Sign of the Times

[Rick9972]

Did you notice that this forum just set an new record for most people visiting at the same time on 6/30/2010?

[Universal]

That is a true sign of the times.

[wonderingrov]

A couple of attorneys I talked to said their business has increased this year. I guess bad news for the rest of us is good news for bankruptcy attorneys.

[angles]

Yes, they are buried with work. I recently saw a graph of the US showing BK state by state and BK is up this year in almost every state. I expect BK to be a wave that will follow the housing foreclosure wave and continue for a few years. Perhaps I should go back to school and become an attorney? Could be job security.

[ohiogal]

I suspect another wave of bankruptcies will be upon us soon, since a lot of peoples' unemployment benefits ran out a few days ago, and the Republicans voted down an extension. A lot of people suddenly don't have any money for their mortgage or utilities, and with jobs still scarce many will have no choice. I hope the Republicans know what they're doing.

[helpmeout]

When I told my attorney about how my credit card statements started showing how long it would to take to pay off the balance just paying the minimum payment, she said that they would be getting more business.

While unemployment running out is probably one of the reasons, I think that the major reason why there will be an increase in BK filings is that people will finally have it hit home just how bad credit card debt is and that they won't get out of it anytime soon.

I know that it really hit home to me that I was in very bad shape when I started getting notices of the minimum payment increasing due to the credit card reform laws. I just kept asking myself how I was going to manage that. I have a secure job making a decent wage.

[wonderingrov]

When I told my attorney about how my credit card statements started showing how long it would to take to pay off the balance just paying the minimum payment, she said that they would be getting more business.

While unemployment running out is probably one of the reasons, I think that the major reason why there will be an increase in BK filings is that people will finally have it hit home just how bad credit card debt is and that they won't get out of it anytime soon.

I know that it really hit home to me that I was in very bad shape when I started getting notices of the minimum payment increasing due to the credit card reform laws. I just kept asking myself how I was going to manage that. I have a secure job making a decent wage.

Another related factor for me was the fact that they started raising my interest rates for absolutely no reason at all - at the time, I was still current on all my bills and had a credit score of 725. Then, I found out they were doing the same to all my friends. I soon learned it was because of this credit card reform bill. When they raise minimums AND raise interest on large groups of people, I would expect a larger default rate.

[angles]

The CC reform is actually in our favor (believe it or not). It’s designed to help people improve their financial future. Granted, the payment may go up but in the long run you would be saving some money. But I do agree, initially the hit may push some people over the edge. At least those who were barley making the minimum payment before the changes.

[NoMoeMoney]

Unemployment benefits are not ment to be paid forever, they've already been payed for record amounts of time. The Democrats control all levels of government not the Republicans.