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Student loan debt increases among middle-aged borrowers Atlanta, GA

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Student loan debt increases among middle-aged borrowers

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Although the recession technically ended more than two years ago, it continues to affect the millions of people in Georgia and throughout the U.S. who are still struggling to find work. After many months of unemployment, many middle-aged people are deciding instead to go back to school, hoping that additional education will make them more marketable to potential employers. This has led to an unprecedented increase in student loan debt among middle-aged Americans.

According to a credit score tracking website’s analysis of more than 3 million credit reports, people between the ages of 35 and 49 have seen their student loan debt has increase by nearly 50 percent. In that group, people aged 38 to 41 have the highest student loan burden, with about $12,000 in debt. This is an increase from 2009, when the average student loan debt for that group was a still-high $9,000.

Educational borrowing continues to increase across the board, economists say. Currently, young people between the ages of 26 and 29 have the highest outstanding loan amounts, with an average of $14,000 due to lenders. Americans now owe more on student loans than they do on credit cards, which we discussed in a recent bankruptcy blog post. And because student loans are not dischargeable in bankruptcy, they have the potential to cause much greater long-term damage to borrowers.

It is easy to see how additional school could seem like a good career move for the long-term unemployed. For some, it is. But if you are considering going back to school, make sure to consider the true costs and benefits of incurring additional student loan debt.

Source: Reuters, “Middle-aged borrowers piling on student debt,” Mitch Lipka, Dec. 27, 2011

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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!

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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.

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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 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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