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Consider bankruptcy when debt relief needs are substantial

Even after the slow march back from a devastating recession, the average American is again using credit like there is no tomorrow. In some cases, the economic tomorrow is beginning to look bleak already. Sadly, it is not just excessive credit card spending that is triggering the sight of an impending crisis and a burgeoning need for debt relief both in Arkansas and throughout the nation.

Today, the financial burdens on people appear to be greater than ever before due to several factors, one of which is an economy that has seen the cost of living continue to rise acutely while income for the average wage earner has remained stagnant. Those negative economic symptoms have combined with a seemingly scandalous accretion of overwhelming student loan debt.  In addition, many average citizens with medical insurance have been unfairly swamped with huge medical expenses that are not covered by insurers who are nonetheless recording healthy profits.

Many consumers will find a way to survive if luck sees them through the current crisis. They may get a better job or a substantial raise. Other family members may join the work force. Younger persons may begin to make reasonable wages and profits in their careers.

However, for a significant number of American families, both in Arkansas and elsewhere, the dream of financial independence will remain out of reach due to the convergence of some or all of the above negative factors. For a modest debt overload, a certified debt relief company can provide real counseling and effective budget management. However, for those who cannot pay their debt load through reasonably affordable monthly payments over the next few years, the main debt relief remedy is a powerful government-sponsored bankruptcy filing. Such an action can give a family swift and permanent relief from credit card and medical debt, leaving a new path open to forge a fresh start.

Source: New York Post, "Why even half the middle class is living paycheck to paycheck", Karol Markowicz, Sept. 27, 2016

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