Federal report on bankruptcy statistics is alarming

By Barbara Craig | on 11/29/2016 | Posted in: Bankruptcy

In its latest survey on the economic well-being of Americans, the Federal Reserve Bank found that about half of U.S. households don’t have enough cash to cover a relatively minor $400 emergency.

personal bankruptcy statistics - south bay bankruptcy attorneyThe survey also noted that a third of Americans do not have a steady source of monthly income and almost half have fluctuating monthly expenses. This is a volatile combination that makes it extremely difficult to live within one’s budget, and forces many to depend on credit cards and other forms of debt to make ends meet.

Check out my latest article to learn more about this trend, and why a growing number of Americans are turning to bankruptcy as a way out of this situation: Personal Bankruptcy Statistics.