Published on:

Personal Debt in the United States

In 2008, personal debt was higher than the United State’s Goss Domestic Product (GDP). The Federal Reserve of New York released figures in May 2011 showing that household debt rose $33 billion from March 2010 to March 2011. Personal debt now sits at $11.5 trillion.

These startling numbers shouldn’t come as a surprise to many, unless one is considering the magnitude of how much $11.5 trillion actually is . People simply took on too much debt from the pre-housing market and financial boom and bust. As a consequence, consumers are more frightened and less able to spend with debts looming overhead. This formula makes one thing certain; that the economy will take longer to fix, especially as the wheels are just beginning to turn.

Getting out of personal debt is a gradual process and the best practice is to continue to pay your bills and to save as much as possible. If you face problems with creditors or lenders, you may benefit by contacting a Jacksonville Bankruptcy Attorney. The US economy might not follow suit right away, but if consumers focus on clearing their personal debt the Nation-wide benefits are sure to follow.

Contact Information