Credit card withdrawal – Banks pull the plug on consumer revolving debt. Credit card debt outstanding contracts from nearly $1 trillion to $800 billion. Bankruptcies on the rise even with tougher bankruptcy laws.
When people talk about the credit bubble they typically refer to the housing bubble and the trillions of dollars of debt secured by real estate. Yet the credit bubble also applies to student loans, government debt, and those pesky wallet hugging credit cards. The American economy has embraced credit cards as quickly as apple pie […]
Bankruptcy filings reflect a weak economy – 9 percent jump in bankruptcy filing in last month of data. Bankruptcy map shows Nevada and South have highest filing rates per capita. $79,000 income and $11 million in debt?
Bankruptcies are still plaguing this country and show deeper strain in the fabric of the economy. Average Americans are still very much dealing with the challenges of a deep and profound recession. Filing for bankruptcy is usually the end of the financial line for many Americans. Yet in the last month of data for March […]
1.41 Million Americans Filed for Personal Bankruptcies in 2009 a jump of 32 Percent from 2008. More and More Average Americans Resorting to Bankruptcy even with Tougher Rules to File.
The employment report out on Friday just goes to show that the American economy is still struggling to create jobs for average Americans. In fact 85,000 more jobs were lost in December but that isn’t the biggest data point out of the report. The civilian labor force shrunk by a stunning 661,000 and that is […]
Bankruptcy Filings up 100 Percent from 2007: Americans Financially Unable to Meet Current Debt Payments. 85 Percent of Chapter 7 Filings are Classified as No-Assets.
The U.S. Courts released data last week closing out the 2009 fiscal year. In the release we find that bankruptcy filings are up 100+ percent from 2007. No other economic vehicle shows deeper signs of financial strain than bankruptcy. Bankruptcy is the end of the road for many Americans. Although businesses file for bankruptcy as […]