Joseph P. Doyle Articles Are You Overwhelmed by Unsecured Debt?

Are You Overwhelmed by Unsecured Debt?

By Attorney Joseph P. Doyle  Jan. 7, 2014 11:45a

Many Chicago residents and those of other areas throughout the state, and in fact the nation, are battling overwhelming debt. Far too many individuals and families find themselves constantly stressed out or contending with debt collectors because they cannot keep up with credit card bills and other unsecured debt payments. According to information taken from October 2013 data from the Federal Reserve and other government data gathered by, the average household credit card debt is $15,279. This unsecured debt which can include balances on regular credit cards as well as gas station credit cards, store credit cards and others is the third highest source of debt for Americans. The total debt of all Americans adds up to an astounding amount of over $11 trillion. This amount has decreased only marginally since the year before (decrease of 0.7 percent). The largest source of unsecured debt is student loans which total over $1 billion which is up by 12.3 percent from the year before. Credit card debts total over $850 billion and have decreased by less than 1 percent from 2012. Consult with a bankruptcy lawyer today to find out about your options for getting out from under overwhelming debt.

Understanding Your Options for Secured and Unsecured Debts

Secured debts include loans made on the basis of collateral such as a home mortgage or car loan. Banks are much more likely to give consumers a good deal on a secured line of credit because there is a tangible, valuable thing that can be recovered if the individual becomes delinquent in payments. This is not the case with unsecured lines of credit because in most instances there is not property that can be repossessed. The result can be high interest rates and expensive penalties for late or delinquent payments. These can compound the situation making it even harder for someone to get back on top of their payments or even have hope of paying them off. There are tools that can be used to handle debt and these solutions must be tailored to each individual's or family's needs and situation. It is possible to discharge debt and get on your way to a brighter financial future!

Speak with a bankruptcy attorney today!

Contact our dedicated and highly skilled team at the law offices of Joseph P. Doyle now to schedule a free case evaluation. We have helped clients with a variety of difficult financial situations and we may be able to help you!

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