June’s LegalShield consumer stress index rises as consumer protection measures near expiration date
ADA, Oklahoma – (COMMERCIAL THREAD) – LegalShield, the company that protects and gives people the tools and services they need to live fair and safe lives at an affordable price, today released its Economic stress index, a series of leading indicators of the economic and financial condition of US households and small businesses. LegalShield’s Consumer Stress Index, one of the five sub-indices, rose in June for the second consecutive month, with the consumer credit component of the index hitting its highest level since June of last year. Members of the LegalShield plan have sought help with credit reports and repairs, vehicle financing, payday / title loans, and billing disputes, causing the index to rise (worsen) consumer stress rate of LegalShield from 1.7 points in June to 61.5.
“While stimulus payments, federal protections and forbearance programs have helped reduce consumer stress throughout the pandemic, the financial pressure appears to be increasing as government interventions are phased out,” said Jeff Bell, CEO of LegalShield.
Despite increasing consumer stress, LegalShield’s bankruptcy index remains at its second lowest level on record. The data does not suggest that a wave of bankruptcies is imminent, but rather should remain weak over the next few months. Bankruptcies and foreclosures are also closely monitored when federal protection programs expire.
The LegalShield ™ Economic Stress Index is the only index of its kind that reflects current economic conditions and likely developments for the coming months based on actual demand for various legal services. Our index includes five sub-indices – Consumer stress, Bankruptcy, Foreclosure, Housing construction, and Housing Sales – built from proprietary company data, accumulated over the past 16 years. Whenever a provider law firm, in all 50 states, receives a membership request for services, the request is recorded as an “admission” in one of some 70 areas of law (for example, the real estate, LLC formation, etc.). The company receives an average of 185,000 monthly admissions from more than 1.8 million paid subscriptions, including individuals and small businesses, a statistically significant sample.
Keybridge LLC, a longtime Washington DC-based economic and public policy consultancy, is responsible for independently compiling and analyzing LegalShield data and developing the accompanying economic narrative. A PDF of LegalShield’s full April Economic Stress Index can be downloaded here: www.legalshield.com/economic-stress-index
About PPLSI inc.
A pioneer in the democratization of affordable access to legal protection, PPLSI is the world’s largest platform for legal, identity and reputation management services. For 49 years, the PPLSI brand and its operating brands LegalShield and IDShield have provided individuals, families, businesses and employers with the tools and services they need to live fair and safe lives at an affordable price. To learn more about the brands that currently protect more than 4.5 million people and 140,000 businesses, visit: www.legalshield.com and www.idshield.com .