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June, 2013 G19 Release Shows Little Movement for Debt Relief Industry

The latest G19 report is out from the Federal Reserve. Typically the debt relief industry is most interested or able to deal with revolving debt such as credit cards. The April, 2013 data just released shows revolving consumer debt rose at an annual rate of 1 percent while nonrevolving consumer debt rose at 6.4 percent. Nonrevolving debt includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations.

Pools of securitized assets, the area banks would sell massive pools of credit card accounts they generated before the crash, remain flat and an indication banks are not able to find sufficient buyers of massively generated new lines of credit.

June, 2013 G19 Release Shows Little Movement for Debt Relief Industry

You can see why the debt relief industry prospects remain flat and this is not limited because of banks issuing new credit but by the continued upward pressure on the already tight budgets of families who are now dealing with exploding nonrevolving debt fueled by growing amounts of crippling student loan debt.

The rise and fall of all forms of debt relief can be seen in the hump in the amount of revolving debt but the amount of revolving debt never recovered after the recession like nonrevolving debt did in 2011.

June, 2013 G19 Release Shows Little Movement for Debt Relief Industry

And if you look at the percent change in annual rate of revolving consumer credit it remains just as flat. There is no evidence of an exploding issuance of revolving consumer credit that would fuel a roaring return of the demand for debt relief.

If you want to see my past predications and if I was mostly right or mostly wrong, see the archive here.

June, 2013 G19 Release Shows Little Movement for Debt Relief Industry
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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