According to the Los Angeles Times, the Federal Reserve Bank of New York released data suggesting that consumer debt has contracted for seven quarters in a row, but that bankruptcies and foreclosures both increased. Since 2008, household debt has decreased 6.5%, but second quarter bankruptcies have increased 34% and new foreclosures increased 8.7%. Californians had the largest per-person debt at $77,500, while Ohio had the lowest per capita debt at around $40,000. The average American owes $48,800.
Sergei Lemberg, Esq., focuses his practice on defending consumer rights in the areas of Fair Debt Collection Law, Consumer Fraud, Auto Warranty and Auto Injury litigation.
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