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Student loan debt is now outpacing credit card debt Atlanta, GA

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Student loan debt is now outpacing credit card debt

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As the economy struggles to get back on track, both the government and the media seem to be focusing almost exclusively on mortgage and credit card debt as the overwhelming causes of bankruptcy and foreclosure and obstacles to recovery. Little has been said about student loans, however, which is troubling. In a personal bankruptcy, most forms of debt can be discharged or minimized in some way, with one major exception: student loans. This means that student loans can continue to burden Georgia residents for years or even decades, causing major hardship and possibly resulting in serious financial consequences.

The problem may only continue to worsen, according to new information from the federal government. Recently, the Federal Reserve Bank of New York reported that Americans now owe more on student loans than they do on credit cards as students borrow, on average, twice as much as they did 10 years ago. Further, total outstanding student loan debt has doubled in the past five years, while outstanding mortgage and credit card debt dropped.

In 2010, the amount of student loans taken out exceeded $100 billion for the first time in history. This year, the total amount of student loans is projected to cross the $1 trillion mark, also for the first time.

Clearly, there are potentially serious ramifications of the increase in student loan debt. More students are now leaving college deep in debt, and facing a job market that is less than promising. As a result, the number of student loan borrowers who were more than nine months behind on payments rose from 6.7 percent in 2007 to 8.8 percent in 2009, and it appears that it will only increase from here.

Source: USA Today, “Student loans outstanding will exceed $1 trillion this year,” Dennis Cauchon, Oct. 20, 2011

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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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