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Debt problems mounting in Long Island
6/30/2008 4:45:58 PM
Gemma Roskell

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Debt is becoming an increasingly prevalent issue in Long Island, New York, according to a local news source.

Many people in this area of the US are becoming overwhelmed with debt from credit cards, according to Craig D Robins, a bankruptcy attorney, who was talking to Newsday.com.

The online portal also details similar comments from personal finance counselor Colin Nupp, who works for Debt Counseling Corporation in Hauppauge.

"A lot of these people are now maxing out these credit cards and are at a point where they can't put anything more on them," Mr Nupp reportedly claimed.

He added that this can result in people feeling like they are "spinning in wheels" as they are paying their finance charges with the minimum payment only.

Last week, the Federal Reserve opted to keep interest rates at two percent - a move that ensures the cost of general borrowing is not on the rise yet.

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