Less Take-Home Pay Risks Debt Payments?
Since the recession many local families have had an immensely difficult time paying down their debts and staying afloat financially. As Oak Park bankruptcy lawyers , we are acutely aware of the challenges that remain. Many still are not making as much money as they were before the recession and others are still unemployed. Yet for all of the doom and gloom, the past few years have seen a slow but clear rise in economic activity. This has translated in increasing ability for consumers to pay back their debts. That is exactly what was explained in a recent American Bankers Association (ABA) article on consumer debt trends. The ABA noted that the third quarter of 2012 saw strong repayment of consumer debt. Specifically, the ABA noted that the delinquencies on bank card payments fell to an 18-year low in the third quarter of last year. In this context, delinquencies are defined as payment that are 30 days late or more. Problems on the Horizon? On the face of it, of course, this