Our country is going through one of the most severe economic crisis since the Great Depression. Many of us have observed the amount of our savings and savings decline drastically through this fiscal recession.
In an attempt on the road to stabilize assets and to get this economy moving forward on the way to positive growth the administration has pumped billions of us dollars into the nation by way of a variety of programs. Some of these programs are designed to spur work creation as well as get finances flowing to the consumer and to keep borrowing expenses low for an extended period of time.
One such program has been elliminating credit card debt from financial statements for some time. The FED has committed to investing in $1.25 Trillion in bad credit card debt through March 31, 2011. We anticipate interest rates to rise as much as 0.5% to 0.75% by the summer of 2010. Various financial professionals are saying now is the time to remove your credit card debt. With credit scores declining down as much as 55% across the nation, and with rates as historic lows, and income tax credits accessible for those who lost their employment, now is a great occasion to consider consolidating your debt.
With the employment picture showing little signs of recovery, anticipate the unemployment rate to remain steady all the way through 2010, with some optimistic employment creation moving into 2011 as our financial system gradually pulls out of this recession. We can expect credit scores to become stable in 2010 as our financial system and employment losses start to bottom out and show signs of recovery. Expect interest rates to increase from the historic lows we have been experiencing due to the end of the FEDís credit program in March, 2011 and other government funded packages such as the homebuyer tax credit that is due to expire in June 2010.
Overall we tend to feel the worse is behind us and anticipate a slow by gradual recovery moving ahead. We do anticipate some bumps along our road to recovery, but our forecast for the asset market is positive.
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About Federal Debt Deal
Started in 2009, Debt Deal is one of the national debt management programs introduced by the FED.
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