Economic downturn means waiting to have children

On Behalf of | Aug 2, 2012 | Chapter 7 |

Young Americans who dream of parenthood may be putting off starting their families amid the poor economy. The costs of a child, purchasing a home, saving for college, along with the unanticipated costs of parenting may be too much of a burden to bear. According to a recent report, the US birthrate has fallen to its lowest point in 25 years.

For young people in Tennessee and nationwide, financial stresses may include student loan debts, medical costs, even credit card debts that accumulated during college or a job search. If you are a young person who is struggling with debt and frustrated with your prospects, you may be eligible for legal debt relief. Chapter 7 bankruptcy may give you the fresh start you need to start over, begin saving, and get on a path towards financial freedom.

Those struggling financially may be the first to put off childbirth. According to reports, the average number of births per woman fell 12% from a peak of 2.12 in 2007. Analysts project the rates to fall below 1.87 in the next two years, the lowest since 1987. It is not surprising that birth rates have clearly been impacted by the economy.

While the recession does not affect everyone equally, those who are hardest hit must make critcal financial and life decisions. For many Americans, it is a time for uncertainty and a legitimate reason to wait to have children.

If you are a young person struggling with debt, you may qualify for bankruptcy. An experienced advocate can review your income, assets, debts and help decide if bankruptcy is right for you. For millions of young Americans, debt-relief may be the first step towards financial independence and starting a new family.


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