Average US household has more than $16K in credit card debt

A recent report revealed a typical family in the U.S. has more than $16,000 in credit card debt, and it seems their income is not enough to cover these debts, a December 13 article of CNBC reported.

After analyzing information from the Census Bureau and the Federal Reserve Bank of New York, financial think tank NerdWallet revealed households currently have balances on their credit cards amounting to $16,061. The report also found that an average family can pay only a small fraction of their debt. A typical family’s debt could increase to $132,529 when other household debts are added, such as mortgages. Though the overall household debt tends to increase, student loan debts stagnated since last year.

Unfortunately, there are some families who can no longer manage their overwhelming debts. However, if this happens to you, an attorney can offer you workable solutions to give you a fresh start. Consult with an attorney at the Bradford Law Offices, PLLC in Fayetteville today by calling (919) 758-8879 to learn more about your options.

Millions of people failing to pay car loans on time

Recent data from the New York Federal Reserve revealed approximately six million people in the U.S. were failing to settle their car loans on time. Many of the same people have poor credit scores, an article of CNN reported on December 1.

According to reports, the New York Fed’s Center for Microeconomic Data found that many subprime car loan borrowers are 90 days behind on their loans, calling it a “significant concern.” Delinquent borrowers have increased dramatically because many people were given a chance at car loans even though lenders knew for a fact it would be difficult for them to make payments.

The bankruptcy attorneys of the Bradford Law Offices, PLLC understand that many people in Fayetteville struggle to pay their car loans due to financial problems. If you are struggling with your debt, we may be able to offer you legal advice to help you address your situation. Call us today at (919) 758-8879 to find out how we may represent you.

What college students should do to reduce student loan debt

Many college students are left with serious student loan debt after graduation. Fortunately, there are some things they can do while in school to lower the amount they’ll owe later.

Freshmen may want to take survey courses freshman year, but settle quickly on which major they choose to pursue. Identifying a major early in college and sticking with it will reduce your chance of taking unnecessary courses. Diligent students, or those who have special talents in extracurricular activities, may want to apply for grants or scholarships at their school. You can also try to find an installment plan that allows you to pay your tuition in segments. Lastly, students may want to change their spending habits if they expect to save money. An easy way to save is to eat out less and get a roommate. 

Although the average amount families spent on college decreased this year, student loan debt is a problem that still plaques many graduates. If you are saddled by debt, an attorney at the Bradford Law Offices, PLLC can offer you solutions to help you recover from your student debt. Get in touch with a Fayetteville attorney by calling (919) 758-8879 to learn more about your options.

Solving financial problems through debt negotiation

Some individuals in Fayetteville who are facing the stress of financial hardships may be hesitant to file for bankruptcy as they feel this is an extreme options. While bankruptcy can significantly reduce the amount of frustration associated with money problems, another options for some may be debt negotiation. Through this process, individuals may be able to come to new terms with their creditors in order to reach a new payment plan.

While some companies offer debt negotiation services, a bankruptcy lawyer like the ones at the Bradford Law Offices, PLLC can help ensure that your best interests are a priority in the negotiation process. Through debt negotiation, our attorneys may be able to help you:

  • Reduce interest rates
  • Reduce the total amount owed
  • Extend the repayment deadline
  • Reschedule your payments

Through this process, we may be able to help you negotiate a new deal that will allow you to pay back your debts at a rate that is comfortable for you.

If you live in the Fayetteville area and are dealing with financial hardships or overwhelming debt, call our legal team at the Bradford Law Offices, PLLC by calling (919) 758-8879 today.