By Jesse Smith

Economic challenges in the U.S. initially resulting in the Federal Reserve bailing out major corporations and later using Quantitative Easing has caused high inflation. On top of this, the high rate of unemployment, now at 8.8%, has caused sweeping debt all over the country.

In the latest U.S. employment report, although positive–with a fall from an unemployment rate 9.8%–only 216,000 jobs related to the non-farming sector of the economy have been created since March of last year.

Debt has afflicted everyone, from the federal government to the state governments, from the corporations to the average person.

Due to the loss of earning power from job layoffs and the loss of buying power from inflation, many consumers have been hard-pressed to manage their bills, with the result that many are relying on credit cards to remain solvent.

This temporary fix of relying on credit cards has gotten increasingly expensive and it’s estimated that the average credit card debt is now around $15,000.

Is Bankruptcy a Solution? » Read more: Finances: Unemployed with Credit Card Debt: Is Bankruptcy an Option?