It is nearly impossible to get through a day of news without encountering at least one story detailing financial crisis. If the latest banking debacle is not front and center, then the attention is likely placed on the individual American family who is barely staving off financial ruin. If you are one of these many struggling Americans, you will find that debt consolidation can guide you through the dire straits of financial hopelessness to monetary empowerment.
It is frustrating but not at all surprising that the recession added debt, has drained many families’ savings. As Americans we like to think that we are masters of our own destinies, but we are actually much more interconnected to each other and to our massive governmental system. Our nation’s financial system is akin to a lake that is subject to an elaborate series of ripple effects. Sometimes our dreams are nothing more than sticks in the way of the next wave.
Right now one in five American families owe more in credit card debt, student loans, and medical bills than they have in their savings accounts. At the end of 2011, the percentage of families who had no savings account at all was a staggering 23.4%.
University of Michigan Institute for Social Research’s economics professor, Frank Stafford, contends that “The people who were down and out, without much money, in the recession have ended up staying there or even worse.” Unfortunately the disastrous ripple effect has pushed these suffering families below the surface, and many of them still face the continuing mortgage crisis as 1.7% predict they will soon fall behind on their mortgage payments.
If supporting yourself and your family has burned through your savings account, your retirement plan, and is now threatening the very sanctity of your home, you need help, but take confidence in the fact that you are not alone as there is a company that is here to help you.