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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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
Submitted by Lucian Velea
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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
Submitted by Poetry Lover
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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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Hitler's economic revolution in Germany had reduced financial considerations to a point where they played no role in economic or political decisions.
quote by Carroll Quigley
Submitted by Lucian Velea
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Typically, students slide into debt through the extension (by credit card companies) of unaffordable credit lines.
quote by Robert Manning
Submitted by Lucian Velea
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Fraudulent Offence
I like your card as it deceives me,
Debt is a terrible life, I know and see.
Fraud is to obtain this property
And theft is the way you take for poverty.
May you mislead knowingly another
That the legions and lesions are lessons of a mother.
I like this conviction upheld,
The marriage of money is to be compelled.
Debt is a mathematical puzzle,
One of the finest monuments called a muzzle.
poem by Naveed Akram
Submitted by Poetry Lover
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As problems like identity theft become more prevalent, now more than ever, Americans need to take their financial health seriously - and this information is of the utmost importance.
quote by Ruben Hinojosa
Submitted by Lucian Velea
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When you take a look at the problems our country is facing, debt is No. 1. The math is downright scary and the credit markets aren't going to keep on giving us cheap rates.
As part of my efforts to fight identity theft, I worked with my colleagues on the Financial Services Committee to strengthen consumer protection with a reasonable notification requirement.
quote by Melissa Bean
Submitted by Lucian Velea
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The Key to Success
Education is relevant for a person to be successful.
Education empowers a person to become a leader.
Great opportunities are presented to professionals.
The future of a Person can be unpredictable if she lacks education;
an uneducated person does not have the knowledge
of what the future has to offer for her.
Education is an essential tool to make a pleasant and stable living out of a simple quotidian life.
High Education contributes to the increase of the graduate
in her social economic level.
Education is the main Factor for one to become wealthy,
Millionaire, or even
Multimillionaire.
Education offers the opportunity for a person
to become the owner of a mansion.
Education brings one the opportunity to please herself.
Perhaps, getting to travel often to interesting countries/places, or
to be the owner of the latest new brand sport car.
Education enables one to reach success.
Education makes one become influential.
Education gives one the opportunity to be
at the top with the highest wage.
Education gives one self-fulfillment.
A thief can take away money, a car, a property from a person.
but is definitely impossible to take education away from someone.
Education is worth $10,000 $50,000 $1000,000
0ne puts it value!
Education is certainly the main Element to become successful
and overall to reach one’s goals and dreams.
poem by Sofi Martinez
Submitted by Poetry Lover
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Identity Of I
Identity is not what I promise others
Identity is what I do when I am alone
Identity is what I think of others
Knowing all the hatred they've shown
Identity is what every wound reminds me
Identity is what I learn and what I pass by
Identity is what I see in the mirror
After giving my best try
Identity is what I make out of my given chance
Identity is what I accept and what I deny
No one else has control over me
Life is about me, and what I identify
poem by Abhiraj Rajadhyaksha
Submitted by Poetry Lover
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Offensive Advertising
The American Cremation society
Is offering 'hot deals'” this week.
We get pitches for Pfizer's viagra
by snail mail, on Facebook, by Tweet.
Brochures for an all senior residence
litter our nightstand these days.
There silver haired ladies and gentlemen
pop pills for their nightly forays.
There are bankruptcy ads on the radio
to help manage credit card debt.
There are pill ads to help me remember
what drink used to help me forget.
The cars that they hawk to us seniors
Are designed to just putter around
Not for me Candy apple red Corvettes
To race about with the top down..
I’m stuck in the prune demographic
Where ensure and ex lax abound.
I still have my own teeth, and don’t need drugs to sleep,
But my Glasses have yet to be found…..
poem by John F. McCullagh
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High Tone Woman
I been watchin' you watchin' her watchin' herself in the mirror,
In her tailor-made dress an' her long blonde hair,
An' her big diamond rings: her custom-made shoes.
And I can by the look on your face that you're makin' your move,
But she hasn't got time for a man who's tongue-tied.
An' she doesn't like cowboys an' thinks less of fools.
So, boy, don't you saddle yourself to a high-tone woman.
She'll cut up your heart like an' old credit card,
When the fun and the money runs out.
I've never seen an uptown, well-read thorougbred,
High-tone woman sink as low as you.
Instrumental break.
Hey, I'm on your side; don't go gettin' me wrong, now:
You're not a bad fellow at all.
But you're out of her league so stay in the bleachers:
Son, you couldn't please her if you had it all.
So, boy, don't you saddle yourself to a high-tone woman.
She'll cut up your heart like an' old credit card,
When the fun and the money runs out.
You're a fool if you saddle yourself to a high-tone woman. (I seen her.)
I've seen her cut up a heart like an' old credit card,
When the fun and the money runs out.
I've never seen an uptown, well-read thorougbred,
High-tone woman sink as low as you.
Oh no, I've never seen an uptown, well-read thorougbred,
High-tone woman sink as low as you.
song performed by by George Strait
Submitted by Lucian Velea
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All they need to do is to set up some website somewhere selling some bogus product at twenty percent of the normal market prices and people are going to be tricked into providing their credit card numbers.
quote by Kevin Mitnick
Submitted by Lucian Velea
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Debt and Effect
Do you like to do what you like,
Have dream to live luxurious life,
Buy a car, house or household,
Have planning to tour the world
Or want to own valuables, then flaunt,
Taking mate shopping or restaurant,
Short of money? Loan makes it easy.
Credit card can make you more crazy.
Though this truth is well accepted
Most of rich men are highly indebted.
But when you will realise its effect
Immediately say good bye to debt.
Pay heavy interest on the principals,
Receive agent’s debt collection calls.
In debt your mental peace is lost,
Miss planning and opportunity cost.
Your mind always loaded with tension
How to clear loan? Asking the question
Go for another loan or curtails expense
How fast repay and get out of the mess
Major earning is lost in paying interest
I feel, remaining debt free is the best.
(c) S.D.Tiwari
email [email protected]
poem by S.D. Tiwari
Submitted by Poetry Lover
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Up! Education
Education is important
Right from when an infant
Education is not about college
It entails a wider range of knowledge
Supplying a market of skills shortage
Education is great
It creates and decides upon ones fate
Never leave it too late
Education makes it a priority
To provide you with opportunities
So I say
OK! Up! Education
Feed the Nations
Up! Education
Education is in abundance
A constituent of importance
As we humans advance
It offers us life’s insurance
Education is the key to set you free
From joblessness condemnation
Education is the key to flee
From endless financial frustration
Education provides you with ammunition
To tackle any country, state or nation
Education gives you immunisation
Against surviving global frustration
Education relieves you
From absurd ignorance
Education exempts you and me
From parental allowance
For most adults
It is usually a concerning disturbance
So I say
OK! Up! Education
Feed the Nations
Up! Education
I take my time to stress once more
It is the path to successes door
Education is a treasure
One cannot significantly measure
By only your life’s attended lectures
Education is power
Your immediate answer
To questions that remain unanswered
Education is for all
Embrace it or fall
Education provides options
And sets the motion
In life for you to function
So I say
OK! Up! Education
Feed the Nations
Up! Education
Education is the name of the game
poem by Sylvia Chidi
Submitted by Poetry Lover
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To Do Or Not To Do
To do or not to do
I have been having
Some strange thoughts
The past couple of days
Thanks to an incident
With a credit card
And my checking account
I am almost tempted
To go for broke
And say the hell with it all
Bankruptcy could not be all that bad
Could it
I was thinking I could move to Mexico
For a few years
And pay a couple hundred toward rent
And a Mexican shrink
And have plenty left over
For senoritas and beer…LOL
Wouldn’t that be the life
I wonder what that might be like
I wonder what the wife would think
I don’t think she would like that
One bit
Well, I just thought I’d let you in
On some of the crazy thoughts
Racing through my head
Any suggestions
poem by Edwin Tanguma
Submitted by Poetry Lover
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The Stages Of Life
On the stages of life
many plays are performed.
Some are little dramas
while on others
large epics are presented.
Each has a different ending
of which no one can guess.
Each character plays their part
until their staring role arrives
on one of the stages of life.
18 May 2012
poem by David Harris
Submitted by Poetry Lover
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Each and every Notary Public plays a crucial role in combating identity theft. They serve as our front line of defense and the public is safer because of the job they do.
quote by Ken Salazar
Submitted by Lucian Velea
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Endangered Species
When I wanted a credit card...
I was denied it.
Not qualified.
I was told no one would touch me!
Today...
Since I do not want a credit card.
And live within my fixed and bolted down budget...
I am bombarded.
Through the email.
My regular home mail.
Telephone calls.
Even those passing flyers on the street:
'We Can Have You Financed...
Before Your Next Breath Is Taken! '
Of course I exaggerate...
But those refusing credit today,
Are at risk!
It's like becoming an endangered species.
And to say 'NO! '
That is truly unpatriotic.
Today?
Not to be deep in depth,
Is Un-American!
poem by Lawrence S. Pertillar
Submitted by Poetry Lover
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