Yahoo finance reports that there is “A terribly slow pace of job growth.” The report indicated that at 131,000 the headline payroll loss was worse than expected. Also, the tally for May and June was revised down by nearly 100,000, further evidence that the U.S. economy cooled considerably after the 1st Quarter spurt.
The report indicated that year to date, the private sector had added about 630,000 jobs, far short of the level needed to replace the nearly 8 million jobs lost since the recession officially began in December 2007.
With those terrible numbers, many people were forced to rely on unsecured loans and credit cards in order to pay for groceries. Many times, people had a reasonable amount of credit card debt that they were able to pay while they were working but no longer could service after the family experienced a job loss. Under either of those scenarios, those families are being forced to investigate their debt settlement or bankruptcy alternatives because of the overwhelming interest rates.