La Jolla, CA – April 9, 2015

Earlier this week the Federal Reserve issued its monthly report on consumer borrowing. The report covers consumer borrowing for everything except mortgages. The trend in 2015 has been increased borrowing. February was no exception with these numbers growing by $15.5 billion. While we saw credit card debt decrease by $3.7 billion, this number was offset by $19.2 billion in auto loans and student loans. You can check out the rest of the stats in the following article published in the San Diego U~T yesterday.

I see a couple of alarming things in this article. First, our nation’s student loan debt continues to rise. In my student loan debt relief law practice, I talk with a large number of graduates that have no idea how they will ever pay back their student loans. It’s great when I can provide them direction on student loan repayment options. But there are still many borrowers that fear their student loan debt will still be there when they are looking to retire. Second, economists expect credit card use to rebound in the coming months. While economists are happy that consumer confidence in spending, I am fearful of what may lie ahead for consumers.

Consumer confidence can lead to overconfidence in credit card usage. If we see a rise in unemployment or don’t get more relief for borrowers saddled with student loan debt, repaying credit card debt might take a back seat for many. I see this far too often in my debt settlement law practice. If you are facing debts you are no longer able to pay back, you should contact Gamez Law Firm for a free debt consultation to figure out your debt repayment options. Even if you have heard that there’s nothing you can do, you need to turn over every stone to find a solution.

Daniel R. Gamez, an attorney focusing exclusively in debt settlement, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in La Jolla, CA. For more information, please contact Daniel Gamez at 858-217-5051, or visit