Get Ready for the Economic Recovery By Improving Your Credit, Atlanta Bankruptcy Attorneys Say
When it comes to the current economy, there's good news and there's bad news, according to Atlanta bankruptcy attorneys.
First, the bad: Employers eliminated 20,000 jobs last month, way more than economists predicted and enough to send the stock market in a small downward spiral.
Now the good: Unemployment had reached a lower level than expected last month, dipping below 10 percent for the first time in awhile. Furthermore, it looks like credit might be easier to come by. Banks are finally taking a break from tightening their standards and restrictions for loan seekers. Of course, they're not easing up on those new rules, either, but at least things aren't getting worse.
Here's what it comes down to: We can't control the rate of economic recovery, but we can control the way we view the economy. We've got two choices. We can use the current economic state as an excuse for struggling financially, or we can use it as motivation to make our finances better.
If we use it as an excuse, we have to live with not only the effects of the recession, but with our own financial troubles. But if we use it as a motivator, it's a win-win. Best case scenario, the economy picks up and our finances are in tip-top shape and ready to take advantage of the improved climate. Worst case scenario? The economy stays sluggish, but we've got more money in our pockets because we're no longer accumulating debt. And once we stop adding to our debt, we can take the money we're saving in interest and apply it to our existing debt, saving us even more in the future.
Of course, improving your finances can be easier said than done. If you're deep in debt, maybe your bills are so high that you have to keep using credit since there's never enough cash in the bank. Credit can be a vicious cycle, but you don't have to stay stuck there. Bankruptcy can break the cycle by reducing or even eliminating some of your debts, while offering a realistic way to pay down others. And for those of you behind on the mortgage, filing can also protect your house from foreclosure.
Want to find out if bankruptcy is your ticket to financial freedom? Just sign up for a free personal debt analysis with one of our Atlanta bankruptcy attorneys. We'll answer your questions, discuss your concerns and determine whether there's a bankruptcy plan right for you - all at no cost.