The collapse of investment bank Lehman Bros. 10 years ago pushed the United States into a crisis that has had a lasting impact on American life. Following Lehman’s failure, the Fed stepped in to save banks like Citigroup sitting on the edge of failure, not to mention corporate giants like GM and Chrysler Motors. Millions lost employment, retirement accounts dwindled, and foreclosure became a crisis.
The problem years later is that millions of Americans have not experienced their own recovery. Home ownership is falling as rates are increasing. Workforce participation has not advanced thanks to the slowdown in mortgage lending and construction financing – all leading to a failing housing affordability crisis.
Credit card usage is at an all-time high as rates surge and fee add-ons become the norm. Combine that with a surging national debt and budget deficit, it’s not to hard to envision how another financial meltdown is too far off – and closing in.
Now is the time to manage and eliminate as much debt as possible in an effort to secure you and your families economic survival. Call The Law Office of Todd Cushner & Associates for a free consult at 914-600-5502.
