The American economy travels on a varying road that is sometimes prosperous and sometimes struggling. Politicians from New York and from the other 49 states often debate the best ways to improve bad financial times and how to sustain periods of economic growth. However, while a focus on national economic events is important for the country as a whole, wide scale financial occurrences can have direct impacts on individual citizens.
Children's credit card debt becomes problem for parents
Some New York parents choose to allow their kids to get credit cards while those children are still relatively young. Whether they hope to help their kids build good credit histories or want to teach them about effective money management, many parents have to co-sign on their kids' accounts in order for credit cards to be secured in their kids' names. These arrangements can work but for some people mistakes made by youths lead to serious money problems for their parents.
Can bankruptcy be worse than carrying high debts?
Many New York residents shudder when they think about filing for bankruptcy. However, their fears about the process often stem from the feelings of personal defeat they believe they would experience if they chose to utilize bankruptcy protections. While personal stigmas and shame are certainly potential consequences a person could feel after filing for bankruptcy, non-subjective factors also exist that can make filing for bankruptcy an incredibly difficult undertaking.
Business bankruptcy is an option to save life's work
The dream of owning one's own business sometimes becomes a reality for hardworking New York residents. From the stresses of funding the start-up to navigating the challenges of marketing and contracts, the toil associated with making a new business succeed can be overwhelming. The immense amount of work that a person puts into his enterprise can intensify his feelings of disappointment when that business begins to fail.
Credit card debt is a problem for American college students
Many New York college students go off to their academic institutions each fall with plans to be fiscally responsible. After working through the summer to earn money they know how quickly their money can dry up once back at school. Although some students stick to their plans and learn how to budget, others get caught up in their purchases and find themselves relying on other forms of monetary support to get through the year.
