San Diego Bankruptcy Lawyers At Golden State Law Group React to Rising Student Loan Write-Offs

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The San Diego bankruptcy attorneys at the Golden State Law Group, URL of http://www.goldenstatelawgroup.com, react to the rising student loan write-offs.

San Diego bankruptcy lawyers

San Diego bankruptcy lawyers

The Golden State Law Group is a law firm in San Diego, California that’s comprised of a team of San Diego bankruptcy attorneys...

The San Diego bankruptcy lawyers at the Golden State Law Group represent consumers and businesses that have encountered serious financial difficulties and help them find a resolution to their problems. Many of the firm’s clients in recent years have come to the attorneys because they are over-burdened with student loan debt. This trend that the firm has noticed tends to coincide with a recent report published by the Chicago Tribune that details the massive rise in the amount of write-offs initiated by student loan lenders during the first two months of 2013.

The article, which was published by the Chicago Tribune on March 25, 2013 and was entitled, “Student loan write-offs hit $3 billion in first two months of year” discussed the fact that banks wrote off more than $3 billion of student loan debt during January and February of 2013. This represents a rise by a factor of more than 36 percent when compared to January and February of 2012. This information was provided to the Chicago Tribune by Equifax, a credit reporting agency.
The article went on to provide the following quote: "Continued weakness in labor markets is limiting work options once people graduate or quit their programs, leading to a steady rise in delinquencies and loan write-offs," a quote which was provided by Equifax Chief Economist Amy Crews Cutts. This statement was just one of many facts mentioned in furtherance of the point that student loan debt is becoming more of a problem with regards to the American economy overall.
Student loan debt has risen to a level of nearly $1 trillion in the United States, surpassing credit card debt for the first time in history. In February of 2012, nearly 17 percent of student loan borrowers in the United States were at least 90 days past due on their student loan payment accounts. This statistical trend, according to the article, will continue to hamper overall economic growth because student loan borrowers will suffer from negative credit histories that will affect their ability to borrow in the future.

The San Diego bankruptcy lawyers at the Golden State Law Group, in response to this article, would like to offer anyone who is burdened with unmanageable student loan debt to contact the firm to schedule a free initial consultation. The purpose of this consultation will be to conduct a thorough review of that person’s overall financial situation. While student loan debt is generally not a type of debt that can be discharged in bankruptcy, the attorneys at the firm may still be able to help people plot a course to financial recovery.

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 and businesses. Specifically, the attorneys at the firm provide help to consumers in the legal areas relating to financial problems including student loan debt problems, credit card debt, medical bill issues, consumer bankruptcy, business bankruptcy, tax debt issues and personal injury cases.

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David Weil
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