More Americans fell below the poverty line in 2010, according to U.S. Census Bureau data released Today. The nation’s poverty rate rose to 15.1% in 2010, up from 14.3% in 2009 and to its highest level since 1993. The youngest generation was the most impacted as those ages 15-24 had their median income drop by 9%.
Last year marked the third year in a row the rate increased. All told, 46.2 million people are considered in need. In addition, real median household income last year was $49,445, a 2.3% decline, the Census Bureau reported.
Unfortunately it looks like the current recession may continue for some time, maybe even years so individuals need to plan accordingly and figure out their options in terms of debt relief in the meantime. 2014 UPDATE: After looking back on this post it looks like the recession did continue for quite some time and some people still have not recovered while others have been trying to pick up the pieces from the recession that included job losses, credit card debt and foreclosures. Although it seems like the economy is on the way to recovery, especially in the Seattle area with all of the tech jobs, the truth is people have always had debt issues that they have had to face throughout history no matter what the economy has in store. Therefore careful planning and money management is important as well as to living within your means. With that said life happens and that is why the government invented the bankruptcy code which allows borrows to receive a bail out should they need to from time to time.
If you have additional questions please please call Symmes Law Group at 206-682-7975