Look, we know we’re not the first to tell you that the economy isn’t in great shape. Inflation is up and it’s leaving many companies and people to pinch pennies as we head toward the end of 2022.
There are some signs that the worst may be behind us, but experts don’t believe inflation is going anywhere anytime soon. The chances of the government stepping in and handing out another stimulus check are slim to none – doing so would likely add another layer to inflation and extend the economic struggles that much further.
With no government financial rescue plan on the way to hand money to the people, we’re all going to need to be very cognizant of what’s to come. Credit card use is skyrocketing as everyday people work to make ends meet and provide for themselves and their families. This, coupled with rising interest rates across the board, are cause for concern because the money is going to need to be paid back eventually.
We want to stress to you that you have options. There are going to be challenging times ahead even if there’s hope that things will only get better from here. What’s important to remember is that the government isn’t going to come and bail you out if things get too tight to move forward financially.
However, you have another option that could essentially provide you with a reset button should this all become overwhelming: bankruptcy. At Velazquez Consumer Law, we’re constantly working with clients to help them understand and go through the bankruptcy process. We’ve found there are a lot of stigmas surrounding bankruptcy. These stigmas don’t match reality – bankruptcy is actually a very useful tool for those who are struggling with a pile of debt they can’t overcome.
The first and most sensible step to protect your finances during these times is to employ a smart-spending strategy. Focus on the needs and try to lessen the ancillary spending that can put further strain on your checkbook. Of course, even the most stringent financial planners can end up with insurmountable debt.
We understand that not everyone has the means to dig themselves out of a financial hole. These are tough times for families across the country. If you find yourself in over your head financially, contact Velazquez Consumer Law. We can help you climb back to the surface and reclaim your financial life.
Velazquez Consumer Law
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