Recent Study Shows More and More Americans Living Dollar to Dollar – Increasing the Value of Services Like Consumer Legal Funding.
When the recession rumbled onto the scene in 2007, most Americans couldn’t imagine the intense impact it would later have on their financial well-being. The long and slow recovery hasn’t helped the financial stability for Americans either. With financial assets being devalued over the past six years, most Americans don’t have extra money to spare.
In fact, according to a recent FINRA Investor Foundation Study, about 40 percent of Americans couldn’t come up with an extra $2,000 dollars within a month’s time. Even more telling was the fact that 60 percent of Americans don’t have enough money in reserve to survive financially for three months if money were to dry up.
The study also found that respondents with lower income and education levels, as well as many minority groups are more likely to have difficulty handling an unexpected expense.
An example of an unexpected expense is the lack of a paycheck due to an on-the-job injury or an automobile accident. Such events leave many Americans unable to work and unable to collect income for months. These lack of funds often results in the out-of-work American being forced to quickly settle a legal claim with an insurance company that is less-then-fair, so they quickly obtain enough money to pay their bills.
With no money to pay for bills and big Insurance companies taking advantage of the financially disadvantaged, many of these folks, through no fault of their own, tend to get the raw end of the deal.
Fortunately, for the hardworking Americans who may have had a set-back due to an unexpected injury resulting in a lack of income, there is Consumer Legal Funding.
Consumer Legal Funding provides successful financial lifelines to Americans experiencing financial hardships due to an on-the-job injury or automobile accident and are awaiting to be heard in a fair and full manner with regard to their legal claim.
Is it too much to ask to preserve the Consumer Legal Funding industry? The industry that is leading the way in offering a non-recourse financial lifeline to those consumers who need a helping hand and want to see their legal claim go through a full and fair process.
If you are pro-consumer I would guess your answer would be NO. For any Industry to actively attempt to limit or eliminate the ability for Americans to access funds through Consumer Legal Funding is unthinkable. Especially in a time when a majority of Americans are living dollar-to-dollar and paycheck-to-paycheck.