The economic downturn has had a negative effect on many people in Alabama and across the U.S. From credit card debt to unpaid mortgage payments, the recession has made it difficult for many families to stay afloat. For some individuals and families, Chapter 7 Bankruptcy is an option that can help them to get back on track.
If you are one of the many U.S. citizens struggling financially, you are not alone. A recent poll hosted on the National Foundation for Credit Counseling (NFCC) Web Site shows just how many U.S. citizens feel their consumer finances need improvement. The results are based on feedback from 1,400 respondents who participated in the survey.
Results from the survey indicate that:
- 3 percent feel their financial situation has never been better
- 4 percent of respondents feel their finances are just fine
- 13 percent feel their finances could use a tune up
- 80 percent are convinced that their finances need a major overhaul
The NFCC developed a list of questions to gage where consumers are at financially. Questions were True/False and included, "My credit card balances increase each month," "Most of my credit cards are near the limit, so I've begun applying for new lines of credit," and "I have thought about filing for bankruptcy."
Not surprisingly, 80 percent of respondents indicated that they could benefit from additional advice on everyday financial matters. A representative from the NFCC said, "It is encouraging that people recognize how perilous their financial situation as become. Now they need to take action to resolve the problem and keep it from spiraling out of control." If you are struggling financially and are considering bankruptcy, an experienced attorney can help you determine the best course of action.
Source: SourceMedia, "Large Majority Of Consumers Report Trouble Managing Finances," May 1, 2012