Lamey Law Firm, P.A.

03/30/2025

https://www.facebook.com/share/18zn4pzmAZ/?mibextid=wwXIfr

If you are behind on your mortgage, contact us on ways to help save your home!

6.1 million Americans are behind on their mortgage, the highest in 20+ years.

Brace for impact.

02/18/2025

https://www.cnbc.com/2025/02/13/credit-card-debt-hits-record-1point21-trillion-new-york-fed-report-finds.html?utm_campaign=trueanthem&utm_medium=social&utm_source=facebook%7Cmain&fbclid=IwZXh0bgNhZW0CMTEAAR2FVdyBPFQ4Ufb8ZLDWXpOwShgS4Tb8j0uDPTiihz54J9rQUoFLlh30UrQ_aem_XTUvsXDhEkB4JEbXO8_R6g

Credit card balances rose in the fourth quarter of 2024, the New York Fed found. Consumer spending continues to remain strong, despite high borrowing costs.

06/10/2024

https://headlineusa.com/credit-card-spending-sagged-again-in-april-suggesting-american-consumers-are-tapped-out/?utm_source=HW_EMAIL_NSP1400&utm_medium=email&utm_campaign=HWemail

If you are tapped out, give us a call to discuss options.

Overall, consumer debt grew by $6.4 billion in April, a 1.5 percent annual increase, according to the latest data from the Federal Reserve. Americans now owe $5.05 trillion in consumer debt.

05/27/2024

https://www.inc.com/associated-press/rising-credit-card-debt-a-potentially-bad-sign-for-economy.html

As rates of severe delinquencies rise, the youngest borrowers are having the hardest time keeping up iwth payments as interest rates hit a 23-year high.

02/06/2024

https://www.realclearpolitics.com/articles/2024/02/06/some_americans_have_become_saddled_with_credit_card_debt_as_rent_and_everyday_prices_remain_high_150447.html

If you are struggling with credit card debt, contact us to discuss options.

NEW YORK (AP) — While the U.S. economy is broadly healthy, pockets of Americans have run through their savings and run up their credit card balances after...

11/25/2021

Wishing everyone a very happy & safe Thanksgiving!! Hope you all enjoy wonderful times with family and friends 🥰🥰

09/30/2021

Have you ever heard of the "trillion dollar coin"?? Just like individuals, governments can also get into trouble over debt and struggle to get it under control. The "trillion dollar coin" is a monetary concept whereby the US MINT would issue a platinum coin valued at $1 trillion, which would then be used to retire that debt. Interesting!!

The "trillion dollar coin" is a proposed platinum coin with a face value of $1 trillion, which could be used to reduce the national debt.

09/24/2021

THE BIG NUMBER
$141.7 Trillion
The good news: Americans have seen a big jump in their household net worth. The bad news: Americans also fell deeper in debt.

According to the latest data from the Federal Reserve, Americans’ total net worth surged to a record $141.7 trillion through the second quarter of this year. That is a gain of nearly $6 trillion from the first quarter—an increase of over 4%. Household net worth has also rocketed nearly 20% since the early days of the pandemic.

Stock, Real Estate Gains
Most of the credit goes to the rising stock and real estate markets. Stock gains accounted for more than half of the overall gain in the most recent quarter. The robust housing market also helped. Real estate appreciation added a record $1.2 trillion in new wealth during the quarter.

Racking Up Debt
However, along with the big jump in net worth came a big surge in household debt. According to the Fed, consumer debt totaled over $17 trillion—up nearly 8% for the quarter. Breaking that down, consumer credit was up 8.6% while mortgage debt was up 8%.

Stimulus Debt
Along with household debt, U.S. government debt increased. It ended the second quarter owing over $28 trillion, a jump of nearly 10% and the most since the spring of 2020. That’s when the government began launching its aggressive stimulus programs to pull the economy out of the pandemic recession.

-courtesy of Investopedia - the Express

09/20/2021

Here's an update on the Purdue Pharma/Sackler Bankruptcy case we posted about a few months ago. The Department of Justice is seeking to block the bankruptcy plan, in which members of the Sackler family have been released from any liabilities concerning the more than 600,000 people claiming to have been harmed by OxyContin. It'll be interesting to see how this develops!!

The DOJ is seeking to block implementation of any part of the Purdue Pharma bankruptcy deal until legal challenges are settled. The deal granted Sackler family members immunity from opioid lawsuits.

09/15/2021

Did you know this week, 13-17 September, is National Small Business Week? We love to support small businesses, and thank all of you for supporting ours!!

National Small Business Weekadmin2021-09-14T15:22:15-04:00 What is National Small Business Week (NSBW)? Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneur...