SAN DIEGO, CA--(Marketwire - March 13, 2013) - The San Diego bankruptcy lawyers at the Golden State Law Group, URL http://www.goldenstatelawgroup.com, respond to a New York Fed Bank student loan study. The San Diego bankruptcy lawyers at the Golden State Law Group represent consumers and businesses that have encountered serious financial difficulties and that need immediate relief from these problems. The firm handles all chapters of bankruptcy cases and it helps clients negotiate debt reductions and also helps them with tax debts. The firm hereby responds to a study that was recently published by the Federal Reserve Bank of New York that dealt with the continuing growth of student loan debt in the United States. The firm would like to offer a free initial consultation to anyone who is struggling with their finances because of this type of debt.
Specifically, the study that the Federal Reserve Bank of New York published was released on February 28, 2013 and it was entitled, "Household Debt and Credit: Student Loan Debt." The study revealed that the total amount of student loan debt owed in the United States currently sits at $966 billion. Since 2004, the total amount of student loan debt owed to lenders has nearly tripled. These measurements were taken at the end of the fourth quarter of 2012. In addition, both the number of borrowers and the average amount owed by each borrower has increased by 70 percent during that timeframe.
The study went on to state that as of the fourth quarter in 2012, the number of borrowers who were more than 90 days past due on their payments had grown to 17 percent of all borrowers. That number stood at 10 percent in 2004. As a result of this trend and others with regards to borrowing, the number of people between the ages of 25 and 30 in the United States who took out new mortgages in 2012 and who owed student loan debt had fallen to approximately 4 percent. That number stood at 9 percent in 2004.
Finally, the study revealed that the total amount of student loan debt owed in the United States was now higher than automobile loan debt, which stood at $730 billion and credit card debt, which stood at $693 billion. The only type of debt that was still larger than student loan debt at the time of the study was mortgage debt. The researchers in the study expressed concern with this trend and predicted that it would continue in the future.
The San Diego bankruptcy lawyers at the Golden State Law Group would like to invite anyone who is struggling with their finances to contact the firm to schedule a free initial consultation. While student loan debt cannot be discharged in bankruptcy absent relatively rare circumstances, the attorneys at the firm can help to review a person's overall financial situation and recommend a course of action that would alleviate ongoing financial stress.
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 of student loan debt problems, medical bill issues, consumer bankruptcy, business bankruptcy, tax debt issues and personal injury cases.
David G. Weil
Golden State Law Group