During the past year we have seen quite a number of things go sour with our much touted financial institution. This year will go down in the record books as one that should’nt be repeated, however should not be forgotten. Jump to the present and we are in a recession and our national deficit is escalating at an alarming rate.
At this point a year ago petrol prices were quite outrageous and American consumers were singing the blues, if we thought that was bad skip forward to today and we are crying for something to change.
The trickle down effect ignited last September when many of our large banking institutions started to fail and started begging for capital from the Fed. This caused chaos for scores of Americans, countless amounts of people lost all their money in the stock market. Speaking of which the market at one point fell so low people were frightened we were days away from a horrible depression.
The next industry that got majorly affected is the mortgage industry. We are now seeing record highs in the number of home repossessions and the worst most financial advisors believe has not yet come to fruition. The scandals being used in the sub-prime mortgage sector are what started this entire mess and still continue to plague it. Most speculate it might take up to five years for the real estate sector to be running smoothly again.
Now the automobile industry has encountered some major problems. Many of the large auto institutions are in need of government money or are filing for Chapter 11. If this is an indicator of things to come it is very frightening.
One more looming problem for tens of millions of US taxpayers is the growing number of credit card defaults. Credit card debt has climbed to an all time high as well. Many consumers are experiencing a extremely difficult time trying to get out of debt. The good thing is there are debt solutions that can enormously aide consumers in escaping the never ending credit treadmill. One of the most helpful systems of debt relief has become credit card debt settlement, especially during this economic collapse. This program aides debtors in saving a lot of cash.
The reason getting out of credit card debt is crucial for so many is because unemployment is also climbing to new heights. People need to keep more funds in pocket to budget their homes and keep them afloat. With such harsh times saving cash has become so important, nobody experiencing problems as of the moment should put off on attempting to get their families out of debt.