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Many may consider personal bankruptcy due to outstanding debts

On Behalf of | Aug 24, 2017 | Personal Bankruptcy

Many individuals have a difficult time handling accumulated debt. How individuals in North Carolina and across the country choose to address their debt can vary from person to person. For those with substantial liabilities and who feel as if they may never get out from under their outstanding balances, considering personal bankruptcy may be a worthwhile step.

It was recently reported that a new record high was reached when it comes to household debt. From the first quarter of the fiscal year to the second quarter, household debt increased by $114 billion. As a result, the total household debt for the second quarter reached $12.84 trillion. One bright side of this debt situation, however, is that questionable mortgage debt does not appear to be as big of an issue as it has been in the past.

It was also reported that credit card delinquencies are showing an increase. Apparently, there has been a sharp rise in the number of individuals who are over 90 days behind on their credit card payments. The report also mentioned that credit card debt may have reached a new record high this month.

As this information shows, numerous people struggle with keeping up with their outstanding debts. If North Carolina residents are concerned that their financial issues have gotten too out of hand, they may wish to look into their relief options. Gaining information on personal bankruptcy may allow them to determine whether this route could potentially work toward allowing them to get their finances back on a steady track toward improvement.

Source: washingtonexaminer.com, “Household debt hits new record high, credit card delinquencies rising“, Joseph Lawler, Aug. 15, 2017


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