A surging economy may have a way of leaving individuals in Ohio and across the nation less hesitant to take on additional financial obligations. While having confidence that one will be able to afford payments on accounts can be an encouraging feeling, there is always a risk that circumstances could change. With reports indicating that debt levels have continued to increase for 20 consecutive quarters, it could take little more than a minor change in circumstance to leave many families facing financial hardship.
Recent reports indicate that the average household debt across the nation reached levels of $13.86 trillion in the second quarter of 2019. These reports indicate that debt levels increased by $192 million in this quarter alone. While auto loans and credit card debts both play a part in this increase, studies suggest that with lower average interests rates during the second quarter, mortgage loans continue to be a rising concern for many.
While reports indicate that delinquency rates among mortgage and auto loans have declined, credit card delinquencies increased by as much as 5%. Experts suggest that a strong economy could be the primary contributing factor behind the continual rise of household debt. However, they also warn consumers of the risks of a possible economic slowdown and state that a similar scenario could leave many facing financial strain.
When a change in circumstance alters a person’s ability to keep up with financial obligations, the situation could lead to extended periods of monetary hardship. Those who experience the trials of dealing with debt may have a variety of available options for relief, but choosing a path can be a stressful process. Fortunately, there are attorneys who can assist a person in Ohio in making informed choices about the situation and help him or her pursue the required relief through the necessary outlets.