SAN DIEGO, CA--(Marketwire - Feb 20, 2013) - One of the many different forms of debt that a consumer can take on in life is student loan debt. Unlike many other forms of debt, however, student loan debt cannot be discharged in bankruptcy absent relatively rare circumstances. As such, the San Diego bankruptcy lawyers at the Golden State Law Group are reacting to a recent story that appeared in the Los Angeles Times regarding a study pinpointing the percentage of household debt across the United States attributable to student loan debt with deep concern. As such, the firm is offering consumers a free initial consultation to troubled consumers in order to review their financial situations.
Specifically, the attorneys at the firm are reacting with concern to a story that ran in the Los Angeles Times on Tuesday, February 12, 2013 that was entitled, "Student loan debt -- a bit of good news" and it concerned a study that was recently completed by economists at Wells Fargo Bank. The 'good' news was that the economists who performed the study stated that they did not believe that the student loan debt as it's currently constituted represented a 'bubble' akin to the mortgage bubble of recent years.
However, the San Diego bankruptcy lawyers at the Golden State Law Group noticed the fact that appeared in the story that related to the percentage of overall household debt in the United States that was tied to student loans presently as compared to 10 years ago. According to the portion of the study that was quoted in the article, approximately 8.5 percent of all household debt in the United States is currently labeled as student loan debt. That compares to just 3.3 percent 10 years ago.
This rise has occurred at the same time that other forms of debt have fallen, according to the article. For instance, mortgage debt has dropped by more than 13 percent since the end of 2008 and credit card debt is down by 23 percent since that time. In terms of raw numbers, the amount of student loan debt owed in the United States is approaching $1 trillion.
Given this report that contains these facts presented by Wells Fargo in the Los Angeles Times, the San Diego bankruptcy lawyers at the Golden State Law Group are offering a free initial consultation to consumers who are experiencing financial difficulties. The purpose of this consultation will be to review a person's overall financial situation in order to identify a potential solution to those problems.
About the Golden State Law Group
The Golden State Law Group is a law firm in San Diego, California that's comprised of a team of San Diego bankruptcy attorneys who provide legal help to consumers and businesses. Specifically, the attorneys at the firm provide help to consumers in the legal areas of student loan debt problems, medical bill issues, consumer bankruptcy, business bankruptcy, tax debt issues and personal injury cases.