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Many Americans Are Going Further Into Debt and Should Consider Bankruptcy

Many Americans Are Going Further Into Debt and Should Consider Bankruptcy
"""Over the past few years, the conventional media has continued to assert that the worst of the economic downturn is now behind us and that everything is improving. If you reside in the midst of the United States, you would realize that this is utter nonsense. In 2010, a record number of Americans with no other option filed for bankruptcy in the United States. Many of these same individuals had lost their jobs, their homes, and their faith. In order to halt their aggressive creditors, they were forced to file for bankruptcy.

Since 2010, the number of individuals declaring bankruptcy has decreased, and the media has utilized this as an opportunity to inform the world how great things are. The St. Louis Federal Reserve recently released unemployment-related economic data. This data indicates that under this administration, long-term unemployment is at its greatest level since World War II. Numerous experts believe the president's efforts to extend long-term unemployment benefits may have contributed to this issue. The released data indicate that the average duration of unemployment in the United States is now 40 weeks. This is twice the greatest level for 20 weeks during the previous three recessions. If you're wondering why fewer people are declaring bankruptcy, it's because they can continue delaying the inevitable by extending their unemployment benefits indefinitely.

In all honesty, the United States is bankrupt. The government's unpayable debt is approaching $17 trillion and expanding. The Fed stated yesterday that Congress must eliminate the debt ceiling because it has lost all value. The American people will never be able to pay off the debt that the federal government signed them up for, given the current state of affairs. Not only is the government borrowing itself into oblivion, but so are the American people. This is one reason why I believe the number of individuals declaring bankruptcy will continue to fall. Through credit cards and personal loans, the banks are once more injecting capital into the economy. People who formerly lived from paycheck to paycheck are now adjusting to living from short-term loan to short-term loan.

One credit agency reported that individuals are borrowing more money to make payments on their existing loans. People will continue to attempt to do the right thing by paying their debts so long as banks continue to lend their newly-printed counterfeit currency. Creditors make it obvious to debtors that bankruptcy is not a viable debt relief option. Many debtors assume that if they file for bankruptcy, they will never see credit or be able to purchase a home again. This is a statement creditors make to debtors who are contemplating bankruptcy. Now, a significant number of these individuals are falling into the poverty trap because they must borrow money at higher interest rates to continue fueling the machine.

Prior to 2010, this was not feasible due to the significant belt-tightening in the financial sector. Even those with excellent credit lost substantial credit card and line of credit balances. After QE1, QE2, """"The Twist"", since September QE3 and in December QE4 have been implemented. The intriguing aspect of QE3 and QE4 is that they have an indefinite duration. Quantitative easing and dollar issuance to purchase mortgage-backed securities total $85 billion per month. As printing presses continue to produce billions of dollars, the United States will experience inflation similar to that of the Weimar Republic. It has never worked, and it will not work now.

The time has come for Americans to be truthful with themselves about declaring bankruptcy before it is too late. People need to wake up, stop watching reality television, and return to the values of the past. Our ancestors once took pride in their debt-free lifestyle, and we as Americans should emulate them. Even if Chapter 7 bankruptcy must be filed to get a head start on becoming debt-free, it is well worth it. Living beyond one's means and borrowing money to pay past debts will only end in disaster. A person in debt should not listen to their creditors, but instead discuss their financial circumstance with a bankruptcy attorney to get a more accurate picture.""

" - https://www.affordablecebu.com/
 

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"Many Americans Are Going Further Into Debt and Should Consider Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 151 times and generated 1 comments. The article was created on and updated on 31 May 2023.
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