Household incomes are shrinking. Over the last two years average income dropped more than 6 percent. The median income now stands at $49,909. If you look at income since the start of the recession in 2007, income has dropped nearly 10 percent. That is the largest drop in income in several decades.
The reason wages are falling? People who lost jobs during the recession have taken pay cuts in order to get hired again. They average 17 percent less income in their new jobs.
News on the job front is not much better. Unemployment remains over 9 percent. The average time a person remains unemployed averages 40 weeks, the longest in more than 60 years.
If you are experiencing financial difficulties, you are not alone. Bankruptcy offers protection of your wages and assets from creditors. Give me a call if you need help.