An article was recently released regarding the state of consumer debt in the United States. In May 2019, consumer debt rose nearly 5%. Michigan residents who have found themselves among those whose debt has risen to uncontrollable numbers may need help getting their finances back under control. Bankruptcy law or other debt relief options may help them with that.
The article started by painting consumer debt as a good thing — a sign that the economy is in a good place. That may be true, to a point. People spend when they think their jobs are secure and they believe they’ll be able to pay back what they borrow. However, it went on to say that more people are failing to pay back their debts. For example, more people than ever are 90 days delinquent on their auto loans.
Distressed borrowers are believed to be behind a significant portion of the consumer debt increase. Turning to loans and credit cards may seem to be the only answer when one is unable to meet his or her financial obligations. There is always good intent to pay back what is owed, but a lot of people end up finding themselves falling deeper and deeper into debt.
When one’s financial situation gets out of control, it may feel like relief is never coming. Michigan residents who are ready to tackle their debt can seek help in doing so. Bankruptcy law may provide the assistance and protection needed by some individuals, while others may not need to go that far. Legal counsel can look at one’s financial situation in detail and offer real solutions to the problem.