According to a recent report by the Census Bureau, the amount of Americans in debt dropped by five percentage points between the years 2000 and 2011. After a more-than-difficult latter half of the decade, this decrease (down to 69% from 75%) seems welcome and perhaps a bit surprising. However, there’s a catch. While the number of Americans in debt decreased, the median debt load for Americans who have it increased, from around $51,000.00 in 2000 to $70,000.00 in 2011.
Much of this trouble lies on the relative ends of the age spectrum– debt owed by seniors doubled, most likely due to their rising housing debt. On the other hand, the biggest dollar increase in debt occurred among 35 to 44 year-olds, owing a median of $108,000.00. And while the number of Americans holding credit cards is down significantly (down to 38% from 51%), those holding other forms of unsecured debt, such as student loans and uninsured medical bills, increased from 11% to 19%, especially among those under 45.
While less Americans are finding themselves in debt today, these numbers make it clear that the stresses of debt aren’t going away any time soon. More than half of Americans are still in debt, and the amount of that debt is on the rise. However, it’s not an endless tunnel. If you have financial obligations that you simply cannot afford—whether you’ve been sued already or not—call us today at (248) 398-7100 or send us a private message for a free consultation. We are licensed Michigan attorneys with offices in Troy, Brownstown, and Lake Orion, MI, and our expect collection defense and bankruptcy attorneys can work with you and with your creditors to determine the best solution possible and help you move on with your life.
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