Yesterday we spoke of the improving situation of American Consumer Debt.
Today we will speak to the one of the uglier sides of that story, from a debt collection attorney’s perspective.
Debt per household declined, precipitously between 2009 and 2010.
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| graph is courtesy of neredwallet.com and can be found at http://assets.nerdwallet.com/blog/wp-content/uploads/2014/03/average-credit-card-debt.png |
It would appear, however that this was not a result of sudden rationality on the part of the American consumer, but rather to a huge volume of loans written off. The charge rate, nationwide rose to almost 11% in 2010, as opposed to a norm of around 3%.
The debt collection lawyers of Marcadis Singer, PA have seen this happen clearly in their own efforts, with more and more, specifically credit card debt, being written off as opposed to driven to further collections.
We would highly recommend involving a Debt Collection Attorney in attempting to recapture some of the value of your written off debt.