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Tiffany R Salt Lake City Salt Lake City UT, 84101 801-710-8536 |
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The Fed's recently released report on consumers' financial health shows that years after the borrowing bubble burst, consumers are still in trouble.
Online PR News – 03-September-2010 –Debt is something that seemingly takes a lifetime to extinguish, and that truth was underscored by the report issued by the Federal Reserve Bank of New York. The 38-page quarterly report clearly shows that although it has been years since the start of the financial crisis, consumers are still in dire straits when it comes to their financial health. The process of dispatching debt is agonizingly slow.
Consumer debt at the end of June stood at nearly $12 trillion. That's twelve trillion dollars of debt for a nation with barely 300 million people. It is no wonder then that many consumers are still in a bind, with over 11 percent of that twelve trillion dollars in delinquent status, slightly higher than last year's figure. That's $1.3 trillion dollars of delinquent consumer debt, and nearly a trillion of that seriously delinquent, meaning that payments have not been made in over 90 days.
Foreclosures are on the rise again, with half a million people adding foreclosures notes in their credit reports between March 31 and June 30 alone. The number of consumers filing for bankruptcies rose 34 percent during the quarter. There are now over six hundred thousand Americans in bankruptcy. That's one in five Americans!
The prognosis for consumers and the economy in general is not good; earlier this month, the Federal Reserve acknowledged that economic recovery has dimmed. The Fed signaled its intent to continue propping up the financial and housing markets by indicating that it would continue buying modest amounts of government debt. The actions taken by the Fed shows that it is concerned about the pace of recovery, and is giving up on its earlier rosy assessment of the economy. In truth, the economic growth is not strong enough to entertain thoughts about gradually returning to normal monetary policy.
Ultimately, consumers are going to have a reckoning with their credit report, and when that time comes, they will need professional help with the process of credit score repair. Navigating the path of debt delinquency, foreclosure and bankruptcy is a life changing event for anyone who has to experience it, but that pales in comparison to the effort required to fix the credit score that was destroyed in the process. Consumers will need credit solutions moving forward, and though there are many outfits purporting to have the answer to consumers' credit woes, few if any are actually equipped to do so.
"The unfortunate situation that many Americans are finding themselves in is further exacerbated when they are preyed upon by incompetent agents promising all sorts of credit repair services. At Credit Solutions, we constantly evaluate credit repair companies, because we believe that our clients should not have to experience any more disappointments in this troubling financial crisis," notes Tiffany of Credit Solutions.
About:
Credit Solutions is a free credit repair resource. We strive to help consumers make the smartest and most informed decision when choosing a credit repair firm to help them raise their credit score. There are hundreds of credit repair companies on the web, and we are constantly reviewing and testing them to make sure that we provide you with reputable and trustworthy companies that will produce positive results for consumers.
Contact:
Tiffany R.
Credit Solutions
(site) http://topcreditscorerepair.com/
(email) Tiffany@momtomomshop.com
(voice) 801-710-8536
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