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Student Loan Debt in U.S. Continues to Rise

According to a new report released by the Federal Reserve Bank of New York, the amount of student loan debt owed collectively across the United States remained on an incline during the first quarter of 2012. The report, published on May 31, 2012 in the Quarterly Report on Household Debt and Credit, indicates that student loan debt listed on consumer credit reports reached a staggering $904 billion in the first quarter of 2012. This significant figure represents an increase of $30 billion from the fourth quarter of 2011. As more and more Americans find themselves struggling with unpayable student loans and other forms of overwhelming debt, filing bankruptcy is becoming a necessary move for many. If you are considering filing for bankruptcy in Oklahoma, consult our experienced bankruptcy attorneys at Oklahoma Legal Center today.

Student Loan Debt Increasing by the Billions

In addition to reporting the significant increase in the overall amount currently owed for student loans, the Federal Reserve Bank report also outlined historical figures noting the total amount owed by Americans in recent years, and the figures are shocking. Since 2003, for example, the amount owed on student loans in the United States has increased by $663 billion. In addition, 8.69% of the outstanding student loans were more than 90 days delinquent at the end of the first quarter of 2012, which is more than 2.5 points higher than the 6.13% percent that were 90-days delinquent during the first quarter of 2003.

Contact an OK Bankruptcy Attorney for Help

“Student loan debt continues to grow even as consumers reduce mortgage debt and credit card balances,” said Donghoon Lee, senior economist at the Federal Reserve Bank of New York. “It remains the only form of consumer debt to substantially increase since the peak of household debt in late 2008.” While student loan debt is typically not a type of debt that can be discharged in a bankruptcy case, individuals struggling with overwhelming debt in OK are encouraged to consult a qualified Oklahoma bankruptcy attorney to discuss their financial options. If you are considering filing for bankruptcy in Oklahoma, contact our experienced bankruptcy lawyers at Oklahoma Legal Center for legal help.

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