(Smart Money) —
People struggling to repay debt often hear the same advice — budget better, make more money, negotiate debts, get professional help — but what happens when repayment is difficult even after following that guidance?
It’s a question more debtors are asking themselves. The rate of serious delinquencies (90+ days late) on consumer debt is up more than 3% in the last year and total household consumer debt has risen from just over $5 trillion in 2000 to $11.7 trillion in 2010, according to a study by the Federal Reserve Bank of New York. Now, many people — even those who had stellar debt repayment records in the past — are faced with picking which debts to repay.
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