Pressures on the middle class force alternate financial solutions

A study conducted by the Pew Research Center reveals that the middle class is shrinking. While many members of the middle class blame Congress for the demise, few are willing to take personal responsibility for their financial problems. However, personal responsibility can significantly improve the financial situation for many, including those in Mississippi. When a person attempts to combat his or her individual debt, a host of remedies, like personal bankruptcy, are available.

The Pew Research Center recently conducted a study about the middle class. Its findings are distressing. The study reveals that the middle class is shrinking and has significantly lost wealth and income. Members of the middle class that participated in the study claim that it is now more difficult to maintain their standard of living since their homes and savings are in jeopardy. The study further reveals that few members of the middle class actually take personal responsibility for their financial challenges in this struggling economy. Pressures on the middle class force alternate financial solutions.

A study conducted by the Pew Research Center reveals that the middle class is shrinking. While many members of the middle class blame Congress for the demise, few are willing to take personal responsibility for their financial problems. However, personal responsibility can significantly improve the financial situation for many, including those in Mississippi. When a person attempts to combat his or her individual debt, a host of remedies, like personal bankruptcy, are available.

The Pew Research Center recently conducted a study about the middle class. Its findings are distressing. The study reveals that the middle class is shrinking and has significantly lost wealth and income. Members of the middle class that participated in the study claim that it is now more difficult to maintain their standard of living since their homes and savings are in jeopardy. The study further reveals that few members of the middle class actually take personal responsibility for their financial challenges in this struggling economy.

Personal responsibility can be essential to finding debt relief. An individual who faces his or her financial challenges can begin to identify possible solutions to provide real relief. One possible solution to financial challenges in this struggling economy is individual bankruptcy. The law offers different forms of individual bankruptcy, including Chapter 7 and Chapter 13. Each has its advantages and disadvantages. Importantly, the goal of each is to provide relief from overwhelming debt and give an individual a fresh start.

Although the results from the recent Pew Research Center study are discouraging, Mississippians should use these findings to begin on their financial road to recovery. The first step in remedying debt relief is taking responsibility and identifying the real issues tha caused financial problems, and then to discover what solutions may be available.

Source: WAPTnews.com, "The middle class falls further behind," Aaron Smith, Aug. 23, 2012

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