Bankruptcy Soars in 2007
The first week of a New Year fills many of us with a sense of a fresh start, a clean slate if you will. Unfortunately, now that 2008 is official, the tallies of 2007 are trickling into the limelight. According to the American Bankruptcy Institute, 2007 played host to a massive spike in American consumer bankruptcy filing.
Their report goes on to say that bankruptcy filing had increased a whopping 40% over the year prior (2006). Sadly, while this news was being made official, it was announced that oil prices had reached a record $100 per barrel.
Many economists fear that a turbulent onset to 2008 indicates falsely placed hope in early economic recovery. Apparently the instability that plagued 2007 has followed us into the new year. When news of the increased oil prices went public, stock prices naturally took a dive. Sadly this was the first day of trading for 2008. At the time of this posting’s writing, stocks are inching their way back up.
Economic recession is a reality that will affect many of us in the months to come. I will try to shift gears and to focus more exclusively on money-saving tips and practices that can pay-off as times get tough in the hopes that 2008 doesn’t follow the bankruptcy statistic trend of 2007.
