f you are facing financial struggles, you may not want to talk about them because you feel like you are the only one in this position. And that’s human nature. The reality, however, is that a great many people throughout the country are experiencing very significant and very real financial difficulties. The sad part is that most are in the situation due no fault of their own, but instead simply because of a difficult job market and ongoing economic issues.
The recovery from the 2008 recession has often been called a jobless recovery because enough jobs were not created to replace those that were lost and because many of the jobs that have been created are low wage or part time. Rising costs on many products coupled with the fact that most people’s wages are not increasing have resulted in a very bad financial situation for a great many people.
Financial Problems Affect Everyone
Recently, NBC News provided some troubling financial information that shows the extent of families who are struggling in the United States. According to NBC, the poverty rates in the United States have remained stagnant in 2012 for the second year in a row. This means that there has been no decrease in the number of American individuals and families who are living below the poverty level.
Both in 2011 and in 2012, a total of 15 percent of Americans are considered to be living in poverty. This amounts to 24.6 million people in the country. This is 2 ½ percentage points higher than the poverty rate was in 2007 and this is nine percentage points higher than the number of families who were living in poverty in 1999 when income peaked.
The increase in the poverty rate is not the only bad financial news either. In September, Yahoo wrote that there had been an increase in the rate of Americans defaulting on loans. In July of this past year, 1.03 percent of people with auto loans defaulted, while a total of 1.35 percent of people defaulted on all types of debt including auto loans, credit cards and mortgages. Bank cards had the highest default rate and first mortgages had a default rate of 1.25 percent. Defaulting on debt can result in many serious consequences, including damaged credit and stress caused by debt collectors calling your home repeatedly or trying aggressive tactics to collect cash from you.
Getting Help to Improve Your Situation
This economic data shows just how many people are in very bad situations. If you find yourself coping with limited money, struggling to pay your debts or having difficulty getting your bills paid, there are financial solutions and assistance available to you. The right kind of help is going to depend upon just how much financial trouble you are in and whether you need a short-term loan to assist you in meeting necessary expenses on a temporary basis or whether you need a long-term solution to deal with debt or insufficient income.
If you are in a situation where you are at or below the poverty level and you cannot afford your basic bills, then you can and should look into government programs including housing assistance, supplemental nutrition assistance benefits and other similar programs. Many Americans are receiving some type of help today and the assistance is there for a reason so you should never be afraid to ask for it when you need it.
If debt is your problem, then there are a couple different choices for you. You can, for example, seek consumer credit counseling to try to create a plan to repay your debts. As part of your credit counseling, you may be able to negotiate debts down so that you end up paying less than the total amount owed and so you get some breathing room in your budget. If credit counseling won’t do enough, then bankruptcy is also a viable option for many people.
Finally, if your problem is a short term issue and you need to borrow money to meet bills until you get a paycheck, a tax refund or other source of cash coming in, then Titleloansofsavannah.com could be the right solution for you. Without a credit check and regardless of your credit history, you can borrow money you need to pay bills and meet costs that you need to pay today.
Remember, Help is Available
There is a light at the tunnel—and you don’t have to walk their all by yourself. We’re in this together. All you need is a little support.
Jacob Bryan believes strongly in the power of the US dollar.
And if his financial background has taught him anything,
it’s that you can never be too careful with your financial planning.
Read his blogs to get help on getting your finances in check.