Report released today showed a small climb in the confidence of the American consumer for the first time since June of 2010. Consumer spending accounts for 70 percent of economic growth. The small climb is promising new for the economy as it slowly climbs out of the recession. The decrease in unemployment contributed to consumer confidence as the American public spent more in light of more jobs prospect appears to be improving.
Even though unemployment claims decreased in February there are still millions of Americans who don’t have jobs. Consumers are still cautious as inflation rates begin to rise. The rise in inflation is attributed to increased price of commodities and raw materials. The price of crude oil and food are at their highest in two years.
When faced with rising prices of necessary goods most Americans turn to credit to supply themselves with the things they need like food and gas. Using credit as a means of supplemental income can pile debt on an individual that may be impossible to overcome unless aide by a bankruptcy lawyer. Credit card issuers make a profit off the high interest rates they charge their customers which can be reduced with the experience of a bankruptcy attorney. People often cannot pay off their balances which grow every month without any headway being made on reducing their balances. For consumers who can’t pay of their balances a bankruptcy lawyer can offer solutions to climb out of the dark pit of debt.
