Bankruptcy Filings Decline Overall for 2011 as of June

Through the period ending June 30, 2011, consumer bankruptcy filings fell 8% from 2010. The American Bankruptcy Institute credits consumer concentration on debt reduction with the decrease in filings. While the first half of 2011 witnessed this overall decrease, bankruptcies in June increased 4%.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Credit Card Demand Falls

In the first quarter of 2011, the Federal Reserve found credit readily available with applications for credit cards being approved. However, applications decreased 3%. The Fed inquired about extensions of credit on active accounts, and those increased by 16%. It seems consumers are not applying for new accounts, but rather seek more credit access on accounts they already have.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.