Florida Bar-approved lawyer referral service, Resolvly, dives deeper into the topic of the statistical trends observed across numerous debt types during the COVID-19 pandemic.
BOCA RATON, Fla.--(BUSINESS WIRE)--Resolvly specializes in connecting clients with consumer protection attorneys who are experts in debt resolution. The Boca Raton-based company has helped thousands of people in the United States find the proper, legal-based solution to help decrease or wipe clean any unsecured debt. Resolvly not only helps with credit card debt, but also private student loans, business debt, medical bills, and vehicle repossessions.
The company observed statistical trends across multiple debt types during the COVID-19 pandemic and goes into further detail below.
Several different trends started during the coronavirus pandemic that ignited people to acquire more debt. Such trends resulted from numerous factors, including national adaptation to remote work and learning, people’s change of habitat due to social distancing, and taking on more household space. These factors are what caused a quick increase in housing-related debt.
The Federal Reserve Bank of New York recently released data that reflected the total household debt escalating from $87 billion to $14.35 trillion in the third quarter of 2020. However, during the pandemic, credit card balances decreased by $10 billion, following a $76 billion fall in the second quarter. The Federal Reserve Bank of New York has been publishing these data trends since 1999, and the pandemic held the steepest decline in card balances since data started being published, which resulted in the largest quarterly decline recorded.
Though people were paying off their credit cards, mortgage debt replaced the financial burden. New and refinanced mortgage loans were valued at the second-highest historically ever, showing in the third quarter $1.05 trillion.
A driving force behind these financial outcomes was not those who unfortunately added to the increase of unemployment, but rather the people in the United States who still had jobs and great credit scores.
Though there was a drastic decline in credit card debt during the coronavirus outbreak, there were still 51 million Americans who increased their credit card debt due to the pandemic.
Organizations like Resolvly provide services such as debt assistance with an added personal touch for the well-being of clients. Resolvly’s highest goal is to help clients not only conquer their current debt but, during the process, also empower individuals to stay away from a similar negative financial position in the future. When broken down, eliminating debt and keeping it gone comes down to a more psychological approach than mathematical. Experts at Resolvly are dedicated to opening the door for clients to achieve true financial freedom. The company touches all kinds of unsecured debt, including credit cards, medical bills, private student loans, business debt, and vehicle repossessions.
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. The Boca Raton-based company was founded in 2015 and has helped thousands of Americans find the right legal-based solution to reduce or dismiss their unsecured debt. Resolvly works with a network of attorneys that will protect and enforce their clients’ legal rights.