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 [...]
FICO and the Credit Card Financial Prison: How a Three Digit Credit Score Reflects Consumerism and not Financial Independence.
Americans carry $900 billion in credit card debt. Approximately 75 percent of all those eligible for credit, those that are 18 years or older, have a credit rating score at any given time. This mysterious three digit score named a FICO Score is the basis for loans, interest rates, and should reflect your ability to [...]
Bankruptcy Filings to Match Divorce Filings in 2009: 1.5 Million. 35.8 Million Americans on Food Stamps – 11 Percent of the Population. The 5 Indicators of the Misery Index.
It is a sobering fact that in 2009, there will be as many people filing for bankruptcy as those filing for a divorce. We are on track to seeing an average of nearly 5,900 bankruptcy filings a day for 2009. While some people use the stock market as their barometer of economic recovery, there are [...]
Bankruptcy Filings up 33 Percent over a 12-month Period: Total 12-month Total of Bankruptcy Filings 1.2 Million. In last Report, Filings up 27 Percent in one month.
Bankruptcy filings are soaring in the United States. In the last data point, we had 134,282 bankruptcy filings for the month of March 2009. Bankruptcy data usually lags 3 or 4 months but the trend is ominous. For the last 12 months some 1.2 million bankruptcy filings have occurred. Much of this is linked to [...]
Credit Card Addicted Nation: How Americans have Pushed Themselves off the Fiscal Cliff. $931 Billion in Credit Card Debt Outstanding.
Credit cards were developed as a form of convenience and not another stream of household income. The first major use in the United States started in the 1920s when it was used for the purposes of fueling the expanding auto owner population. Bank of America created the BankAmericard in 1958 which later became the Visa [...]
American Consumers Cutting up that Final Credit Card: The End of a 30 Year Consumption Era and the Nervous Breakdown of the Spending Psychosis.
Imagine sitting in a messy room. Chopped plastic all around you as you sit there clasping a set of red scissors. Only one more credit card sits in the middle of the room starring back at you. Can I do it you ask? Is it possible to go forward in life with no credit cards? [...]
Government Employment and Bankrupt City: Federal and State Government were Last Secure Employment Sectors. Financial and Economic Contraction.
States across the country are facing unprecedented budget shortfalls. A total of 44 states face budget shortfalls, which for all practical purposes puts the entire country in a uniform crisis. The state of California is in a state of fiscal panic. Currently the state faces a $42 billion budget deficit and the State Controller has [...]
While the market is intrigued by the nearly $1 trillion fiscal stimulus plan, a mortgage cram down bill has already passed the House. It is amazing that it has taken this long to even get this thing going if the true premise of the politicians and policy makers was to save homeowners from losing their [...]
Bankrupt Consumer: Chapter 7 Bankruptcies up. Credit Card and Consumer Credit Crisis: Americans were Using Consumer Credit as a Lifeline and it is now drying Up Pushing Bankruptcies Upward. $2.5 Trillion in Loans at Risk.
Credit cards have been around for many years with Bank of America creating the BankAmericard in 1958, which eventually evolved into the modern day Visa system. MasterCard has been around since 1966 and received significant backing from Citibank. These names are familiar with the current credit crisis. Credit cards have been one component of the [...]