O'Donnell Law Center : Lake of the Ozarks

Debt is one of the greatest obstacles any adult can face, and unfortunately, it has become a pervasive problem in our modern society. In order to better illustrate the current debt burdens American households are carrying, our Lake of the Ozarks debt collections defense attorney is here to share the following 2016 statistics compiled by  NerdWallet . Here is how much debt the average household has in each of these categories: Credit cards - $16,748 Car loans - $28,948 Student loans - $49,905 Mortgages - $176,222 Any given household may carry more or less debt than the average in each of these categories, depending on the family's specific lifestyle/needs. NerdWallet goes on to reveal that after adjusting the totals in any given category, the average household carries a total debt balance of $134,643 (including mortgages). What Happens To All That Debt? Typically, consumers take on debts to cover certain large purchases they would not otherwise be able to a...

8 in 10 Americans are in debt (Source: CNBC.com ) . We all dream of achieving a debt-free lifestyle, but the unfortunate truth is that most of us will never get there. However, having debt is not necessarily a bad thing. Car loans and mortgage loans, for instance, allow us to own cars and homes that we would never be able to afford if were limited to making out-of-pocket purchases. If you fall behind on payments, though, even "good" debt becomes a massive financial burden. If you or someone you know is struggling with delinquent debt, having a debt collections attorney on your side may be worth its weigh t in gold. Debt In America - A Brief Overview Americans are currently facing a debt crisis, with figures at all-time highs. Here are a few eye-opening statistics about the current debt level in America: The total outstanding consumer debt is $3.4 trillion.* 38.1% of households carry some amount of credit card debt.* Student loan debt currently exceeds all othe...

Staying on top of your finances can be a tricky process. Due to the inherently unpredictable nature of life, unforeseen circumstances may suddenly arise out of nowhere and throw your finances out of balance. If/when this happens, paying your monthly bills may become a challenge. Late payments often incur late fees and other penalty charges, which then makes them even more expensive - and thus even harder to pay off. All too quickly, your finances may spiral down into a vicious cycle that may be challenging to overcome. If you feel yourself getting sucked into this pattern, it is crucial that you contact a Missouri debt collections defense attorney immediately. Being Pursued For Delinquent Debt Unfortunately, creditors are often not very sympathetic to the situations you're facing that may have led to your inability to pay your bills. All creditors know is that they have not received the money owed to them, and often all they care about is taking steps to get that money. ...

What happens if you cannot (or for some reason do not) make the required payments on a debt you owe? The creditor or debt collections agency can sue you for the outstanding debt. Even if you are being charged with a delinquent debt, you still have rights that deserve protection. Depending on the situation, you may even have a solid legal defense that can prevent you from having to pay the money your creditors say you owe. Debt Collections - An Overview Debt collection defense is a complex legal discipline. Typically, these cases involve large sums of money that originally stemmed from any number of situations such as mortgage loans or credit card debts. If you are unable to make the required payments on these loans, the creditor and/or a collections agency may bring you to court in order to demand repayment for these unpaid debts. Buying and selling debt has become a business in and of itself. Lenders who gives you the original loan, for example, will frequently turn around...