During the last 365 days we have been watching quite a number of things go afoul with our much heralded economy.  Last year will be recorded in the record books as one that should not be repeated, but should not be forgotten.  At this point we are in a recession and our national debt is going up at an heart stopping rate. 

At this time 12 months ago fuel prices were very stupendous and US residents were singing the blues, if we thought that was sour fast forward to today and we are wishing for something to change. 

The trickle down effect started last fall when some of our huge banks began to fail and ask for capital from the Fed.  This triggered chaos for large numbers of Americans, countless numbers of people lost all their money in the stock market.  Speaking of which the market at one point slipped so low consumers were scared we were on the brink of a full on depression. 

The next industry that got tremendously affected is the mortgage industry.  Were now witnessing all time highs in the amount of foreclosures and the worst most analysts believe has not yet hit.  The scams being used in the sub-prime mortgage industry are what ignited this whole headache and still continue to bring the economy down.  Many predict it might take up to five years for the real estate industry to be running properly again.

Now the auto industry has run into some large problems.  Many of the major car institutions need bailout money or are filing for Chapter 11.  If this is a forewarning of things to come it is quite scary.

Another enormous problem for tens of millions of US taxpayers is the rising number of defaults on credit cards.  Credit card debt has climbed to an all time high as well.  Many debtors are going through a extremely hard time when attempting to get out of debt.  The good thing is there are debt solutions that can enormously aide consumers in escaping the never ending credit treadmill.  One of the more lucrative plans of debt relief has become debt settlement, especially throughout this economic collapse.  This process assists consumers in saving a lot of cash. 

The reason getting out of credit card debt is imperative for so many is because job loss is also soaring.  Consumers need to keep more funds in pocket to manage their expenses and keep them afloat.  With such harsh times saving money has become so important, nobody experiencing problems as of the moment should put off on trying to get themselves out of credit card debt.

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