Quote From: fionnualaI'm no expert, but looking on as an observer, it seems to me that a lot of these people who remortgage their homes and have severe credit card debt are in many ways responsible for the actual financial difficulties the US as a nation is experiencing and (by snowball effect) the rest of the world. It seems perhaps very simplistic to say this but everyone participates in one way or another in our society. Debt has no limit. Those who go into bankruptcy (in my opinion) are a strain on banks and other financial institutions - someone eventually has to pay the bill. The debt incurred doesn't just disappear. I think it's highly irresponsible for people to live beyond their means and to spend money that simply isn't theirs to spend. I think people should get realistic financial advice from banks, etc., and credit card providers and lenders should be made more accountable. More people should be means tested (before being allocated a loan) and if that means setting up a national data base on people's incomes or credit ratings, it will unfortunately be at the expense of personal liberties. Tough decisions will have to be made, the honeymoon period is over.
Not all of these cases are people spending beyond their means! Yes most are, but take me for instance. My husband and I are going to have to file for bankruptcy this year because I had to have brain surgery in Sept and still have not been able to return to work. And my husband is in the construction business which has slowed down and he also has a work related injury so his pay has cut drasticly. And we are no longer able to pay all of our bills. So we have to decide what bills to pay each month. I have 6 medicinces and my son has 1. So of course we dont pay the credit cards. Of course we have to pay the electric and gas. And we have to have the phone and the tv for the kids to have something to do. So now we have to lower our heads and go to food pantries the last 2 months, which I have never done in my whole entire life. It is quite embarceing to tell you the truth. So not all people are just spending and living beyond their means. And my husband and I only have about $6,000.00 in Credit Card debt. So please think of others before you post something like this, it could hurt alot of peoples feelings. LIke you posted, you are no expert!!!!
