Ut Oh, New Bankruptcy Estimates Out

Fitch Ratings, the global rating agency that proves banks with prospective credit opinions, research and data, is expecting a further decline in personal bankruptcy filings for 2012. That news only spells a lessened demand for other debt relief services like credit counseling and debt settlement.

If consumers are not seeking protection under bankruptcy, historically, demand for the other ancillary services remains weak as well.

The 11 percent projected further decline in bankruptcy filings comes after the National Bankruptcy Research Center released figures that bankruptcy filings for the first half of 2012 were off by 13 percent.

But the future shows some glimmer of increased demand for debt relief services in the future. “We believe the pace of improvement will level off later this year, as banks appear to have begun loosening underwriting standards recently,” said Fitch.

But part of the projected increase in consumer debt falls into some very unattractive categories for debt relief companies, student loans and auto loans. – Source


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