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1 in 5 Georgia households have student debt, study says Atlanta, GA

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1 in 5 Georgia households have student debt, study says

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According to a new study from the Pew Research Center, nearly one out of every five U.S. households had student debt in 2010. This amounts to more than 22 million households in Georgia and across the country, and that number has probably increased in the two years since that data was accumulated.

Not surprisingly, it is the lower-income households that have been hit the hardest by the increase in student debt. The poorest 20 percent of U.S. households have the greatest debt burden, meaning that student loans take the largest percentage of their income, out of any other economic class. However, the richest 20 percent of households has the largest overall share of the total outstanding student debt in the United States.

The amount of debt held by people in every social class has risen with the onset and aftermath of the economic recession. According to the Pew Report, the average amount of student debt owed by the richest 20 percent of households increased from $25,921 in 2007 to $31,989 in 2010, while the amount owed by the poorest 20 percent of households rose from $19,018 in 2007 to $20,640 in 2010.

Pew researchers found that there were two main reasons for the increase in student debt, both of which are closely related to the recession. The first and most obvious factor is the increasing costs of attending college. The second is the rising rates of college enrollment across the country. In fact, one Pew economist believes that student debt loads will continue to increase until that trend reverses. “Until college enrollment peaks,” he said, “I would not expect the amount of outstanding student debt to level off.”

Source: 9News, “Student debt stretches to record 1 in 5 households,” Sept. 27, 2012

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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