San Diego, California (PRWEB) July 25, 2012
The San Diego bankruptcy lawyers at the Golden State Law Group, a law firm dedicated to providing legal guidance to consumers and businesses experiencing serious financial problems, hereby alerts the public that the firm is offering a free initial consultation to anyone who may be among the 8.69 percent of borrowers who are currently at least 90 days delinquent on student loan payments, according to the conclusion of a recently released survey.
The survey, which was published on May 31, 2012 in its publication known as the Quarterly Report on Household Debt and Credit, stated that the percentage of people who are at least 90 days delinquent on their student loan payments has risen to 8.69 percent. This represents an increase in percentage from the 6.13 percent who were at least 90 days delinquent during the first quarter of 2003.
According to the survey, this percentage ranks higher than the percentage of borrowers who are at least 90 days delinquent on other forms of debt that include mortgages, auto loans and equity lines of credit. These delinquent student loan accounts are the only form of credit that saw the 90-day delinquency level increase when compared to the previously reported fiscal quarter.
The survey went on to state that more than $1 trillion worth of consumer debt is currently considered delinquent when factoring in all types of borrowing, and nearly $800 billion of that delinquent amount is at a level of what would be considered seriously delinquent, or at least 90 days behind on payments. “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.”
The San Diego bankruptcy lawyers at the Golden State Law Group, in response to the results of this survey, hereby invite those who may be experiencing trouble with delinquencies on their debts to contact the firm to schedule a free initial consultation. This consultation will involve a review of that party’s overall financial situation in an attempt to map out a solution to that particular situation.
About the Golden State Law Group
The Golden State Law Group is a law firm in San Diego, California that’s comprised of a team of San Diego bankruptcy attorneys who provide legal help to consumers. Specifically, the attorneys at the firm provide help to consumers in the legal areas of consumer bankruptcy, tax debt issues and personal injury cases.