Got debt? You are not alone. Americans are drowning in debt. The national debt, the debt owed by the federal government, is more than 9 trillion dollars. Closer to home, our state government has at least a 2 billion dollar deficit. Cook County, just one county in Illinois, has a deficit of 243 million. At the end of 2007, the amount individuals owed for revolving consumer debt, 95% of it owed to credit card companies, was 943 billion.
The sub-prime mortgage crisis is sweeping across the economy like a virus. The economists and politicians are debating whether or not our economy is in a recession. No one can be sure if the government’s efforts to stimulate the economy and provide help to struggling homeowners will be enough, or too little too late.
What can one person do? You can seek an honest evaluation of your financial condition. You can have a frank discussion with yourself, or with a trusted love one, about your financial problems.
What you should not do is to be caught unaware or unprepared if you have a financial problem. Confront the challenge. Make a list. Make that phone call. Remember, the most important step is the first one.
Karen J. Porter
312-372-4400
kjplawnet@aol.com
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