Two years ago, few would have predicted that the slow-down in the booming real estate market would have led to the current economic climate we are in today. But that downturn, along with the demise of the sub-prime lending market set a ball rolling that has yet to stop. You can almost say it’s sort of a domino qq pkv effect.
Huge financial institutions have either gone out of business or are seeking assistance from the government for a bailout. Companies that have been in business for dozens of years and that employ thousands of people have literally found themselves on the verge of bankruptcy. But beyond the big companies, what about the rest of America?
The people suffering the most during these rough times are the average American consumers. With home values declining, stock portfolios in the tank and credit card debt on the rise, we are all left wondering how did this happen and how can I help myself get out of the hole. This situation has thousands of people losing their homes and stuck knee-deep in credit card debt.
As the federal government struggles with how to save a global economy and worrying about large businesses such as GM and AIG, who is there to worry about the little guy? With unemployment continuing to rise and the forecast grim, the average American is left to wonder how they will weather the down times and where to turn for help.
Many Americans are already addressing their situation. They are “tightening” their belts and reducing the amount they spend on vacations, cars, and other consumer goods. That will help them survive the downturn but it does nothing to stimulate the economy.
But what if just tightening your belt isn’t enough? What if you simply can’t make ends meet? This unfortunately scenario is evident daily in homes across America as the impacts of the recession hit home. Some can’t make their house payment; others have too much credit card debt. Others have both making the financial stress each month unbearable.
While there is no magic stimulus for these folks, there are solutions to make things better. Programs like debt settlement or a loan modification can be just what the doctor ordered to help individuals get their debt under control so that they too can weather the storm