It is imperative that we make consumers more aware of the long-term effects of their financial decisions, particularly in managing their credit card debt, so that they can avoid financial pitfalls that may lead to bankruptcy.
quote by Daniel Akaka
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High bankruptcy rates, increased credit card debt, and identity theft make it imperative that all of us take an active role in providing financial and economic education during all stages of one's life.
quote by Ruben Hinojosa
Submitted by Lucian Velea
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A person's credit report is one of the most important tools consumers can use to maintain their financial security and credit rating, but for so long many did not know how to obtain one, or what to do with the information it provided.
quote by Ruben Hinojosa
Submitted by Lucian Velea
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Our strength in finance has led us to set up an international financial centre with medium and long-term objectives, especially to develop Islamic financial and insurance services.
quote by Hassanal Bolkiah
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Social Insecurity
Strapped Seniors use credit cards ‘stead of cash
To stay afloat, after losing their stocks n’ bonds
Yet more victims of another Wall Street crash
“Let them eat cake” is what the Fed responds
ROTMS
From Reuters Article 10/23/2010
Retired and broke: Why retirees are declaring bankruptcy
For more and more seniors, retirement doesn’t mean a debt-free life of leisure. An increasing number of Americans aged 65 and older are declaring bankruptcy, according to a recent study by John Pottow, professor of law at the University of Michigan Law School.
Those aged 65 and older represented seven percent of bankruptcy filers in 2007, a mind-boggling jump from 1991. They are the “fastest-growing age demographic, ” according to Pottow’s study.
What’s the culprit for so much debt? Credit cards. Two-thirds of Americans who filed for bankruptcy said credit cards were the key reason for their financial problems, according to Pottow’s research. Besides having more credit card debt compared with younger bankruptcy filers,44.8 percent of those aged 65 and older also had more plastic in their wallets. “They’re using credit cards as a maladaptive coping mechanism, ” Pottow says.
Stephanie Osterland, a supervisor in the bankruptcy department at GreenPath debt solutions, sees an increasing number of seniors living beyond their means. Says Osterland: “They’re just trying to live off of a fixed income, and that’s usually Social Security. Maybe they have a small pension. We find they’ve used credit cards to supplement that income and expenses or they just end up getting into a lot of medical debt.”
In addition to escalating medical expenses, seniors have seen their portfolios hit hard by the lagging stock market. Carolyn Rodi of Saving Your American Dream says those considering bankruptcy should see a credit counselor at a non-profit organization to get their finances in order.
Credit counselors, such as those at GreenPath, help the elderly deal with a stressful situation. “We try to help them focus on what it’s going to look like” after they get out of debt, Osterland says.
Rodi also recommends that potential bankruptcy filers seek out pro-bono legal aid. “There are a lot of elderly people that are being taken advantage of by bankruptcy attorneys and mortgage brokers who are advising them improperly to pay for the bankruptcy, take out a reverse mortgage or to do things that aren’t in their best interest, ” she says. ”If you have no income, why should you borrow to pay someone when you can get free legal aid? ”
What are the chances of a senior paying off his or her debts? It’s difficult to determine, especially because seniors tend to be on a fixed income. And while finding a job — such as a WalMart greeter — seems like a viable option, it is not necessarily feasible for all seniors to work.
In addition, whether or not a person declares Chapter 7 (which involves the liquidation of one’s assets) or Chapter 13 (which allows debt restructuring) bankruptcy can be a significant factor in determining what one’s lifestyle will be. “If you have to file for Chapter 7 bankruptcy, you may be able to find affordable housing that allows you to just get by, ” says Rodi. “Chapter 13 lets you keep your house and doesn’t touch your retirement savings.”
Regardless, filing for bankruptcy is very stressful for anyone. “A lot of our clients in that post-retirement age have a hard time coming to grips with their situation, ” Osterland says. “It’s very emotional for them. We try to focus on the future and see if this debt can be lifted off their shoulders.”
poem by Ray Lucero
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Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
quote by Melissa Bean
Submitted by Lucian Velea
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In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.
quote by Timothy Geithner
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Over and over again, financial experts and wonkish talking heads endeavor to explain these mysterious, 'toxic' financial instruments to us lay folk. Over and over, they ignobly fail, because we all know that no one understands credit default obligations and derivatives, except perhaps Mr. Buffett and the computers who created them.
quote by Richard Dooling
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Financial Counseling
Don't you find it remarkable,
That those you labelled undesirable...
With a moving away from them decades ago,
Are now the ones most qualified...
To purchase your foreclosed home?
And you and the others,
Were booted out of most of them.
While from other homes,
They seem to be taking their time moving in.
'I thought you were here to provide me with,
Financial counseling.
Not teach me history.
I wish not to hear none of this.
With a lesson you believe I need to get.'
You are right.
Forgive me for that 'over zealous' insight.
I just thought in providing you financial counseling...
Being aware of 'your' history,
Might avoid you making similar judgement calls...
In your future.
poem by Lawrence S. Pertillar
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Credit crunch!
I hear no sound of joy or laughter
As the markets crash like thunder
Take a look at the whole financial bunch
Many made money on just a keypunch
Banks which once stood brave
Are now begging to be saved
With Governments pumping billions into banks
Because many claim to have empty money tanks
People’s savings are wiped off the record
Sit home! Sit home! Calculate what you can afford
For fast is this growing curse flowing
As the financial chaos wind keeps blowing
On each lip only two words are spoken
Credit-Crunch!
Behold the whole Financial Market is broken!
Copyright 2008 - Sylvia Chidi
poem by Sylvia Chidi
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Crisis Looming
Financial crisis is looming ahead, as hearts fill with fear and dread,
The crisis now seen can’t be denied, as problems move worldwide.
Many looking for a world financier, to address all the financial fear,
Men from each and every country, are looking for financial stability.
Countries looking to tax and spend, trying to avoid a climactic end.
Men talk about a rippling effect, but they haven’t seen anything yet.
Even corrected, it’s deeper though, and shall fill the world with woe.
Corporate structures and their worth, are falling all across this earth,
Hurting men’s lives and wages, as they trust in their financial sages.
The world we know is headed for, a time no one’s ever seen before.
All of this is the setting of a stage, for the coming End of this Age,
Next there’ll be a spiritual thrust, asking men to hand over their trust,
To one single man with one belief, all as a part of economical relief.
This will all be backed of course, by a worldwide government force,
Lead by one charismatic man, and unknown to all has a darker plan.
That’s to take the end time stage, and fill the world with darker rage.
This Leader shall use all three, Government, Religion and Economy,
To unite this world, all as his own, exalting himself to God’s Throne,
But, as he pursues his plan though, multitudes shall come to know,
This leader won’t help but destroy life, for this man is the Antichrist.
(Copyright ©09/2008)
What we're going to do is redouble our efforts on financial regulatory reform, because that has in it sensible things like say on pay, so at least the shareholders are minding the store, sensible things like saying, for heaven's sakes, compensation should be focused on - on long term, so that you don't have rewards for short-term risk-taking.
quote by Christina Romer
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It's not easy to part with the trophies. However, I do need to have some long-term financial security for those close to me.
quote by Bjorn Borg
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If we don't change, millions of American families are just one medical emergency, or one layoff, away from financial disaster and bankruptcy.
quote by Jim Cooper
Submitted by Lucian Velea
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Financial Amnesty
Wrongdoers created financial meltdown
In a sea of red ink whole Countries drown
For greed, they’ve altered global destiny
Leaders ought proclaim financial amnesty
ROTMS
poem by Ray Lucero
Submitted by Poetry Lover
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Shaky Snaky Figures
Around his neck that boy had a snake, mottled green
As he passed when I was waiting by the cash machine.
As the credit crunch grips like a boa constrictor
Around the throat of each gullible investor,
The parallels intrigued me with their perfect apposition
Of the snake and the shaky financial position
Did he want to make me think up some moronic metonymy
To figure out a way to describe the chronic economy?
For the figure of infinity, that on-it’s-side eight
Is the figure for the figures in the global debt.
poem by C. Richard Miles
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Stars didn't have to worry as they were on long term contracts and were able to enjoy their vacations without worrying about tomorrow. Few had financial worries due to large incomes and little taxes.
quote by Pola Negri
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I believe my publisher has shown a great deal of faith in me over a lot of years but I'm not prepared to be so arrogant to say that the long-term literary value of my work would compensate them for a financial failure.
quote by Andrew Vachss
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The rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe.
quote by Timothy Geithner
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Typically, students slide into debt through the extension (by credit card companies) of unaffordable credit lines.
quote by Robert Manning
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Financial service providers act as the lubricating oil in the economy. They link consumers who want to invest their savings for a good return with companies who want to borrow on best terms for expansion.
quote by John Bruton
Submitted by Lucian Velea
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