End of Recession Or Not, Get a Fresh Start
Even as headlines herald the end of the recession, it's hard to block out lingering negativity.
For instance, unemployment - currently at 9.8 percent, the highest in nearly three decades - isn't expected to peak for another six months. Call it a lag effect, if you will. Foreclosures have risen 5 percent since summer. Costs of health care, gas and groceries continue to increase. And in a recent Gallup Poll, the majority of respondents said they thought the economy was actually getting worse.
But there's still plenty of reason to be optimistic - even if it doesn't make the 5 o'clock news. First, realize that people naturally tend to think the worst during the bad times - just like we tend to be overly optimistic during the good times. I know I can get kind of gloomy on rainy days, while I'm generally happier on sunny days. It's so simple, but it makes sense. Second, as BusinessWeek puts it, recessions can pave the way for future growth by weeding out weak businesses and letting new and improved ventures thrive - sort of a survival of the fittest.
Third, there's something so motivating about a clean slate.
Whether it's the first day of school, a fresh sheet of paper or an untouched paycheck (before you have to pay the bills), the possibilities can seem endless. And that's what this recession can be for you if you let it - a clean slate.
Think about it. For the first time in decades, there isn't a huge emphasis on keeping up with the Joneses. Instead, we're worrying about budgeting, doing with less, and making the most of what we've got. For the first time since they were introduced, folks are starting to turn away from credit cards as their main method of payment. Maybe most significantly, the stigma associated bankruptcy is gone.
In the past, people often hid from their debt problems out of embarrassment. Problem was, by the time they realized they'd better take action, it was too late. The bank had already foreclosed on their home or their credit was already ruined or their worldly possessions were already repossessed. But with a record number of Americans filing for personal bankruptcy last year, it's clear - we recognize we have a problem with debt and we're finally taking the steps necessary to solve it. By reducing debt and preventing creditor retaliations like foreclosure, bankruptcy can be one of those steps.
The economy is giving you a chance for a fresh start. At DebtStoppers, we can help you take it. Why not sign up for a free one-on-one debt analysis with one of our Atlanta bankruptcy attorneys today? What's past is past - but your future is up to you.