While those that analyze esoteric financial trends and market conditions seem to think that the recession is easing, a large portion of the country aren't so quick to agree. With foreclosures still prevalent and personal bankruptcies at a level close to that of 2005’s pre-code change flood, there are plenty of reasons for Americans to still be on edge about their finances.
A recent survey by the Associated Press and its polling partner Gfk indicated that 46 percent of families are still not confident in the status of their economic situation.
The sense of financial stability in the country can be compared to the local weather forecast. With the heat and humidity here in North Carolina, an actual temperature of 90 degrees could actually feel like 96. The “real feel” temperature they call it. And in the end, isn’t that the only thing that matters? After all, the numbers are subjective, just like economic stats. If a person doesn’t have a job and is on the verge of bankruptcy, what difference does a spike in the consumer confidence index make? In fact, what the heck is a consumer confidence index? Who comes up with this stuff?
What is clear is that the job market still stinks. Compounding the job issue is the foreclosure epidemic. The two factors are tightly bound to one another. And the statistics in the housing market are just about as confusing and erratic. New home starts are up but sales are down. Agents keep talking about how great a market it is to buy but fail to mention how difficult it is to secure a mortgage. Man, lots of conflicting information about there, huh?
Ultimately, polls like the one conducted by AP-Gfk are as equally nonsensical. A person’s outlook on the economy is completely independent of the condition of the country as a whole. There are many people who have found a way to succeed in this economy and are making more money than they ever have. Therefore, a poll is going to find them fairly confident about their odds of avoiding bankruptcy and the economy in general. Heck, pretty much anyone who has a job right now is going to respond positively.
There are some benefits to the ongoing fear of the country’s economic status: more people are remaining aware of the pitfalls of long-term debt. Penny-pinching is becoming chic and credit cards are no longer yanked out of wallets like a six-gun sidearm.
Nevertheless, people are still pretty worried about what’s going on out there. If you're having trouble keeping your head above these troubled economic waters, talk to a bankruptcy attorney today. A Chapter 7 bankruptcy will help you eliminate all of your unsecured debt, freeing up your money for more important things. A qualified bankruptcy attorney can also discuss whether a Chapter 13 bankruptcy might be a better option. A Chapter 13 can help you get caught up on your house and car, and keep you out of foreclosure. In North Carolina, John T. Orcutt has the experience you need to get a fresh start. Call +1-919-646-2654 today to set up your free initial consultation, or visit www.billsbills.com to fill out our debt questionnaire. Don't wait another day.