Will the election results wreck your finances? Nah.
Image Source: Flickr User justgrimes
In what was a shock for those that anticipated a Hillary Clinton landslide win, Donald Trump won North Carolina in his march to the White House. Guilford County went heavily towards Clinton, with 59% of votes going to the former first lady and 39% going to Donald Trump. Despite Greensboro leaning left, there’s a new presidential reality coming in January. But what does the Trump win mean for the finances of Greensboro, NC residents?
Immigration Versus Infrastructure
Many voters were concerned about the President-elect’s tough talk on immigration, deportation, and border walls. In recent interviews, though, Trump has softened his stance and was more interested in talking about building infrastructure than immigration. He backed off on talk of mass deportations and focused more on spending bills to improve roads and other federal projects. This could actually help Greensboro consumers who work in construction, public works, and other industries.
Taxes And Healthcare
President-elect Trump has also promised to lower income tax rates on both individuals and businesses. Historically, lowering business taxes has helped promote job growth, so this could bode well for NC residents.
Healthcare is another area of concern. During the election, Trump pledged to kill the Affordable Care Act. That’s a big concern for Greensboro, NC consumers that rely on the health program for their insurance. However, in his recent 60 Minutes interview, the President-elect promised there would be no gaps when they change programs. Republicans in the Senate have made similar promises regarding maintaining the strength of healthcare.
North Carolina’s rate increases under the ACA have been more modest than other areas of the country with an average of 25% rate hikes. If the new Republican health plans lower rates, as promised, that could be a win for Greensboro consumers. They’ve also promised to keep the rider to block exclusions for pre-existing conditions and to keep young adults on parents’ insurance.
Retirement Accounts And Stocks
For those with investments in the stock market or retirement accounts, the post-election activity has been a boon unless you sold short hoping for a drop in the market. If the momentum keeps up, it’s positive for everyone. The bottom line on all of this is that we’ll have to wait and see what really happens once the new administration begins to change existing policies and create new ones. For now, it’s a waiting game.
Get Your Finances And Debt In Shape Now
If you’re concerned about debt and struggling financially, know that you could be free of all credit card debt and medical bills by the end of the year. If you qualify, Chapter 7 bankruptcy can wipe out most unsecured debts for Greensboro consumers. For others, Chapter 13 bankruptcy may be preferable. This puts you on a repayment plan to catch up past-due balances on secured debt such as your mortgage or car loan.
Debt is a reality no matter who sits in the White House. Most bankruptcy filers have suffered a “major life event” that caused their debt dilemma. Serious accident, catastrophic illness, divorce, disability, and prolonged unemployment are all circumstances we hear regularly at our free bankruptcy consultations. If your debt is so out of control that you’re living paycheck to paycheck, can’t afford to save money, and are unable to pay your bills, you may need a serious debt intervention like bankruptcy.
Studies show that those who file bankruptcy typically have a higher credit score a year after choosing bankruptcy than those who continue to wallow in debt they can’t pay. To find out more, contact the Law Offices of John T. Orcutt for a free North Carolina bankruptcy consultation. Call +1-919-646-2654 now for a free Greensboro NC bankruptcy consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.