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Americans expected to fall deeper into pit of credit card debt in 2013 Atlanta, GA

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Americans expected to fall deeper into pit of credit card debt in 2013

Early in this new year, the U.S. is already seeing what could be a disastrous trend coming to life. As lenders and Americans sense an end to the recession, purse strings are beginning to loosen. Unfortunately, experts predict that spending is quickly spiraling out of control and the average American will fall behind on his or her bills this year.

The average borrower had less than $5,000 in debt last fall. Predictions have that number rising to $5,500 by the end of 2013. While this may not seem much of a difference, when multiplied by the number of people living in the U.S. today – nearly 314 million – that adds up to more than $150 billion in additional debt. Nearly 10 million people live just in Georgia which accounts for $5 billion of that additional debt.

Credit card debt is a big part of the problem. Experts warn that the percentage of people who are more than 90 days late on payment of credit card bills will also rise, leading to a rise in bankruptcy filings.

Why is credit card debt rising?

Many issues compound the nation’s debt problems:

  • Continued slow job growth keeps many from earning sufficient amounts to pay their normal bills.
  • A rise in payroll taxes means employed people take home less pay.
  • Credit card companies are giving cards to more people.
  • Easily obtained credit makes it easier for many to acquire more debt.
  • Young adults who grew up using credit cards tend to amass more debt than the older generations and pay off their debts much more slowly.

Fortunately, most credit card users can follow some simple steps to help pay down or pay off their cards.

How to pay down your credit card debt

If you find yourself acquiring more credit card debt than you can pay off each month, take some proactive steps to get yourself back on track:

  • Always pay more than the minimum amount due each month as minimum payments alone will not typically settle your bill for years to come.
  • Strive to pay off and close one credit card at a time until you have only one primary card and one for emergency use.
  • Leave your credit cards at home and in a hard to reach place so you are less likely to use them.
  • Carefully monitor what you spend each week so you are less likely to whip out the plastic for impulse buys.

If, however, you find yourself in a financial situation that you cannot easily resolve, seek the counsel of a debt relief lawyer.

Help is available for those in debt

Credit card debt is not the only issue plaguing our nation. In one quarter last year, residents across our nation added $18 billion in car loans and $23 billion in new student loan. For many struggling with debt, the problem is not of his or her own making. Often, financial troubles arise after a job loss, illness or injury, divorce or other life-changing event.

An experienced bankruptcy lawyer can advise you of the options available to you. Upon meeting certain qualifications, a Chapter 7 bankruptcy allows you to erase most, if not all, of your unsecured debts and a Chapter 13 bankruptcy allows you to restructure your debts and can allow you to retain ownership of your home. Consult with an attorney and find out what you can do to attain financial freedom.

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

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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