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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Related quotes
In 1997, the National Bankruptcy Review Commission recommended that chapter 12 of the Federal Bankruptcy Code, the chapter that contains bankruptcy protection for family farmers, be made permanent.
quote by Tim Holden
Submitted by Lucian Velea
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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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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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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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Personal savings accounts to me are one of the most powerful things, not necessarily in saving, solvency, or bankruptcy of the program, but in guaranteeing, the words I used a few minutes ago, a safe and secure retirement for our seniors.
quote by Bill Frist
Submitted by Lucian Velea
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Disappointment is a sort of bankruptcy - the bankruptcy of a soul that expends too much in hope and expectation.
quote by Eric Hoffer
Submitted by Lucian Velea
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Sub Prime Crisis
I asked to the God:
Why America is on a verge of bankruptcy?
Why all are facing a drought of currency?
Do you think anyone should bank on banks?
Which have sunk a people of all class and ranks.
What quake produced a tsunami of sub prime crisis?
Can you explain it to the men, rich in vices?
Which is a better pill, communism or capitalism?
Can you illumine it with a dose of pragmatism.
God replied:
Son! There is nothing in this world like crises;
These are hidden opportunities in disguises.
One prime lesson still you haven't succeed to learn,
One should never spend more than one earn.
In jungle of finance, if you are led by economists,
Your fortune will be devoured by a debt’s beast.
If you mortgage future joys for a moment's passions,
Holy odyssey will fail to reach a divine station.
I replied:
In future, I will never take any kind of loans,
So I don’t have to groan in a sea of moans.
Thank you for your advice, oh! Heavenly bard,
Right away I am tearing down damn credit cards.
Now I will share this poem with all my friends,
So they don’t face the crisis till their life ends.
Consider as a merit, an act of forwarding this email,
So like economist, I won’t be tormented in your jail.
Dr Hitesh C Sheth
poem by Hitesh Sheth
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Quite Shocked And Appalled
Quite shocked and appalled are they.
The ones accused to be the reason,
Why a way of life is 'rumored' to be tied...
Directly to them.
And the cause of a downslide and bankruptcy.
They don't accept this.
Although maintaining pretentions,
Can be quite expensive.
They feel offended when it is broadcast on TV...
How their children who lack discipline,
Respect, hygiene and social etiquette...
Is directly connected to a reflected negligence.
And those fingers are pointed to them.
Because of their feelings of being entitled...
And the laws that are 'designed' to protect their whims.
They don't accept this.
Although maintaining pretentions,
Can be quite expensive.
And the money that is spent,
To keep their symbolic points of view...
Gleaming in their minds,
And where these images are found...
Has broken their backs,
To bring their knees to touch the ground.
And...
They don't accept this.
Although maintaining pretentions,
Can be quite expensive.
And they protest and picket their leadership,
To change what they've done quick...
Or,
They will find themselves replaced.
They demand at any cost,
To have their delusions better represented.
And 'this' they will accept.
Although maintaining pretentions,
Can be quite expensive.
Quite shocked and appalled are they.
The ones accused to be the reason,
Why a way of life is 'rumored' to be tied...
Directly to them.
And the cause of a downslide...
And bankruptcy.
Attached to their credit.
And upaid loans.
poem by Lawrence S. Pertillar
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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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Losing Patience
If one is the owner,
Of another's debt.
And that other one's life,
Has been enhanced by loans and credit,
Kept.
Who is more indebted?
The one who's lifestyle has been fed,
On the achievement of good credit ratings?
Or the one quietly...
Losing patience instead?
If one is the owner of another's debt.
And one of the two brags about a greatness kept.
While the other has sat patiently...
Listening to the boasting,
Of one exposing a pumped up chest!
Which one do you think eventually...
Will extend an upper hand?
And which one will admittedly,
Will express regret and on nothing to stand.
On which can be declared is theirs to own?
Not if one is accustomed to living indebted,
On borrowed finances another loans.
Which one do you 'think' will be left to moan?
poem by Lawrence S. Pertillar
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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
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This filing spike is a result of bad information being pushed on people, and then they file for bankruptcy out of fear.
quote by Steve Bartlett
Submitted by Lucian Velea
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The 'Look-At-Me-And-What-I've-Got-Type
I've met a few snooty people in my days.
The ones who perceived themselves,
Better than others...
Because of a higher mortgage the had to pay.
Or the ones who bragged about their good credit.
And would announce the number of their credit cards,
To anyone for a quick display.
And those who were comfortable being who they are,
Always attracted my attention with admiration.
Those who were comfortable being who they are...
Were honest with themselves.
And to me this was a priceless possession.
People who talk about their stocks and bonds,
And investments they live on...
I don't fault them for what they believe is security.
People have their values and I respect that.
It is the ones self obsessed who appear to thrive best,
On masquerading their unhappiness....
With a projecting of pretentions the try to hide,
In a shallowness of emptiness.
The 'look-at-me-and-what-I've-got-type'.
You know...
The ones climbing down from their high horses,
Hoping not to be seen at night.
Since today the economy,
Has their mouths and lips shut firmly tight!
I've met a few snooty people in my days.
The ones who perceived themselves,
Better than others...
Because of a higher mortgage the had to pay.
Or the ones who bragged about their good credit.
And would announce the number of their credit cards,
To anyone for a quick display.
Well...
Those who were and 'still' comfortable being who they are,
Always attracted my attention with admiration.
poem by Lawrence S. Pertillar
Submitted by Poetry Lover
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Credits and discredits
To love back one who loves you
Is not a credit that you deserve.
It is a debt cleared.
To love one who doesn’t love you
Is not a credit that you deserve.
It is your investment.
To love one on sexual ground
Is not a credit that you deserve.
It is to feed your hunger.
Though you deserve no credit,
If you don’t employ such loves
You will get discredits.
27.02.2010
poem by Rm. Shanmugam Chettiar
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My Question to Alan Greenspan and Ben Bernanke
When banks went bankrupt, to bail them out
The government gave them a cushy handout
When the rest of economy went to recession
The government tried to make a good impression
It printed trillions of fiat money
To rescue all friends of the Easter Bunny
To provide the necessary wherewithal
To spend its way out of the hole
The politicians were not aware
While they built the bridges that lead to nowhere
That money is also a finite resource
They had good intentions: for better or for worse
Inflation and taxes beyond any doubt
Caused my retirement fund wipe out
My finances were trapped, I couldn’t get any cash
When stocks and bonds have turned into trash
I was paying my mortgage & credit card debt
I spent money wisely, my expenses were capped
With banks in default, the dollar’s inflating
I still retain 5-star credit rating
Hey, Mr.Bernanke and Mr.Greenspan
Something is wrong with your genius plan
Would you, please, tell me, whose fault is that -
People are suffering and banksters are fat?
***
August 23,2009
poem by Slava Olchevski
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Know what happens when an individual declares bankruptcy and how it affects his or her life.
quote by Marilyn vos Savant
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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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Imminent GM bankruptcy was always fiction, created by Wall Street and the media.
quote by Robert Lutz
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When there were fears about the future of this nation's older cities... when a few of the cities teetered on the brink of bankruptcy, all eyes were focused on Chicago for contrast.
quote by Jane Byrne
Submitted by Lucian Velea
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The entire exhibitions industry in the United States of America has filed for bankruptcy.
quote by Jeffrey Katzenberg
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