A Dangerous Combination: Rising Health Care Costs & High Unemployment
Unemployment in Texas remains above 7 percent, according to the Bureau of Labor Statistics. While Texas’s unemployment picture is better than most states, the reality is Texas unemployment remains almost twice as high as unemployment prior to the 2008 financial crisis.
To make matters more distressing, certain population subsets, such as African-American men, younger workers, and non-college educated workers, are significantly underrepresented in the overall Texas unemployment figure. For instance, 13.4 percent of African-American men and 16.2 percent of younger-than-25 workers are unemployed in the Lone Star State, down only slightly from national peaks in 2011.
Meanwhile, health care costs continue to rise, notwithstanding recent changes in federal health care. In 2012, average annual health care costs for the American family of four exceeded $20,000, up from 7 percent over last year. To make matters particularly shocking, this cost estimate is up from less than $10,000 ten years ago.
What’s the result of high unemployment and rising health care costs? For many families, the first step is to secure debt-based liquidity like a home equity loan. When available home equity debt runs out, families next turn to more easily accessible, higher interest debt like credit cards. Finally, as interest payments begin to consume a larger and larger portion of monthly earnings, families begin to make tough choices about spending.
Are there better ways to deal with declining prosperity and rising debt? For most families, the answer is yes. Are you ready to learn what’s possible for you? Find out about your legal rights and available credit options through the attorneys and dedicated professionals at the law firm of Fears Nachawati. With years of experience crafting credit solutions for consumers like you, we know how to protect your interests. Call us today.