Falling Credit and Soaring Unemployment

credit-fallingBLOOMBERG REPORTS THAT U.S. CONSUMER CREDIT FALLING: “Borrowing by U.S. consumers dropped in May for the fourth straight month after the unemployment rate reached the highest in more than 25 years and accessing loans remained difficult.” The article also notes that there is “evidence that more consumers are falling behind on payments as unemployment cuts their income.”

These are not happy times for consumers, creditors or the economy. Consumers are having a hard time making their debt payments, and those that have money are saving more. Of course putting money in the bank is always a good idea, even if it has not been a tradition for many Americans in the past few decades.

In this era when “cash is king,” if you have money, good deals can be had. But if you are barely making ends meet, cutting back may be the main way of getting by.

And if you’re over your head in debt, then this may be the time to learn more about debt settlement and debt negotiation. Just click “Contact Effective Financial Solutions” for a free and no-obligation personal debt consultation to get you on the road to a debt free life.

Click the following link to to read the full Bloomberg article entitled, U.S. Consumer Credit Fell for Fourth Straight Month

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