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Student Loan Debt Surpasses Credit Card Debt Atlanta, GA

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Student Loan Debt Surpasses Credit Card Debt

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Education has always been sold as a key toward upward economic mobility. As more and more people followed that advice and pursued higher education, the number of people carrying heavy student loan burdens has increased to the point where the total value of student loans is now greater than the value of credit card debt. 

The Washington Post reports that Americans currently hold $870 billion in student loans and only $693 billion in credit card debt. With student loan debt surpassing credit card debt, we may witness a new era of debt difficulties for Americans. When people have become overwhelmed by debt in the past, bankruptcy has always been an option to help people secure a fresh start. 

Currently, it is nearly impossible to discharge student loan debt through the bankruptcy process. This may have to change if the trajectory of student loans as a portion of debt carried by most people continues on its upward trend. 

A key element as to why this debt trend has emerged may be the economic downturn that began in 2008. The job market has been difficult for most people, college graduates included. Add this to the increasing costs of college and more and more people are left carrying more student loan debt with no way to make any headway on their principals. 

The population segment that is bearing a high portion of this debt burden — young people attempting to build their lives post graduation from college — are those that we would normally expect to begin purchasing cars, homes and other big ticket items. If that segment of the population lacks serious purchasing power, it may have negative impacts on our overall economy.

If you are facing a difficult debt situation and student loans are part of the equation, discussing your situation with an experienced bankruptcy attorney may help you understand what options are available to help you build a brighter financial future.

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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