Those under 50 are exceedingly finding themselves in financial distress in Joe Biden’s horrid economy. One major sign of that problem is the rising number of Millennials who are losing their cars to repossession.
LegalShield’s January Consumer Stress Legal Index has issued a warning of the rising number of repossessions, according to Newsweek.
The car loan and financial industries are reporting that many under 50 are finding serious pressures and many are losing the battle to stay afloat financially.
The number of calls received by LegalShield provider attorneys regarding repossessions reached its highest mark since 2021, when most of the U.S. was still under COVID lockdown, with Gen Xers and Millennials making more than double the number of calls than they did in January of the previous year.
Billing disputes surged year-on-year among Gen X and Millennials, LegalShield said, who have experienced a 96 percent increase in billing inquiries. Calls are up across the board as well, with a 53 percent increase among all LegalShield members, indicating a broader rise in billing-related issues.
LegalShield noted that bankruptcies, repossessions, and billing disputes are growing.
“Consumers we talk to only have enough money to cover some of their bills, so they prioritize a roof over their head ahead over other expenses, racking up high-interest credit cards,” said LegalShield spokesman John Saltarell. “Collectors are turning up the heat after the pandemic, and increasing inflation makes what money people do have, worth less.”
“The calls to LegalShield provider attorneys for bankruptcy advice continue to increase, sustaining a trend we’ve seen since late 2022,” added Matt Layton, LegalShield’s SVP of Consumer Analytics. “Despite several positive macroeconomic signs, people are feeling pinched to the point of calling a lawyer in seek of relief.”
“People are asking us to help assess options such as payment plans, or even file for bankruptcy,” Saltarelli said in the statement. “Most of these folks want to pay their bills and meet their obligations, but they’re reaching a breaking point.”
This is Joe Biden’s America, folks.
This is an American era where children cannot do better than their parents, an atmosphere that has destroyed the American we all grew up with, the one that got better for each succeeding generation.
Joe Biden is creating a lesser America.
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