debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Debt consolidation may be consideration as bankruptcies rise
By Oscar Monfort on May 17th, 2010
A recent report on bankruptcy indicated that more consumers were facing difficulties with debt.
According to the Administrative Office of the U.S. Courts, bankruptcy filings increased 27 percent from March 31 of 2009 to the same day this year. In all, more than 1.5 bankruptcies were declared, up from the 1.2 million filed in the 12 months prior to that period.
"This is the highest number of total bankruptcy filings since the 12-month period ending March 31, 2006," the AOUSC said.
Consumer filings made up most of the filings made in the latest period, accounting for more than 1.4 million. That is 28 percent higher than was reported in the previous 12-month span. Business filings were also up 25 percent, the office reported.
Bankruptcy can have an extremely adverse affect on a person's credit standing, and consumers should consider it carefully before making a filing. Furthermore, they may consider other options to try and get out of debt.
For example, debt consolidation may help before bill problems get out of hand. By providing the potential for reducing interest rates, consumers may find they can pay down what they owe in a more manageable amount of time.
More Debt Consolidation News
