On July 18th the dotCOMM Awards announced that the Lexington Law App won a Gold award. Lexington Law, and other early deadline winners in the 2018 international awards competition, were honored for their excellence in web creativity and digital communication.
In December 2017 America owed a total of $834 billion in credit card debt alone — a 7 percent rise from 2016. When other sources of revolving consumer credit are included Americans owe a total of $1.027 trillion as of March of 2018. The outstanding revolving consumer credit is growing at a staggering rate and has surpassed revolving credit owed during the 2008 Great Recession.
Luckily, credit card default rates are down from the 6.7 percent peak during the Great Recession, but a large amount of revolving debt is not a good sign for the future. As 48 percent of credit card users make minimum payments on their credit cards and have an amount roll over to the next month, their total credit debt will become hard to pay off.
All too often, incurring debt seems to be a necessary evil of getting by in life. And in the city of Chicago, these residents are no exception as they continue to grow their debt balances year over year. Half of respondents to a recent survey conducted by Lexington Law found that the majority of resident’s debt — 54.6 percent — comes from credit cards. Not surprising considering that the average Chicagoan carries a personal credit card balance of $6,649.
Over 44 million Americans have student loans on file, adding up to a staggering $1.52 trillion in May of 2018. The class of 2017 walked off the podium with an average debt of $39,400 and that number is expected to rise above $40,000 for the graduating class of 2018. The US Census reported in 2015 that 33% of Americans held a bachelor’s degree or higher which raised five percentage points from the reported 28% of Americans that held a degree a decade before.
Many cite the growth in Americans pursuing higher education to the job market. A study conducted by Forbes surveying over 26 million job postings found that 67% of jobs required a bachelor’s degree or higher.
The burden of student loans is poised to have lasting effects on graduates as home ownership among Americans under the age of 35 is down and the expected retirement age is rising. With college tuition on the incline it is important for graduates and potential student loan borrowers to practice strategic financial planning in order to plan for future investments.
We are excited to announce that Lexington Law has released a brand new, user-friendly mobile app that makes it even easier for clients to track their credit repair journey. The free app is currently available on iOS and will be available on Android starting on August 20th.
Our clients saw over 4,800,000 negative
items removed from their combined credit reports last year.