Consumer Debt in the United States

Consumer debt is a big part of the economic reality of life in the United States. AS of June 2013, total consumer debt in the United States totaled $2.84 trillion. The average consumer household has $15,950 in consumer debt. Most of these consumers get constant harassing phone calls from debt collection agency in Brisbane, if you are one of the people that gets called constantly then you need to make a Cease & desist letter which is sent to the debt collector telling them that they are not allowed to contact you again. If you want to do this here is a Cease & desist example letter.

There are three programs that consumers can utilize to deal with excessive personal debt.  These include the following:

  1. Debt settlement
  2. Debt consolidation
  3. Credit counseling

It can take 42 months for debt settlement to pay off this average of $15,950 in consumer debt.  Debt consolidation or even credit counseling could take up to 60 months, so using other options as the Best 0 interest credit card could help people to consolidate debts. Addressing debt with any of these programs can impact lives for years.

Regardless of the pain and toil it might take to overcome consumer debt, it is critical that you first take care of these debts before you can start focusing on value investing.

Via: NJ Bankruptcy Lawyer Ralph Ferro

One thought on “Consumer Debt in the United States

  • March 31, 2015 at 5:32 am

    Hi George,

    I must say the article is really good along with the stats and analysis. Also well illustrated by the infographics. The infograph is really good. How did you find all the information from the evolution of the debt programs?

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