Given the far reaching and anticipated long term economic recovery needed from COVID-19, effectively managing debt in 2020 has taken on a new sense of urgency. According to Experian’s 2019 Consumer Debt Study, total U.S. consumer debt reached an all-time high last year at $14.1 trillion, with credit card debt at a record high of $829 billion. Understanding legal terms and the full spectrum of options when faced with outstanding debts is an important step in securing financial stability during uncertain times.
