Unfortunately, we aren’t living in the most fortuitous economic times. Unemployment rates are high, incomes have fallen to dismal levels, Americans are losing their homes to foreclosure and good people everywhere are struggling to build their futures and care for their families. Even if you do everything by the book you can still be struck by financial turmoil. According to the Federal Reserve Bank of New York, Americans ended 2013 with more than $11.5 trillion in consumer debt. About $820 billion of that debt is delinquent, with at $580 billion at least 90 days past due. In 2013:
Outstanding student loan balances increased to $1.08 trillion
Americans held more than 400 million credit card accounts
3.9% of mortgage balances were 90+ days delinquent
Nearly 14% of consumers had at least one account in third-party collections
The 90+ day delinquency rate on credit card balances increased to 9.5%
How We Help
Financial struggles are often triggered by a disruptive event like job loss, divorce or a serious medical crisis. A recent report from the Centers for Disease Control and Prevention (CDC) indicated that 16.5% of American families had experienced difficulty paying medical bills in the preceding 12 months. More than half of those reported that they currently had medical bills they could not pay at all. For others, the increasing cost of living, as opposed to heavily declining wages, is becoming more and more disproportionate every year. Financial powerhouses are bailed out by the government and large corporations take advantage of consumers without consequences, but individuals often feel like they are alone and unimportant in the eyes of their government.
We Can Help Get You Out of Debt
Overwhelming debt, creditor harassment and other financial stress factors can affect far more than just your bottom line. Such powerful sources of stress can adversely affect your health, your job performance, and your relationships. Don’t let it get to that point. Get the guidance and assistance you need to regain control of your finances and your life today.