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 Continue reading →