With the terrible economy comes a lot of stress and worry from people that are in debt. For those that started with debt, their situation has probably worsened as jobs are being lost almost everywhere. When you have debt, you are under pressure everyday to figure out a way to turn the situation around and for many, the options are few.
Those who may have never had any debt before might be facing it for the first time ever if they’ve lost their job or have gotten a pay cut. Anyone living day to day without any savings is in a bad position now as there is no room for anything bad happening. If an unforeseen expense occurs, going into debt might be right around the corner.
One reason for all the debt problems is that so many people have been living their lives by spending more than they make. Credit cards are so easy to get and use that many folks have let them get out of control. Now that they are in trouble, they are looking to the government and hoping there is some program that will help them out.
Most people fail to understand just how much our government is in trouble as they are very deep in debt as well. We have just seen the trouble Greece is in and it is clear that we are really not that far behind. The United States is in so much debt that, if it were not for it’s ability to print money, it would have been bankrupt long ago. The government just doesn’t have any money to help people out who are in debt.
Although sad, the truth is that people who are deep in debt are most likely in that position because of bad financial decisions they have made. People are no longer taught the importance of saving money and only buying things they can afford. In good times where everyone is working they may be able to get by with this strategy but in times like these, it just doesn’t work. We need to get back to working and saving and doing a lot less spending.
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Topics: Credit and Debit | Comments Off
MLA Style Citation:
Beasely, Sharon "Does The Government Offer Debt Relief?." Does The Government Offer Debt Relief?. 2 Jul. 2010. uberarticles.com. 3 Aug 2014 <http://uberarticles.com/finance/credit-and-debit/does-the-government-offer-debt-relief/>.
APA Style Citation:
Beasely, S (2010, July 2). Does The Government Offer Debt Relief?. Retrieved August 3, 2014, from http://uberarticles.com/finance/credit-and-debit/does-the-government-offer-debt-relief/
Chicago Style Citation:
Beasely, Sharon "Does The Government Offer Debt Relief?" uberarticles.com. http://uberarticles.com/finance/credit-and-debit/does-the-government-offer-debt-relief/
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