News From Our Bankruptcy Lawyers: Debt on the Rise

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According to a recent article in the Consumer Bankruptcy Reporter, consumers ended 2012 owing $11.34 trillion. This report is based upon figures from the Federal Reserve Bank of New York. By comparison, the reported total was $31 billion more than consumers owed at the end of September 2012.

… The article noted that the “peak indebtedness” of individual American consumers was $12.68 trillion at the end of September 2012. Consumer debt had been decreasing steadily from that peak. The increase in the fourth quarter of 2012 was the first quarterly increase recorded in four years.

Among the details in the article, our bankruptcy lawyers noted that “non-housing” debt balances have been rising for the past three quarters and account for $2.75 trillion of total consumer debt. These increases account for most of the $31 billion change in total consumer debt. Specifically, this includes increases in automobile loans (up $15 billion), student loans (up $10 billion), and credit cards (up $5 billion).

If you are personally struggling with debt, call RGG Law and let our bankruptcy lawyers apply their experience and knowledge to help you. Call us at (417) 864-4700, (800) 213-9491, or visit our web site for more information: