When the U.S. Stock Market collapsed on October 29, 1929 triggering the Great Depression, many Americans found themselves buried in debt with no means of repaying. Even the “Savers” were not safe -- when banks failed, they took regular folks with them. Life savings were gone in an instant.
For years, Americans struggled to provide basic necessities for their families. When the Great Depression finally came to an end, Americans generally viewed debt with disdain. They worked hard, saved for a rainy day, and paid cash for purchases.
Today, the average American family is carrying over $16,000 in revolving debt. Some will argue that in our generation debt is inevitable and necessary to enjoy what America has to offer, but the ultimate question for today’s average consumer is, “How much debt is too much?”
Statistics show that Americans appear to be reigning in their debt loads. As reported by CreditCards.com, credit card usage fell dramatically from 2007 to 2008, from 87 percent of consumers who used a credit card in September 2007 to only 64 percent in 2008 — a 23 percent decline. One survey showed 37 percent of consumers say they are using their credit cards less.
Of the consumers carrying revolving credit card debt, five percent are more than thirty days delinquent on their payments. In today’s economy, it is vital for businesses to pursue delinquent borrowers in order to maintain profitability and meet payroll obligations. A professional debt collection law firm is the most effective way for businesses to recoup delinquent accounts.
Seidberg Law is a professional debt collection law firm centrally located in Phoenix, Arizona. Seidberg Law offers services statewide to assist clients in collecting bad and charged off debt from borrowers in Arizona. For more information, contact Seidberg Law today at (623) 258-4397 or visit us online at www.seidberglaw.com/.