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Personal debt levels for Americans rising at a blistering pace

Although almost anyone would agree that being in debt is never a good idea, more and more Americans don’t seem have to a problem with being in the red. Debt can be a very difficult situation to be in and the effects of debt can lead to all kinds of problems, including foreclosure and bankruptcy. However, despite those risks, debt numbers across the U.S., including in Tampa, continue to rise.

According to new statistics from the Federal Reserve Bank of New York the country’s overall debt numbers are now at their highest level since 2011. Consumer debt is at $11.52 trillion and the number continues to rise, according to the Federal Reserve. Over the last three months of 2013, consumer debt jumped $241 billion dollars, which is a 2.1 percent increase. That represents the biggest jump in consumer debt since the third quarter of 2007.

Meantime, according to a report from Bankrate.com, 28 percent of Americans are also carrying more credit card debt than the amount of money they have in their savings accounts. The Federal Reserve reports that the country’s overall credit card debt jumped up by $11 billion in the fourth quarter of 2013 alone, reaching $683 billion. That is the highest it’s been since 2011.

With so many people carrying so much debt, one can only conclude that many people are facing serious financial troubles, such as bankruptcy and foreclosure. If you are among those who are in this type of situation then you might want to speak with a bankruptcy attorney sooner rather than later to get some sound financial advice.

Source: Time, “Americans are taking on debt at scary high rates,” Sam Frizell, Feb. 19, 2014

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