In the last few days, I’ve been hearing reports about unemployment numbers increasing in our struggling economy. Even more discouraging was Bank of America’s announcement that it would be laying off 30,000 workers.
Unfortunately, along with the increase in unemployment, I just heard on the radio today that credit card spending in the United States is up 6 times from what it was last year. This combination is scary.
I’ve been in my profession long enough to know where this leads. When people get laid off, they often don’t adjust their life style. Instead, they supplement their income by incurring debt. This eventually leads to insurmountable bills that borrowers eventually default on even after finding employment.
If you are facing job lay off, I would counsel you to reduce your life style. Try to live within your means. However, if you have no other options, come see me, an experienced Arizona bankruptcy attorney that can help, or call (480) 648-8975 today for your FREE bankruptcy consultation. I can work with you to try and discover options such as debt negotiation, or if necessary, bankruptcy.