Today’s economy can make financial planning very challenging. Prices for products continue to increase at a high rate, while pay rates are increasing at a much slower rate, thus, making financial planning quite difficult for consumers. Below are some other common financial challenges that many consumers face.
Living Paycheck to Paycheck: The main issue seems to be there are many consumers that are living paycheck to paycheck, which makes financial planning even harder. Numerous shoppers may find themselves unable to save for their retirement funds, as there is no disposable income left after paying their many bills. Furthermore, about 25% of American families rely on just one source of income, another factor that greatly adds to the stress of financial planning.
High Volume of Debt: Debt is a huge issue amongst consumers. Many Americans find themselves in various financial issues. For instance, on average, credit card debt is over $15,000, while the average mortgage debt is $150,000, and student loan debt is over $30,000.
Loss of Job: Losing a job for any reason is devastating. Not only is it a huge financial burden, but it can also kill a person’s morale, as the crippling debt that usually follows when an individual and/or a spouse lose their job is horrific. Moreover, it is very hard to plan financially on one income or no income. It is always best to have a plan in place for if a job loss were to occur in a household. As a job loss can be shocking and horrendous, not being prepared can make those effects even more troubling.
Recognize that, financial planning is hard for everyone. Remember these key steps to ensure a financial future keep a realistic attitude and be willing to sacrifice buying items that are wanted rather than needed. This makes the expertise of a Fort Lauderdale Bankruptcy Attorney more vital than ever. With an experienced Fort Lauderdale Bankruptcy Lawyer by your side, this difficult issue will be painless and efficient.