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Addicted to Debt

For those of us who may have been living in a cave, here is the latest financial news: the United States government has a debt problem.  In fact, one prominent bond manager says that the United States is addicted to debt.  “The U.S., in fact, is a serial offender, an addict whose habit extends beyond weed or cocaine and who frequently pleasures itself with budgetary crystal meth.”

The government is not the only American that is addicted to debt.  The disease spreads to the average consumer, who is carrying $54,000 in consumer debt.  Bear in mind that this amount is an “average” figure.  If you have purchased a home in the last five years, that number could easily be tripled or even quadrupled or quintupled.

In order to ease uncertainty over the national debt, Moody’s has suggested that the government eliminate the debt ceiling.  That is akin to the credit card company giving you “a credit card that’s got no limit”, trusting you not to run up too many charges, and assuming that you will pay the bill on time.

For those of us who live in the real world, are behind on our obligations, or owe more than we can possibly pay, bankruptcy may be the best solution useful source.  Chapter 7 can eliminate unsecured debts in just a few short months; Chapter 13 helps you manage your debt over the longer term.  In both cases, you can nearly always keep most or all of your property.

To find out which federal assistance programs may be right for you, call or email the law office of Henley and Henley for your free consultation.

By | 2017-02-13T06:08:10+00:00 October 6th, 2012|General|Comments Off on Addicted to Debt

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