Have Consumers Been Hurt Long-Term?

by | Feb 19, 2014 | Credit Card Debt, Debt Relief, Debt Settlement

Sadly.  As a result of the Great Recession, the average American household has lost between $50,000 to $120,000 in earnings potential, according to the Federal Reserve Bank of Dallas and reported by foxbusiness.com.

This is an estimated nationwide cost between $6 – $14 trillion.

Furthermore, personal savings as a percentage of income has fallen since the recession. According to foxbusiness.com, this is because consumers are putting more income toward debt payments rather than savings.

Read more here: https://www.foxbusiness.com/personal-finance/2013/09/16/5-years-after-financial-crisis-meet-new-consumer/

If you are putting a substantial amount of your net income toward debt payments, contact an attorney who is specialized in debt negotiations and will work hard to obtain a settlement with your creditors. This way you can start saving and compensate for the loss in earnings due to the Great Recession. The bottom line is that you should use your income smarter — stop paying interest and late fees — get rid of your credit card debts.

 

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.