael Kling, February 20, 2014

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.