Lessons Learned from Past Mistakes

April 16, 2010 - PRLog -- The U.S. Federal Reserve has reported that February 2010 marked the 17th consecutive month that revolving credit has remained on the decline in our country.  Since the 4th quarter of 2008 the amount of revolving credit debt has decreased to the tune of $100 billion.

Some remain torn by the numbers.  While a decline in consumer debt is generally good, consumers are still in four times as much debt as they were in during the mid-1990s, and they still have another $858 billion of revolving credit to go.  Even still, many argue that some decline is better than no decline.    

Timothy McFarlin, a financial attorney with Irvine based law firm McFarlin & Geurts has stated that the decrease in revolving credit debt is mostly due to a society that is tired of being at the mercy of lending institutions.  McFarlin had this to say about the decline in revolving credit debt:

“Even though our current economical situation has created a harsh reality for many families, the lessons that have been learned are invaluable.  Now more than ever are people putting off the purchase of luxury items and taking the time to learn about how the financial industry works.  As more eyes are opened to the tactics and strategies of financial institutions, more people are deciding to find creative alternatives to credit.  This is evident by the upswing in pre-paid services and fuel economy vehicles being pushed to consumers.  Do we have a long way to go before our debt becomes manageable across the board?  Yes.  Will we ever get to that point if consumers don’t wise up to lending practices designed to bleed them of their hard earned money?  No.”      

McFarlin reminds consumers that this isn’t the first time our nation has felt a financial squeeze, but he believes that with better spending habits by consumers and greater oversight of lending practices, the threat of another recession or depression doesn’t have to haunt our future as a nation forever.        

About McFarlin & Geurts:
McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:
Talien Barsamian
(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit www.mcfarlinlaw.com.

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