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Fed reveals that credit card debt soared to over $1. Trillion—yes that’s trillion with a T—in Q2 2023

Fed reveals that credit card debt soared to over $1. Trillion—yes that’s trillion with a T—in Q2 2023

by | Oct 19, 2023

I can provide insights into the emerging trends related to unpaid credit card debt and delinquent or forbearance home payments. Here are the key trends individuals should be aware of:

Rising Credit Card Debt: Credit card debt has been on the rise in recent years. Individuals should be cautious about accumulating excessive credit card debt as it can lead to financial stress and impact their credit scores. This may be a concern when considering bankruptcy as a debt relief option.

Mortgage Forbearance Programs: During economic uncertainties, like the COVID-19 pandemic, many homeowners entered mortgage forbearance programs to temporarily suspend mortgage payments. It’s important to stay informed about the status of these programs, as changes in government policies can affect the availability and terms of forbearance.

Impact on Credit Score: Delinquent payments, whether on credit cards or mortgages, can significantly impact an individual’s credit score. This could affect their ability to secure new loans or mortgages in the future.

Bankruptcy Consideration: Individuals facing mounting debt should be aware of the implications of filing for bankruptcy. It can provide debt relief but may have long-term consequences on their creditworthiness and financial future.

Financial Counseling and Debt Management: Seeking financial counseling and debt management assistance has become a trend as individuals aim to address their financial difficulties without resorting to bankruptcy. These services offer guidance on managing debt more effectively.

If you are looking for help in these areas DM me and I can get you help. It’s crucial for individuals to stay informed about these trends and seek professional advice, such as from a financial advisor or bankruptcy attorney, to make well-informed decisions about their financial situations.

2024 Veterans Day Celebration in Novi: Honoring Our Heroes

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