In America today, 28% of us have more in credit card debt than we have in savings. That’s up 5% in the past two years. Another 17% of us don’t have any credit card debt, but we don’t have any emergency savings either.
Those are among the findings of the recent Bankrate.com Financial Security Index survey. It means that one quarter of Americans probably can’t pay their credit card debt if they have a medical emergency or lose their job.
Spending is trending upward. Credit card balances rose 1.9% over the last year according to the Federal Reserve as the U.S. and world economy started to recover from the Recession.
Greg McBride, Bankrate’s chief financial analyst, notes that people in their prime earning years, between the ages of 30 and 64, are the most likely to be piling on credit card debt and neglecting their savings.
These findings reveal all too clearly that people are still struggling and many are facing the prospect of overwhelming debt if and when an emergency happens. Our attorneys talk with many of them every day in our offices.
If you, or anyone you know, is in this situation, call us immediately. We offer everyone a free consultation with a skilled, experienced attorney to discuss options and plan the best legal solutions.
As Virginia’s largest consumer bankruptcy law firm, we have helped over 106,000 people since 1991.
Russell “Rusty” Boleman III, Chairman of Boleman Law Firm, P.C. and his wife, Gayle have enjoyed almost fifty years of marriage and working together. Their early days were spent in Virginia, Illinois, Wisconsin and finally Texas, where Rusty worked as a technical recruiter in the oil industry. Then, suddenly, the American oil industry collapsed with low oil prices. Rusty and Gayle, along with thousands of American oil workers, experienced loss of jobs and income.
As Boleman Law clients know all too well, during a financial crisis, bad things can happen to anyone. The poor treatment Rusty and Gayle received as they sought solutions to financial problems led them to believe that there was a need for a change in bankruptcy law practice. At age 40, those experiences led Rusty to law school in Richmond -much later in life than most of his law school colleagues. He worked all through law school with Gayle at his side. After graduation, they founded Boleman Law Firm in 1991 with the goal of treating everyone who came to them seeking help with respect and dignity, while providing excellence in customer service and legal advice.
Rusty’s strong commitment to legal knowledge, ethics and community service has made him one of Virginia’s leading lawyers, Rated AV Preeminent® by Martindale-Hubbell and a Virginia Lawyers Weekly 2017 Virginia Leader in the Law. Almost 30 years later, the firm that bears his name has helped almost 110,000 Virginians regain their financial health. The 22 lawyers and 45 staff members carry on the traditions of excellence and compassion as they provide assistance to over 10,000 folks each year.
Rusty and Gayle are proud parents of one daughter and grandparents of two grandchildren. They and their two cats are now enjoying semi-retirement and spending time with their family. But, no matter where they are, they are never far from their other family, the lawyers and staff who strive every day to make Boleman Law Firm a safe and happy place for both clients and employees.