The stressed-out consumer continues to pile up and it is not looking good for the average American worker. Headline after headline follows the same idea. The American consumer is eyeball deep with consumer debts and the resulting impact on their budgets and cash flow is making them one problem short of economic catastrophe! Whether it be as reported by CNBC, that “Outstanding consumer revolving debt — mostly credit card debt — hit an all-time peak of $1,021 trillion in June, according to the Federal Reserve”, or that again, as reported by CNBC, that most Americans live paycheck to paycheck, the outlook for consumers shows rough water ahead.
What most people don’t know or think is that many consumers look to bankruptcy as a last resort. How many people would think, “Boy I can’t wait to call the bankruptcy lawyer so I can file bankruptcy?” Not many based on experience but the current economic conditions are setting up a perfect storm potential that could dwarf all other times for bankruptcy filings.
Any economic slowdown or dislocation would force all the people living paycheck to paycheck who hold the trillion dollars of consumer debt to have to file bankruptcy fast before the creditors could garnish their bank accounts or wages! It takes some of the clients several months to get together $850 to alleviate all of their debt due to the living paycheck to paycheck. In fact, some don’t even have a paycheck but live from social security check to check, a dire situation.
Video Link: http://www.youtube.com/embed/YPwfp12rRaE
A recent client only lived off of $750 per month and little food stamps and owed thousands of dollars in credit for which she couldn’t pay. Many people are going to have to think of bankruptcy as their first alternative rather than their last should any dislocation or slowdown occurs. Known for being one of the top cheap bankruptcy lawyers in MD, Mr. Holmquist has worked with thousands of Maryland bankruptcy clients and thus, knows about which he speaks. “With the recent headlines as noted above, it appears that the entire economy is on edge and may tip over creating a terrible mess”, said Thaddeus Holmquist. “I only hope that this can be avoided before some meltdown which would impact all Americans.”
For more information, please visit http://599bankruptcy.com/.
Company Name: MARYLAND BANKRUPTCY LAWYERS
Contact Person: Thaddeus Jay Holmquist
Address:2833 Smith Ave #448
State: MD 21209
Country: United States