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Credit card debt outweighs savings for many Americans Atlanta, GA

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Credit card debt outweighs savings for many Americans

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We all know the importance of saving money. Having a savings account can help ensure that you are protected and prepared if something unexpected should happen later in life. Divorce, medical bills and other unexpected payments can cause a person to dip into their savings account. However, saving money, as some New Yorkers know, is not always as easy as it sounds.

Today, many people are stretched thin financially. Wages haven’t gone up much in the last few years, and some people are still out of work or underemployed. In situations like this, saving money is difficult if not impossible — and sometimes credit cards help bolster a person’s spending ability.

In fact, a recent study by Bankrate.com shows that credit card debt outweighs savings for almost a third of Americans. Just over half of people have enough money saved to pay off their credit card debt completely.

The U.S. Department of Commerce reported that consumers are not only using credit cards more, but they are saving less. Coupled with recent holiday spending, many people in New York and elsewhere have found themselves in a tough spot. A Bankrate.com study also shows that consumers are less comfortable with where their savings are now.

When it is difficult to pay your bills let alone save money, many people turn to credit cards to help make ends meet. Sometimes, however, credit card debt can get out of control, leaving a consumer feeling overwhelmed and worried. In situations like this, it may be beneficial to work with an attorney about debt management and debt relief. Bankruptcy and other tools can provide a person with the debt relief he or she needs to start over with a clean slate.

Source: CBS Money Watch, “Close to half of Americans have more credit card debt than savings,” Constantine Von Hoffman, Feb. 18, 2014

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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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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