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Average household debt falls to pre-recession levels Atlanta, GA

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Average household debt falls to pre-recession levels

Couple Sitting in Front of Pool Behind Their House

New reports indicate that households in Georgia and throughout the country have cut their debt down to record low levels. The average debt load held by U.S. households is now at or below the amounts reported before the economic recession hit in 2008.

The data also pointed out something that we have covered extensively on our Atlanta bankruptcy blog. Overall, liabilities such as credit card and home mortgage debt fell. In fact, the number of credit cards in circulation fell from 600 million in 2008 to 470 million today. However, the amount of outstanding student loans held by people in Georgia and around the country increased significantly. This indicates that federal authorities may need to take action on student loans in order to truly relieve many Americans’ debt load.

According to one bank executive, the new findings represent the lessons learned by Americans who have struggled to make ends meet during and beyond the economic recession. “It’s sort of a new reality that you have,” he said. “We’re going to try to live within our means because living beyond it didn’t work out.”

Experts are not yet sure whether the overall reduction in debt and the accompanying positive feelings will affect the economy as a whole, and many worry that consumers will continue to cut spending in order to maintain low debt loads. That will most likely be made clear during the upcoming holiday shopping season, when consumers will indicate whether they are willing to buy more and, in doing so, take on more debt.

Source: Deseret News, “Cutting back: Household debt falls to pre-recession heights,” Sean Parker, Oct. 15, 2012

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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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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