Thompson Law Group, P.C.

Consumer debt makes saving the home a priority

Most adults in Pennsylvania have at least some consumer debt. This includes things like credit card balances, medical bills and student loans, but excludes mortgages and auto loans. But carrying consumer debt can actually complicate a homeowner's ability to keep up with mortgage payments. As these balances build up, saving the home often becomes a priority.

Nearly 90% of Americans have at least some amount of consumer debt, and half of all consumers owe anywhere from $1,000 to as much as $20,000. In a survey conducted by Discover, most people said that medical expenses and student loans were the biggest reasons they ended up taking on so much consumer debt. In total, 60% of adults feel burdened by their debt.

Many people view homes as investments for the future. Homeowners with this viewpoint might not think of their mortgages as a problem, and those who do often choose to focus on their consumer debts. However, an article from MReport found that approximately 12% of homeowners feel as if their mortgages are their biggest financial burden.

When someone has more consumer debt than he or she knows how to handle, paying the mortgage can also be a struggle. Saving the home might become a new priority after spending months or even years trying to chip away at debts that keep growing because of interest rates. Not everyone in Pennsylvania realizes that there is one process that can address both of these problems. Chapter 13 bankruptcy can generally help an individual discharge his consumer debt while also keeping the home.

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