Sunday, October 16, 2011

San Diego Bankruptcy Lawyers Comment on Skyrocketing American Credit Card Debt

The San Diego bankruptcy lawyers at the Golden State Law Group, a team of attorneys who work to help consumers move through the process of eliminating their debts, hereby comment on a recent report regarding the enormous spike in consumer credit card debt in the United States during the second quarter of 2011

The San Diego bankruptcy lawyers at the Golden State Law Group, which is a law firm that dedicates itself to providing legal advice and guidance with regards to the bankruptcy and debt relief process, hereby comments on a report that was released that concerned the overall amount of credit card debt that was accumulated in the United States during the second quarter of 2011.

Specifically, the San Diego bankruptcy attorneys would like to alert the public that according to the results of a recent study performed by, American consumers accumulated an additional $18.4 billion in credit card debt during the second quarter of 2011. This amount represents a jump of 66 percent when compared to the same quarter in 2010 and a 368 percent increase from the same quarter in 2009.

In addition, the number of American consumers who are seeking the help of a credit counselor is also continuing to drop. That number decreased in 2010 by a factor of 20 percent when compared to 2009, and the number of people seeking this type of help in 2011 so far is down by 38 percent when compared to last year.

These trends are seen as problematic by San Diego bankruptcy lawyers as well as other financial professionals because the poverty rate has risen precipitously and the national unemployment rate remains at over 9 percent, where it has stood for several consecutive quarters. The economic conditions overall remain largely the same for the consumer.

About the Golden State Law Group

The Golden State Law Group is a law firm that is comprised of a team of San Diego bankruptcy lawyers who dedicate themselves to the practice of helping consumers move out from under unmanageable debts by way of Chapter 7 bankruptcy cases, Chapter 13 bankruptcy cases, tax debt negotiation and lien stripping.

By PRWeb

Source: San Francisco Chronicle


  1. In general, your checking/savings account won't be affected by the bankruptcy. However, depending on the state exemption, you may not be able to keep all the money in your account - be sure to consult with an attorney regarding this issue. Also, Wells Fargo has a nasty habit of freezing people's accounts. I've seen it done in cases with as little as $1,000 in the account. So, if you have a WF account, you may want to consider withdrawing the money before filing. It's fine to go back after filing.
    San Francisco Bankruptcy Attorney


I thank for the comment!