Not talking Destiny's Child songs from 1999.
We're talking about your neighbor, your colleague in the next cubicle, your cousin... or maybe even you. If you or anyone you know is stuggling with bills... who isn't, okay?... but I'm talking on the verge of total financial collapse or bankruptcy, well the credit card and bank lobbyists have won the hearts and minds of our politicians in D.C.
A bill will be signed that will make it harder for people to file bankruptcy. Some say this will make life for those with financial problems even more problematic. Not saying that people shouldn't take responsibility for their financial choices. We are all responsible for our choices, but some of our choices are shaped by society at large.
We live in a consumer-driven and capitalistic (duh) society, where people -- especially those without a lot of $$$ -- are tempted by the material goods they see in videos, on sports stars, by their employers on the other side of the tracks. Every day, a new product targets us. We're told to spend more and it will help keep the economy afloat. But if you don't get good lessons from home on how to manage money, plastic, savings... you make mistakes. I see it in college students all the time.
So now, instead of the good old days of being able to completely write off debt and start anew in 7 years or so... consumers considering bankruptcy will have to work out payment plans and pay back the banks and stores that tempted them in the first place with offers of plastic and products. Hmmm...
How many of our large corporations have gotten away with more, while Mattie down the street and Joaquin the barber will have to pay out the pocket?
Michael Cader of Publishers Lunch
9 hours ago