Rising debt could indicate need for debt relief | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Rising debt could indicate need for debt relief

There are many necessities in life. For example, for people in Oklahoma to be able to meet the needs of their families, they must be able to work. To work, they may need a car in order to drive back and forth. Often, this causes people to seek out loans, which may ultimately create the need for debt relief. Recent reports indicate that the amount of debt that the average household in the United States holds has increased in the third quarter of 2017.

The total debt has increased over $116 billion. This leaves total debt at approximately $13 trillion -- an increase of about one1 percent. Both debt related to credit cards and automobile loans has risen.

Unfortunately, delinquency rates on such debt has also risen. A delinquent debt is one in which a payment is over 90 days late. Reports indicate that this rate rose to 4.9 percent. Unfortunately, the delinquency rate for auto loans has been rising over the course of the last few years, especially among those with a lower credit score.

Most people in Oklahoma are dedicated to ensuring that their loved ones have everything that they need. Unfortunately, they can often include taking a debt that will ultimately become unmanageable. However, even for those who feel like they will never have their debt under control, there are debt relief options. For example, bankruptcy can reduce or restructure certain debts. A frank conversation with an attorney who has experience with such filings can help those struggling with debt take the steps toward a more secure financial future.

Source: newsmax.com, "Household Debt Hits Record While Credit Card Delinquencies Inch Higher", Nov. 14, 2017

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