Over the last couple years Americans have been faced with unparalleled financial problems. You can't turn on the TV without hearing about government cutbacks or even the high rate of those filing bankruptcy to get out of debt. The issue of debt has become front and center in the United States. It's about time Americans need to wake up before the debt gets so high they will never be able to turn it around. Right now, the US is sitting on top of the fence and it could go either way depending on whether or not the government is willing to make the hard choices and kept spending. The sad thing is it's an epidemic that is running through our society. Recently, a study showed that 43% of American families spend more each year than they make. When prices on food and energy continue to rise there is less left over to pay those credit card bills. Our culture has become enslaved to debt and the only way we might get out of it is by filing bankruptcy. Filing bankruptcy is better than never being able to escape and dying being buried under this mountain of debt.
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Every year, consumer borrowing continues to rise especially in December. In December 2011, credit card debt rose by $19.3 billion. That takes us to a whopping total of $2.5 trillion in consumer debt according to the federal reserve. In fact, consumer debt has increased 1700% since back in 1971 when the credit card industry just took off. But many people avoid filing for bankruptcy because they're afraid of losing their "priceless credit cards". Not even thinking of how or when they will ever be able to pay these debts off. Debt slavery is destroying the fabric of our culture all across the US. Unless it stops, there will be no way to turn it around.
With all the talk about out of control government spending, many people have taken a closer look at their own financial situation. Maybe this debt crisis can be a positive thing in American households. Realizing that there is a problem is the first step to solving it. If there is no way to pay this debt off, people should consider consulting a bankruptcy lawyer to discuss their financial situation. Burying your head in the sand will not make the problem go away, but will only compound it. Most of the time the bankruptcy lawyer will review the individual's financial situation by adding up their total debt and seeing if it's even possible to pay this debt off in less than five years. If this debt cannot be paid off in five years with no additional credit card spending filing for bankruptcy is in their future.
While nobody wants to file for bankruptcy, eliminating a large amount of unsecured debt can eliminate the stress that goes along with it. Getting out of debt slavery allows an individual to live once again free from creditors phone calls and worrying about how to make ends meet. Filing bankruptcy with the help of a bankruptcy lawyer will allow an individual to get their life back on track with a fresh start. Don't worry about losing your credit cards because of the bankruptcy filing, credit will return soon enough. Instead, enjoy the time being debt free while you can.
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