A picture is worth a thousand words

As we navigate the current COVID-19 pandemic and its effect on America's financial landscape, the picture below shows the increase of debt that's 90+ days delinquent. It appears that student loan and credit card debt delinquencies are on the rise.

Outstanding student loan debt stood at $1.54 trillion in the first quarter of 2020, up by $27 billion from the 4th quarter of 2019. 10.8% of student debt was 90+ days delinquent or in default in the 1st quarter of 2020.

According to the Bureau of Labor Statistics, the unemployment rate as of May 11, 2020 was 14.7%. This is a sharp increase from the previous month. With companies laying off workers and college graduates unable to land jobs, the debt crisis will invariably get worse.

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If you were free from consumer debt, had some savings socked away, and lost your job through no fault of your own. Would you be a statistic on the picture above? Probably not.

The time to get your finances in order and pay off the debt is now. What are you waiting for? We are here to help.

Monique