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Credit card debt increased in second quarter Atlanta, GA

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Credit card debt increased in second quarter

Man chooses one credit card from many

Recently, the U.S. Federal Reserve reported that consumer credit card debt decreased in July. However, that report also contained less positive news: the second quarter of 2011 saw a significant increase in credit card debt in the United States. At the current spending rate, it is projected that 2011 will end with over $50 billion more in credit card debt than when the year began.

According to CardHub.com, consumers incurred more than $18 billion in credit card debt during the second quarter, which included the months of April, May and June. The increase came after a decrease in credit card debt during the first quarter of the year.

While this is not an uncommon trend, analysts are troubled by the increase in credit card use during the second quarter as compared to the same quarter in recent years. The total credit card debt incurred this year was 66 percent greater than the second quarter of last year, and a staggering 368 percent greater than 2009.

However, analysts do not believe that consumers are incurring debt through frivolous spending. With the increase in gas and grocery prices, consumers are likely having to put those and other daily necessities on credit cards.

Chapter 7 bankruptcy is a valuable tool that allows debtors to permanently discharge several forms of debt, including credit card debt. If this rise in credit card use continues, it is likely that the number of Chapter 7 filings will also increase as people in Georgia and across the country are forced to use their credit cards to pay for necessities such as gas and groceries. If you are no longer able to make your credit card payments, consider contacting a bankruptcy attorney to discuss your options.

Source: Consumer Affairs, “Consumers Pile Up Second Quarter Credit Card Debt,” Mark Huffman, Sept. 14, 2011

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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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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