National Consumer Debt on the Rise
Debt is an avalanche.
Recently, LendingTree reported, “Americans owe more than 26 percent of their income on consumer debt, up from 22 percent in 2010.” Despite brief remissions early this year, LendingTree still predicts the collective consumer debt will exceed four trillion dollars by the end of this year.
In short bursts, rising debt may correlate with prosperity. However, Ray Boshara suggests this does little to quell long-term woes. If debt does little to forward national productivity and the demand of local goods, it proves for naught.
Based on its current trajectory, cumulative debt could exceed one-third of the average American’s income by 2025. Inevitably, this financial congestion will cascade into a stranglehold. Reform is necessary to avert economic cataclysm, but the time to mitigate consequence may have passed.
Consumer debt is as American as Little Debbie. Its utility is paramount to our way of life, yet unexpected circumstance can catapult an average debt into cataclysm. At this juncture, a tool becomes an albatross. Fortunately, aid is available.
Are you experiencing financial woes and feel you are without option? Let our years of consumer litigation experience leverage your future. Schedule a consultation with Arnold & Smith Law to learn how we can assist you.
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