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Debt and bankruptcy lead to national debt forgiveness?

A recent CNBC news report has provided some food for thought for New Jersey residents and people all over the United States. The subject is debt. With growing numbers of Americans facing bankruptcy and in need of debt relief, the highlights of the story may prove a breath of fresh air.

There's no secret that Americans are hurting. Many people feel the economy is dwindling and debt is out of control. Aside from that, many Americans are fearful of losing their jobs. As such, the chairman for Morgan Stanley Asia has proposed what some believe to be an unorthodox method for debt relief. The executive told CNBC he thinks America would be best served to enlist national debt forgiveness.

National debt forgiveness was enacted in the 1930s to see Americans through the financial crisis of that time. While the theory would have a positive effect on the average consumer, creditors and lenders would likely be enraged over the prospect. Aside from that, very few political figures would be willing to take such a drastic step. Nonetheless, the American consumer is treading water and some people are beginning to sink.

While the proposal of national debt forgiveness may be music to many New Jersey residents' ears, such a measure isn't going to happen any time in the near future. As such, citizens who may find themselves crushed under insurmountable loads of debt may choose to arm themselves with the knowledge obtained from an experienced professional. In New Jersey, a dedicated attorney can help individuals needing debt relief understand their rights and options.

Source: CNBC, "Consumer Debt Forgiveness May Be Needed: Roach," Margo D. Beller, Aug. 22, 2011

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