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As household debt grows, debt relief becomes necessary

Debt often seems like a strange, unexplainable creature for many Connecticut consumers. While most people try to avoid taking on too much debt, many find that their balances continue to build until they reach a breaking point. Although it might feel like an impossible situation, there are many debt relief options -- including bankruptcy -- that can help consumers achieve the best possible financial future.

In the first quarter of 2018, average household debt in the United States tallied up to $13.2 trillion. When compared to the final quarter of 2017, households took on about $63 billion in additional debt, most of which came from mortgages. Although the increase may seem like a positive in that many more consumers were able to purchase their own homes, some experts find the sharp increase worrying.

Currently, about 26 percent of the average person's income goes directly back out of the door to repay consumer debt. In 2010, only 22 percent of income went to repaying these debts. Many consumers feel uneasy about this increase, too. A recent survey discovered that nearly 11 percent of people feel that they might miss at least one loan payment some time over the upcoming three months. Couple this with the consumers who are currently over three months overdue on credit card bills and owe a collective $12 billion, and the overall financial outlook may not be so great.

The vast majority of consumers take on debt with the expectation that they will be able to repay it in a timely manner. Unfortunately, life does not always follow perfect plans, and any number of emergencies can cause debt to run out of control. This can be extremely frightening for people in Connecticut who are struggling to survive. Debt relief is usually possible, though, and most consumers find that the careful guidance of an experienced counsel can help them explore the most appropriate solution for their situation.

Source: pymnts.com, "Will Consumers Take On Too Much Debt In 2018?", May 18, 2018

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