Advocating For Consumers In Bankruptcy Filings For More Than 25 Years

As Americans repay bills, debt relief still necessary for some

On Behalf of | Jul 17, 2018 | Chapter 7 Bankruptcy, Firm News

Paying back debt can be difficult, both financially and emotionally, but many Americans seem to be doing a good job of it. There are several factors that contribute to consumers’ increased ability to repay their debts, including better job prospects and a thriving economy. However, this does not mean that all Florida consumers are doing so well, and many are still in need of other forms of debt relief.

Debts are considered delinquent once they are at least 30 days overdue. The percentage of people in the U.S. who are delinquent recently hit 1.73 percent, which is a slight increase from the 1.64 percent it was listed at in 2017’s last quarter. However, it is still less than the 2.14 percent average over the last 15 years.

Nationwide, consumers paid back more than $40 billion of credit debt during 2018’s first quarter. The last time Americans paid off that much debt in a single quarter was in 2009, when consumers paid off $44 billion worth of debt. So, what is going on? One expert believes that most households have better budgeting skills and systems than they did in the past. Couple this with a lower unemployment rate, improved wages and a strong economy, and most people are on the path toward debt repayment.

While it is great news that many people in Florida are handling their debts in a timely manner, this is not the case for everyone. Some consumers are still struggling to find their footing through seemingly insurmountable debts that only appear to grow with time. In such cases, debt relief through bankruptcy can provide the kind of secure financial foundation that can make a better future a reality.

Our Blog

Archives