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Consumers Shedding Problem Debt Less and Less

The latest round of bankruptcy filing numbers is out and it paints a picture many in the debt relief industry see firsthand, a decrease in demand for debt relief services.

Since the debt relief industry fails to provide any specific numbers about consumer demand, the best measure we have is to use the U.S. Courts bankruptcy filing numbers as a guide.

While a percentage of people may seek help with their debts through debt settlement or credit counseling they also seek the legal protection of bankruptcy.

Bankruptcy filings for the last 12-month period ending June 30, 2014, fell 12 percent compared to the same period ending in 2013. – Source

graph

Business and Non-business Filings
Years Ending June 30, 2010-2014
Year Business Non-business Total
2014 30,113 969,970 1,000,083
2013 37,552 1,132,772 1,170,324
2012 46,393 1,320,613 1,367,006
2011 54,212 1,516,971 1,571,183
2010 61,148 1,470,849 1,531,997

With consumer bankruptcy chapter 7 and chapter 13 filers, the downward trend is consistent.

Total Bankruptcy Filings by Bankruptcy Chapter
Years Ending June 30, 2010-2014
Year Chapter
7 11 12 13
2014 699,976 8,347 394 321,278
2013 804,885 9,811 463 355,081
2012 958,757 11,339 606 396,175
2011 1,118,481 13,051 743 438,788
2010 1,100,032 15,251 605 415,966

I went back and took a look at the general interest of people searching for other solutions like “credit counseling” and “debt settlement” to see if those trends continued a downward slope as well.

Credit counseling searches are in blue and debt settlement is in red. The dashed bit at the end is forecasted searches.

Credit counseling searches are in blue and debt settlement is in red. The dashed bit at the end is forecasted searches.

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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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