Despite bankruptcies declining, foreclosures drawing to a standstill, and employment holding, there are signs the economy is not improving.
According to one consumer website, consumers are taking clues from years ago to cut their expenses and weather the lull in the economy. It seems the modern throwaway society is being replaced by a new “fix it” society.
The same can be said about home repairs. While new construction and remodel companies are still finding it hard to make ends meet and stay afloat, fix it yourself companies like Lowes and Home Depot are experiencing a mini boom. People, who are capable, are repairing things around the house themselves, and if not, they are putting off the repairs for as long as they can. Americans are getting their hair done less often, making weekend trips less often, staying at home for vacations, dining out less, and looking for ways to cut expenses.
This mentality has effectively slowed the recovery of our economy. Of course with unemployment hovering around 9 percent, many are afraid they will lose their jobs and are afraid of spending any of their reserves. Frankly, most of us are waiting to see what the economy is going to do before we commit to spending again.
In the meantime, or until economic confidence returns, bankruptcies will continue at a high rate, foreclosures will eventually become due, and outsourcing will continue to eat up our jobs. All of these factors could force the financially weak into a financial crisis.
Job loss or underemployment may force those in the middle class to the lower class. Many in the middle class have lost their homes and have had to file bankruptcy. For those already in the poor class, job losses have increased the homeless problem in America.
A slow recovery can often be as painful as no recovery. Nevertheless, there is hope for a certain group of Americans who have been affected by the housing crisis and recession. You can start over and begin again.
Filing for bankruptcy is a legal proceeding designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to completely start fresh.
If you need relief from the stress of debt and you live in or around the metropolitan area of San Jose, California, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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