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20 Jan 2012

Boost in Colorado Springs Consumer Debt Highest in a Decade, Though Bankruptcy Can Help

USA Today is reporting that consumers increased their debt in November by more than $20 billion, the largest monthly increase in a decade.

What this shows our Colorado Springs bankruptcy lawyers is not that the economy is in a better position than it has been in years, but more likely that consumers used their credit cards more during the winter holiday season.

For those whose expenses are in tough shape, bankruptcy in Colorado Springs can help them get out from the predatory practices of credit card companies. These businesses consistently send out invitations for consumers to get their plastic, even if it's not in their best interests.


They offer "perks" and "rewards" that are highly unattainable or require consumers to spend big and pay it off quickly. And if a person misses a payment or pays it late, they are instantly slammed with late fees and hidden fees that consumers didn't even know existed. Companies can then try to increase interest rates, just another tactic to try to keep consumers in their grasp as they battle with debt.

USA Today reports that consumers added $20 billion in debt in November, the biggest monthly jump in nearly a decade. Not including mortgage debt, Americans owe $2.48 trillion. Consumer credit increased at an annual rate of 10 percent, while credit card debt increased at an annual rate of 8.5 percent.

The November 2011 increase was the largest since November 2001, when consumers borrowed $28 billion just a few months after the September 11 terrorist attacks.

Some analysts believe that this shows consumers are feeling more confident in the economy, which has had modest gains in recent months. Our Colorado Springs bankruptcy lawyers believe it may also have to do with the ongoing unemployment struggles that many Americans are dealing with. The less money they have, the more they rely on credit card loans.

Consumers should be glad to know that filing for bankruptcy in Colorado Springs can wipe out credit card debt, regardless of the amount. This is an important tool to utilize for consumers who are behind on payments and don't see help in sight.

If you are struggling with debt and need to speak with an experienced Colorado Springs bankruptcy lawyer, contact attorney Stephen H. Swift at 866-893-2440 or 719-359-8179 for a free initial consultation.

Additional Resources:

November boost in consumer debt is most in 10 yearsby Michael Winter, USA Today

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

Client Testimonials

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well." 

     

      –  Sherry M., Colorado Springs, CO

     

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    "Steve explained things well so you know what you're doing.  The staff was very helpful with everything, including the paperwork." 

     

      – Raymond & Rhonda P.,                         Colorado Springs, CO

     

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    "From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!

    I rate my overall experience a 12!! And I wouldn't change a thing on the website.

    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!  Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
        

      – Pete, Colorado Springs, CO  

     

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    "Upon my first visit to the office, I was in an unfamiliar part of town.  I was also bewildered and experiencing anxiety.  I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall.  The first person I met in the office was the lovely receptionist.  I have to say that she has the absolutely right demeanor and is extremely successful in her position.  She has a slight but comforting smile and persona.  She is confident but not arrogant in processing the needs of clients.  I do not feel that this is a small achievement in any way.  I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients.  She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."

     

    John C., Colorado Springs, CO

     

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    "Upon entering Steve's office, one immediately knows they have entered his "zone".  Steve will talk, think, contemplate, then act.  He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer.  Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out.  There is definitely a team here that is in sync.  There may be a question out of the blue suddenly or a brief conversation about something else.  The whole time, Steve is on point.  I felt from day one, a trustworthy confidence in placing my future in his hands.  I was not wrong.  I also never once felt rushed, brushed off or that my concerns were not his.  I felt that Steve is in this for me and his clients.  I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain." 

     

      – John C., Colorado Springs, CO

     

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    "Thank you to everyone who worked on my case.  My driving priviledges are now restored and I have a fresh start.  I am very grateful to the Swift Law Firm!   Everyone was very kind and helpful and easy to talk to.

    Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!

    Matt Hansen is a good man, very helpful, gives good advice  AND he is willing to go the extra mile.  Steve Swift is a man of action who knows his profession.  He lifted a heavy burden, and I cannot thank him enough for an excellent job!"  

     

      - Henry R., Colorado Springs, CO  

     

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