Minnillo & Jenkins, CO. LPA
Hyde Park, Eastgate, Fairfield, Covington: 513-723-1600
Portsmouth: 740-300-2022
Call For A No-Pressure, Free Consultation

Average household debt rises for 20th consecutive quarter

A surging economy may have a way of leaving individuals in Ohio and across the nation less hesitant to take on additional financial obligations. While having confidence that one will be able to afford payments on accounts can be an encouraging feeling, there is always a risk that circumstances could change. With reports indicating that debt levels have continued to increase for 20 consecutive quarters, it could take little more than a minor change in circumstance to leave many families facing financial hardship.

Recent reports indicate that the average household debt across the nation reached levels of $13.86 trillion in the second quarter of 2019. These reports indicate that debt levels increased by $192 million in this quarter alone. While auto loans and credit card debts both play a part in this increase, studies suggest that with lower average interests rates during the second quarter, mortgage loans continue to be a rising concern for many.

While reports indicate that delinquency rates among mortgage and auto loans have declined, credit card delinquencies increased by as much as 5%. Experts suggest that a strong economy could be the primary contributing factor behind the continual rise of household debt. However, they also warn consumers of the risks of a possible economic slowdown and state that a similar scenario could leave many facing financial strain.

When a change in circumstance alters a person's ability to keep up with financial obligations, the situation could lead to extended periods of monetary hardship. Those who experience the trials of dealing with debt may have a variety of available options for relief, but choosing a path can be a stressful process. Fortunately, there are attorneys who can assist a person in Ohio in making informed choices about the situation and help him or her pursue the required relief through the necessary outlets.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Hyde Park Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: +1-513-723-1600
Cincinnati Law Office Map

Eastgate Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: +1-513-723-1600
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: +1-513-723-1600
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Suite 5
Covington, KY 41011

Phone: +1-513-723-1600
Map & Directions
Covington Law Office Map

Portsmouth Office
612 Chillicothe Street
Portsmouth, OH 45662

Phone: +1-740-300-2022
Map & Directions
Portsmouth Law Office Map