Layoffs Increase While Credit Troubles Improve, Say Chicago Bankruptcy Attorneys
If you look hard enough, you can always find some good news to temper the bad.
This week's depressing newsflash informed us that employers cut 20,000 jobs last month - more than economists expected, and enough to threaten a recent dip in unemployment and shake up the stock market, according to Chicago bankruptcy attorneys.
The good news? Getting that loan might not be so difficult. Banks have are finally stopped tightening the standards they've been placing on most loans - a sign that credit woes might finally be easing. And according to the Fed, far fewer banks believe the value of the loans they hold will continue to deteriorate. Of course, this doesn't mean banks are easing up on any of the restrictions already put in place - but you can't win them all.
Economic recovery might not be happening overnight, though it is likely in the works. But you can use this time to your advantage. Why not get your finances back in shape so when the economy does pick up, your luck will, too?
If you're frequently making late payments, relying heavily on credit and carrying lots of debt, you probably don't have much credit left to speak of. But repairing it might not be as hard as you think.
Stop using credit for smaller purchases like groceries and gas - use cash instead. Think of all the money you'll save if you don't have to pay interest on your everyday life. Think you can't afford life without plastic? Try to find ways to cut back so you're not spending more than your paycheck - a common tendency with credit.
Of course, not all debts are created equal. If you've tightened your belt but you're still struggling to make ends meet, there might be another solution - bankruptcy. Bankruptcy has the ability to reduce or eliminate some of your debt, depending on your situation. Even better, it also has the potential to stop foreclosure, especially helpful if you're behind on the mortgage because of overwhelming debt. And at DebtStoppers, it's always free to find out if bankruptcy is right for you with our complimentary personal debt analysis. Why not let our Chicago bankruptcy lawyers help you find your own economic recovery?