Atlanta Bankruptcy Law Blog

Study finds young people likely to carry debt into old age

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, January 23, 2013.

A recent study found that people who are currently in their late 20s and early 30s are likely to carry debt for a longer amount of time and more consistently throughout their lives than older generations. In fact, the study found that based on borrowing and payment trends, many people know in that age group are on track to have debt into their 70s.

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Tags: bankruptcy, consumer spending, credit card debt, loan modications

Consumer debt falls while student loan debt continues to rise

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, December 7, 2012.

These days, most reports on consumer spending and debt in the United States contain more good news than bad. Unfortunately, every such report contains one caveat. Although consumer debt and delinquency is down in Georgia and throughout the U.S., there is one form of debt that continues to rise with no end in sight: student loans. And because student loans are not dischargeable in bankruptcy, the number of people who have defaulted on those loans is higher than other forms of debt as well.

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Tags: bankruptcy, consumer spending, debt, student loan debt, student loans

After rollercoaster month, consumer confidence plummets

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Tuesday, August 30, 2011.

In a not-entirely-unexpected development, consumer confidence dropped significantly this month. The survey, which is administered to 5,000 households throughout the U.S., was conducted between Aug. 1 and 18. Those were the tumultuous weeks following the United States' downgrade on the S & P credit rating, during which the stock market wildly fluctuated.

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Tags: bankruptcy, consumer confidence, consumer spending, economy, recession

Gas prices cut into consumer spending

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, May 16, 2011.

Although retail sales numbers increased last month for the tenth straight month, several details about that jump are giving economists pause. The increase was the smallest such rise in nine months, and was largely composed of spending at gasoline stations instead of at retail stores. This means that cash-strapped consumers are spending their money on necessities, such as gas, groceries, and house and car loans, rather than luxuries like clothing, household furnishings, and appliances or other big-ticket items.

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Tags: bankruptcy, consumer spending, credit card debt, gas prices, retail sales

Americans Spend Less for the First Time in 25 Years

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, October 22, 2010.

Although the recession began several years ago, the nation's collective financial problems did not seem to affect Americans' everyday consumer spending, which continued to increase annually throughout the first years of the recession. However, that changed last year, according to the Consumer Expenditure Survey recently released by the U.S. Bureau of Labor Statistics. In 2009, average annual expenditures per consumer fell 2.8 percent, marking the first drop in spending from the previous year since the survey began publishing data in 1984.

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Tags: bankruptcy, consumer spending, debt, recession, Georgia