Consumer debt increased in America for the third straight quarter up to an astonishing $11.52 trillion. Credit card debt alone rose $28 billion in the second quarter alone.
Spending is up. He stock market is up. And many economists say this is because the economy is growing and people are confident and therefore spending more.
But I believe that debt is up because people are struggling more than ever to keep up with rising prices and just to make ends meet. Rents in Denver, Colorado have risen 13% in the last year, food prices are up, insurance and other costs rise all the time. People who pay bills know this without reading about it in a blog or hearing about it on TV.
Bankruptcy now more than ever may help relieve the pressure on rising costs without people having to resort to increased borrowing on their credit cards. We at Mile High Bankruptcy have observed in our over 25 years of service that Chapter 7 Bankruptcy is even more beneficial, and often necessary, as often in a good economy as a bad one.
People mistakenly believe that Chapter 7 is usually necessary in a bad economy, but I believe that is often more necessary in a good one because in a good economy prices and debt increase a lot faster than your pay check does, and, therefore, debt pressures just keep getting worse.
If you feel like you are drowning in debt, you should consider your bankruptcy options. Many clients realize that by flushing out debt they cannot afford, they can live much better on the money they earn.
If you would like to talk about your situation, call me, Peter Milwid, at 303-831-0733 for a free consultation, and learn the true facts of the increase of debt in America.