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National credit card debt levels continue to fall Atlanta, GA

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National credit card debt levels continue to fall

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The recession that began in 2008 impacted families throughout the country in many ways. However, one legacy of the economic downturn that is really starting to take hold appears to be a change in consumers’ spending habits. According to the Federal Reserve, nationwide credit card debt fell for the fourth straight month.

In September, it’s estimated that revolving credit (largely comprised of balances left on credit cards) fell by an annualized rate of 2.91 percent. Taking into account seasonal spending factors, this translates to a decrease of more $2 billion in credit card debt. Although this may be good news for many people, the reality is that financial problems are still affecting many families in the Atlanta area.

One interesting note from the Federal Reserve’s report is that the amount of borrowing to purchase homes and automobiles actually increased over the same period. Observers suggest that this means consumers are more willing to spend money on long-lasting goods, rather than use their credit cards to pay for shorter-term goods and services. As the economy continues to recover at a very measured pace, people are hesitant to assume too much debt.

However, while some individuals are working on minimizing their credit card debt loads, others are struggling. The burden of credit card debt can impact credit scores and other financial factors that prevent people from making long-term investments, such as buying a house.

One important thing to remember is that there are ways to effectively deal with credit card debt. In some cases, Chapter 7 bankruptcy protection might be the best option. Through this process, consumers are typically able to discharge unsecured debts, including credit card bills.

Source: Wall Street Journal, “Credit-Card Debt Declines for Fourth Straight Month,” Jeffrey Sparshott, Nov. 7, 2013

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    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.

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    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

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