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Credit card debt decreases in Georgia Atlanta, GA

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Credit card debt decreases in Georgia

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Credit card debt continued its decline last year, with a more than 10 percent decrease throughout the U.S. But although every state in the country saw a drop in total credit card debt last year, financial analysts believe that this trend will likely reverse itself in the coming months and years as the economy continues to recover.

Specifically, credit card debt fell by 11 percent nationwide in 2011. This continued a decline that began in 2010, when debt fell by 7 percent. The average credit card balance was $6,576 in 2011, a significant decline from the average balance of $7,404 in 2010.

Georgia’s credit card debt mirrored the national trend, with an average credit card balance of about $6,500. This marked an 11 percent drop in credit card debt from 2010.

The highest declines in credit card debt came in Mississippi and Alabama, which saw a 23 percent and 16 percent drop in debt, respectively. Alaska currently has the highest average credit card balance of nearly $8,000.

In total, the average American consumer held a total debt load of about $210,000 at the end of 2011, which is just a 1 percent decline from 2010. Mortgage debt remained about the same throughout 2011, but auto loan debt increased by about 2 percent.

Although the decline in debt is encouraging news, many financial analysts do not believe that it represents a lasting trend in American credit card usage. As the economy continues to recover, banks and credit card companies are beginning to loosen credit card requirements. This will allow more people to open cards, and give cardholders more available credit with which to spend.

Source: CNN Money, “Credit card debt drops 11%,” Blake Ellis, Jan. 17, 2012

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1718 Peachtree St NW, #385
Atlanta, GA 30309

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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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