Consumer spending continues to be out of control. The following article discusses this fact and points out that consumer credit cards spending is expected to hit $43.5 million in 2012.
The author points out that it’s those that have jobs that continue spending on credit cards, racking up high balances. The problem is that most people in this situation are admittedly financially illiterate. In fact, 42% grade their personal finance knowledge at a “C” or worse and 80% say they could use professional help in dealing with everyday questions. What I’m disappointed to hear is that 80% out there need help, but don’t get it. As you know, we always encourage folks to seek the help of a professional in dealing with their debts. Options are out there, you just need to educate yourself to determine the best option for you. Whether it’s a debt workout, bankruptcy, or something else you should at least know what is available to you. So to those 80%-ers out there, go find an attorney in your area that focuses on consumer debt to see what can be done with your particular debt situation.