Consumer Debt is on the Rise

Vincent Averaimo • July 3, 2018

Why should we care that consumer debt is on the rise?

According to the Federal Reserve Bank of New York's Center for Microeconomic Data, household debt increased while delinquency rates of several debt types continue to rise. According to the report, the total household debt increased from $116 billion to $12.96 trillion in the third quarter of 2017 (DS News).

Several economists have indicated that the financial obligations and household debt service ratios remain favorable; but, that is only because of income growth and lower interest rates. It appears that this favorable position will only continue while interest rates are low. When they start to rise, the favorable position will be put in jeopardy.

Why should we care that consumer debt is on the rise? When the debt increases and payments are missed, many debt collectors will attempt to collect their own debt or refer the debt collection to debt collection agencies. Have you received phone calls from debt collectors at work, at home, at crazy hours and on the weekends? The increase in debt collection, and the entities that attempt to collect that debt will increase and possibly cause unfair debt collection practices to increase as well. Just as we have seen an increase in foreclosures due to one’s inability to pay their mortgage, it is likely we will see an uptick in the collection actions against consumers for unpaid unsecured debt like credit cards or even car loans.

Even if a consumer is unable to pay their debt timely, they still have legal protections. There are many consumer protection laws that are meant to protect consumers from harassing collection practices. Many times, ultra-aggressive debt collection practices violate both Federal and State Law.

If you feel as if your rights are being abused, or you yourself are feeling abused by debt collectors, you should contact Milford Law LLC immediately to discuss which options you have to protect your legal rights and stop the harassing debt collection practices.

Visit our website for more information about Consumer Protection Law:

Vincent J. Averaimo and 18 experts recently spoke to Team Sztanyo to

Give Their Best Advice For Home Buyers During Periods of Rising Interest Rates. Read the article here:

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