Many people have found themselves in debt and some may be being contacted by legal recovery law offices. Some of this debt may have been caused by the financial crisis. In fact, in the time period between 2006 and 2008, credit card debt rose steadily. It reached its peak in January of 2009, which as six months into the financial crisis. Legal recovery law offices saw as rise in business as unemployment soared, and defaults began as well.
Credit card debt is considered to be the third largest source of household indebtedness. Another interesting fact about debt that legal recovery law offices often work with concerns mortgages. The average mortgage debt held by Americans is approximately $149,600, and many people finding themselves defaulting on these loans.
Another interesting statistic that is used by legal recovery law offices, including the Brachfeld Law Group and the Nueheisel law firm, is the Aggregate Revolving Consumer Debt Survey. This survey is done monthly by the Federal Reserve and indicates how much total debt is outstanding.
Legal recovery law offices such as the Winn law Group generally assist companies in resolving debt issues. The often use facts and figures to help them. For instance, did you know that in 2012, approximately 54 percent of Americans stated that they had more in their emergency savings, than they did in credit card debt?
Legal recovery law offices will often contact people about their outstanding credit card debt that may be owing to a credit card company. They also can act as collection agencies on behalf of companies that are trying to recover payment for services or products.
As stated previously, it is certain that legal recovery law offices have seen a rise in their business and activities due to people struggling financially to pay their bills, especially their rent and mortgage obligations. It is probably an unknown as to how long the economic recovery will take until people are completely back on their feet financially. Hopefully it will not be too long before companies will need the services of legal recovery law offices less for monetary issues.