A good economy does not necessarily mean the debts will eliminate themselves. Constant vigilance will have to be continued as the possibility of falling into debt is still there.
Los Angeles-Long Beach, CA (PRWEB) May 26, 2013
Credit Card Consolidation Loan is optimistic that the debt crisis that crippled the average American household is on its way to a decline. This forecast is assumed based on the report released by the Los Angeles Times regarding the overall debt of families all over the country.
On May 14, 2013, LA Times published an article entitled “Families reduced their debt load in first quarter to 2006 level.” This indicates that the debt load of the average household in the country is down to the same level as the pre-recession years.
The article details that compared to the last quarter of 2012, the debt load decreased by 1% during the first quarter of 2013. This data came from Federal Reserve which furthermore relayed that the total household debt now stands at $11.2 trillion. This figure is less $110 billion compared to the last quarter of 2012. This is also a whole lot better considering the peak of the debt loan reached $12.6 trillion back in 2008.
The big reduction can be attributed to the lower mortgage debt of the country - which fell from $8.03 trillion to $7.9 trillion. Not only that, the report showed that delinquencies are already down to 5.4% from 5.6%.
For credit card debt, the delinquents dropped from 10.6% to 10.2%. The same is true for student loans that fell from 11.7% to 11.2%.
Credit Card Consolidation Loan believes that these improvements can be attributed to the more serious approach that consumers had towards debt payments. The emergence of debt relief services assisted in giving people the ability to pay off their debts despite limited resources and a struggling economy.
To top off this good news, the New York Times reported that the private sector continues to create more jobs for the unemployed citizens in the US. The article titled “Jobs Data Eases Fears of Economic Slowdown in U.S.” shows that an average of 200,000 jobs are being opened every month. In April, 176,000 people were added to the workforce. In February and March, the jobs created were 332,000 and 138,000, respectively.
With more people getting jobs, they are more capable of paying off their dues and will lead to lesser delinquencies in debts.
It seems that the economy is on a roll but Credit Card Consolidation Loan warns readers that a good economy does not necessarily mean the debts will eliminate themselves. Constant vigilance will have to be continued as the possibility of falling into debt is still there.
The debt relief company is more vocal than ever with regards to debt education so that people will know how to stay out of debt. In fact, part of their service includes financial education so that their clients will be equipped with proper money management. This knowledge is something that they can keep when they complete the debt relief program.
Visit CreditCardConsolidationLoan.org to know more about debt consolidation loans as a debt relief option.