Christmas Credit Can Lead to Bankruptcy in the New Year

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Season's greetings and all that corporate malarkey, at least until the bills start rolling in in the New Year. It has become common to see most Americans overspending during the Christmas season and this year has been no different. It's hard not to do this when we are bombarded with TV, newspaper and radio commercials for sharing amazing offers that are not available at any other time of the year. Corporate America is doing a good job of getting Americans to buy products they can't afford. Without the credit cards, they wouldn't have any games to play. A majority of Americans these days are broke or close to it. If all of their creditors were to be paid today, pretty much everyone would go bankrupt.

Since the economic downturn of 2007, the United States has not experienced any kind of recovery that the mainstream media continues to report. The numbers just don't add up. The Fed continues to print $ 85 billion per month with quantitative easing to keep U.S. corporate interest rates at 0%. Main St. America does not benefit from any of these policies from the Fed, only from the big banks and financial institutions. The rich are getting richer and the poor are preparing to file for bankruptcy. The gap has widened between the rich and the poor, with the middle class almost completely evaporating into the void. Jobs go and don't come back. The real estate market has been booming recently, but when you look at the actual numbers of first-time buyers and people financing their homes, you'll see that most of the homes sold were investors and cash buyers.

A recent study was published saying that every American is three weeks from bankruptcy. The way they arrived at this statistic is by looking at the average debt ratios and the cost of living. The average American has $ 16,000 in credit card debt and only earns $ 35,000 a year. Just add their living expenses and that person is three weeks away. bankruptcy filing. It's sad, but it makes sense. What happened to the old days when it was more about the thought than the cost of a gift. Previously, people would spend time looking for the perfect gift that fit within their budget that would get their family member excited on Christmas morning. Now it's about cubic dollars, if it doesn't cost a lot it can't be good, at least that's what American companies want you to believe. And that's why many Americans will call a bankruptcy lawyer again as a New Year's resolution. I believe people in this situation shouldn't feel bad about declaring bankruptcy. In today's media-driven world, it's almost impossible not to get caught up in buying now paying for your lifestyle later. There is also a guilt for these creditors. I'm not saying people shouldn't be paying their bills, but they aren't solely responsible for the debt situation they've gotten themselves into. As the government continues to crack down on laws that benefit big banks and corporations, people must take advantage of our bankruptcy laws before they are no longer available to them.