The total household debt of Americans is still on the rise in the first quarter of 2018.
According to the report of the Center for Microeconomic Data, the total household debt of the country topped the previous peak in the third quarter of 2008 of $12.68 trillion by $536 billion.
The total household indebtedness was recorded to have reached $13.21 trillion as of March 31, 2018. The figure increased by $63 billion compared to the fourth quarter of last year.
The debt included mortgages, student loans, auto loans, credit cards and other debts of Americans at every age.
The 2016 Survey of Consumer Finances also found out that the people’s peak earning years is also the period of their life when they incur the highest level of debt.
People who are between the ages of 45 and 54 reported having the highest debt incurred with a total of $134,600, while those aged 35 to 44 come in second with a total debt of $133,100. Meanwhile, those who are between 55 to 64 come in third with a total debt of 108,300.
With this figure of debt-ridden American households, is financial freedom still possible? Debt resolutions company, Resolvly LLC highlights that once people find themselves troubled in getting out of debt, the first thing to do is admitting that they cannot get out of debt alone and that they need help.
Resolvly LLC says most consumers find it difficult to properly negotiate a resolution with creditors. It isn’t unlikely that the collection of the mortgages or loans incurred by the consumer are mishandled by debt collectors.
Without knowing how consumer rights are protected under the law, debtors become vulnerable to traps set by guarantors and creditors, leaving them with more problems and bigger debts to face. Resolvly LLC advises consumers to learn the differences between debt consolidation, debt settlement, and debt validation. Learning about these options are important in achieving true financial freedom.
Consumers can also avoid the potential of filing for bankruptcy with the help of specialists who can help them resolve credit card debts, unpaid medical bills, or private student loans that have been causing them stress for years. A team of lawyers who are well-versed about consumer protection laws can help a lot in eliminating the debts once and for all.
When consumers know when he needs help and where to get help, it is easier to get back on the road to achieving freedom from debt.