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Today Most Americans Are on the Verge of Filing Bankruptcy
Now that Christmas is over and we are fast entering the New Year, once again many people have done with their holiday spending. I know it’s easy to do when you have credit available on your credit cards. I found myself the victim of this kick in the financial policy of my house several times. Until recently, I tried to be more realistic with the wife and children, letting them know that we should be practical in our gifts. I mean, who really needs a 70-inch widescreen TV to watch football? Corporate America has done a good job of blurring the lines between our needs and our wants. What is it that children and young adults today are growing up under the illusion that all of this is real. The only real thing is those bills that come in the mail at the end of the month that we can’t afford. Many people try to keep their credit rating high in order to get more credit and take on more debt just to keep things looking good.
Recently, a study showed that the majority of Americans were three weeks away from filing for bankruptcy. It’s no surprise to discover this fact when you see that the average American’s income-to-debt ratio is now at 154%. The only reason the number of bankruptcy filings has continued to drop is because the banks are allowing these people to exploit themselves further. The average American in 2008 had about $4,000 in credit card debt. By the end of 2013, that number had jumped to around $16,000. During the same period, the median income per household also fell by $4,000 per year. It’s nothing more than a recipe for people with unsustainable debt that ends up filing for bankruptcy.
Let’s face it, citizens are broken and so is the government. US debt has now exceeded 105% of GDP and no one seems to care. Instead, Congress is asking for the debt ceiling to be raised so that we can be at 120% of GDP, I guess. I think our politicians are completely out of touch and they continue to make bad decisions Main St. America continues to suffer. In 2010, the United States saw a record number of people declare bankruptcy at 1.6 million. Although that number has now fallen to 1.1 million, many expect new records to be set in the next two years. Recently, it was reported that there were over 5 million homes in the United States at some stage of foreclosure. The news continues to report that real estate is now recovering and things are looking up. I guess the reporter didn’t read all the statistics that are important to make that statement. Only time will tell if this Keynesian form of government will fail or work for the first time in history. I bet on failure. While we can’t do much to change our government, we can’t change the way we live and try to get back on the path to eliminating our debts, even if it means declaring bankruptcy.
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