In today's economic climate, money troubles affect everyone in multiple ways. Though lost wages and foreclosed homes have dominated headlines for years, credit card debt is and remains a financial issue for many Americans. A recent report showed just how bad credit card debt and credit card delinquency is in some states.
Alabama residents may be interested to learn of a positive statistic that may be another signal of a strengthened economy. Recently, it was reported that bank repossession of homes are 29 percent less frequent than one year ago. This is great news for many homeowners who are still struggling to make their mortgage payments every month.
After a long period of being constrained by a struggling economy, it can take a while for the tide to turn. Many economic and financial statistics are beginning to show improvements throughout Alabama and the rest of the country, but the numbers still often paint a bleak overall picture. For Alabama residents who are not yet seeing the light at the end of the tunnel, bankruptcy can provide some needed relief from burdensome debt to bring financial stability within reach.
The struggling U.S. economy brings financial challenges to the homes of many Birmingham residents. Jobs are hard to find, salaries are cut and hours are reduced. As people's income is limited, it frequently becomes harder to deal with unexpected hardships, like medical emergencies, urgent home maintenance or a car in need of repair. Many people accumulate credit card debt during these times, fully expecting to pay it off when their finances improve. Unfortunately, this is not always as easy as it sounds.
It has been several years since the nationwide housing bubble burst, but many Alabama homeowners continue to struggle. A new report shows many Alabama families falling behind in their efforts to delay or stop foreclosure. Bankruptcy could be a way to help them overcome their financial challenges during a time when fresh starts are invaluable.