As mentioned in one of the previous articles, rising inflation and interest rates are two factors which combined together can hurt the middle class really bad. In the past couple of years, the global economic boom had encouraged a lot of people to borrow heavily to buy personal assets. With rising interest rates people are likely to find it tough to service the debts. Further, with rising inflation rates, households have been forced to increase their monthly budget on food, travel and accomodation. This has led to very high default rates of loans. Infact, every now and then we hear people taking the extreme step of committing suicide due to their financial woes.
Considering such a scenario, it is very important that people educate themselves on strategies to help pass through this recession face. This is where services like the one offered by PayingPaul, an information and resource hub for paying off debt, come in handy. PayingPaul has a section on credit card debt programs which provides strategies to get rid of credit card debt. There is also a section which explains the consequesnces associated with filing bankruptcy.