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February 2016 Archives

Student loans total $1.3 trillion, signals need for debt relief

Most Washington students do not debate the lifelong value of a college education and corresponding degree, but a great number would likely express significant disappointment over the growing cost of attending an institution of higher learning. Student loans are at an all-time high, putting many young Americans in compromised and unstable financial positions the moment they leave college. Because of this, more and more young people tend to turn towards bankruptcy as a viable option for debt relief.

As household debt increases, debt relief could be on horizon

The Federal Reserve released data revealing that the average debt held by U.S. households recently increased by about $51 billion. Altogether, household debt is now at a staggering $12.12 trillion. More in-depth information from the Federal Reserve also examines specific debts where those seeking debt relief might be suffering the most.

I didn't spend much, where did this credit card debt come from?

Unfortunately, credit card debt might just be as American as apple pie. Of course a small amount of debt is something that most people in Washington are familiar with, but those small debts often balloon with seemingly no notice or reason. Credit card debt in particular can expand rapidly, putting consumers in compromising financial positions with no way out.

Inheritances might impact decision to seek consumer bankruptcy

Inheritances and other assets obtained after the loss of a loved one often carry deeply personal meaning for the recipient. However, the receipt of any such assets can potentially impact a person's decision to seek debt relief through consumer bankruptcy. In certain situations, filing for bankruptcy can ultimately result in the forfeiture of the asset or inheritance.