DALLAS, October 5, 2017 (Newswire.com) - Top 10 Jungle Issues Report: Credit Associates Debt Settlement Plan for Puerto Rico. The federal government has indicated that a Puerto Rico debt consolidation or bailout is unlikely. There was a Puerto Rico government debt crisis before Hurricane Maria hit the U.S. territory.
"Puerto Rico has been hammered." said Benny Alvarez, Top 10 Jungle spokesman, "In May, it filed a $70 billion bankruptcy - the largest municipal bankruptcy in U.S. history. Unemployment is well above 10 percent and residents are fleeing the island for the mainland. Hurricane Maria was the knockout punch."
Puerto Rico has been hammered. In May, it filed a $70 billion bankruptcy - the largest municipal bankruptcy in U.S. history. Unemployment is well above 10 percent and residents are fleeing the island for the mainland. Hurricane Maria was the knockout punch.
Benny Alvarez, Top 10 Jungle Spokesman
While Puerto Rico itself is facing significant problems with debt, residents face their own challenges. The average student debt in Puerto Rico and other U.S. territories is over $31,000 and the average debt to personal income ratio is close to 90 percent.
"My expectation is to rebuild stronger than ever," Gov. Ricardo Rossello told NBC News. "But clearly if this is not taken seriously, Puerto Rico is going to collapse into a humanitarian crisis."
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Source: Top 10 Jungle