Student loan debt continues to grow even as consumers reduce mortgage debt and credit card balances. It remains the only form of consumer debt to substantially increase since the peak of household debt in late 2008.
(PRWEB) June 27, 2012
The Oklahoma bankruptcy lawyers at the law firm of Atkins & Markoff, a team of attorneys who represent consumers and businesses as they work through financial difficulties, hereby alerts the public of a recent report released by the Federal Reserve Bank of New York that states that the amount of student loan debt owed collectively in the United States continued to rise during the first quarter of 2012.
Specifically, the report was released on May 31, 2012 in its publication known as the Quarterly Report on Household Debt and Credit. In the report, the Federal Reserve Bank of New York stated that student loan debt reported on consumer credit reports reached $904 billion in the first quarter of 2012. This represents an increase of $30 billion from the fourth quarter of 2011.
In addition to the rise in the overall amount owed for student loans in the United States, the Federal Reserve Bank of New York also release historical figures regarding the total amount owed by Americans in recent years. Since the year 2003, the total amount owed on student loans across the country has increased by $663 billion. In terms of delinquencies, 8.69 percent of the loans outstanding were more than 90 days delinquent at the end of the first quarter of 2012, which is more than 2.5 points higher than 6.13 percent at that level of delinquency during the first quarter of 2003.
“Student loan debt continues to grow even as consumers reduce mortgage debt and credit card balances,” said Donghoon Lee, senior economist at the New York Fed. “It remains the only form of consumer debt to substantially increase since the peak of household debt in late 2008.”
While student loan debt is generally not a type of debt that can be discharged in a bankruptcy case, the Oklahoma bankruptcy lawyers at Atkins & Markoff encourage those who may be struggling with the finances to have an experienced professional analyze their situations, whether they involve student loan debt or not.
About Atkins & Markoff
The Oklahoma bankruptcy lawyers at Atkins & Markoff, whose law firm Web site URL can be found at http://www.OklahomaBankruptcyLawCenter.com, is a law firm comprised of Oklahoma bankruptcy attorneys who have been representing consumers since 1999 in bankruptcy-related legal matters that include Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases as well as debt consolidation and credit counseling matters. The firm represents consumers in bankruptcy cases throughout the state of Oklahoma.
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