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Equity in U.S. Homes hits a new record of $5.5 trillion BUT…………..

The Institute of International Finance (IIF) reports that, in the third quarter of 2017, the global debt grew to a record high of $233 trillion.

The main protagonist of this “debt apocalypse” is, once again, credit card debt – effecting roughly 31 million Americans (about 35% of adults).

U.S credit card debt reached $1 trillion in 2017 – a new all-time high!
This equates to roughly $15,000 per U.S. household. To put this in comparison, U.S. credit card debt was $800 billion in 2008 — before the crash.
What does this mean?

Per a new report published by CreditCards.com, more than 68% of U.S. adults struggle with debt, 30% feel like they will never be free of debt for the rest of their lives, and 38% of them have no idea how or when they could clean their slates in the foreseeable future. The most optimistic Americans (the remaining 32%) say that they would need no less than nine years to clear up their credit lines. The percentage of adults struggling the most: the Silent Generation (72+) and Baby Boomers (53-71), with an 83% and 70% rate, respectively.
If I have debt, what can I do?

While this may sound dire, debt resolution can often be much less painful than people fear. Many homeowners with credit card debt may be able to refinance their home – the U.S. real estate market has nearly $5.5 trillion in equity – with interest rates still near historic lows.
Debt settlement, credit consolidation and bankruptcy are also possibilities — and are often much more successful than people think.

If you have questions regarding any kind of debt – whether credit cards, student loans or otherwise, please give the lawyers of Boss Law a call for a FREE CONSULTATION.

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