2 grand? You got it?
 

Welcome to recovery summer. Where 75% of people can't get 2 grand together.

http://www.businessinsider.com/only-...a-month-2011-5

I'm sure a 'stimulus' plan to give 75% of americans $2K is in the works. Of course the 25% who saved will be the ones again paying. Sounds similar to Obamacare!

Everything will get better. Bush did it. Obama is trying. Bahhh bahh.

One of my best friends is considering bankruptcy. She is 50, has 3 kids, only one left in high school and simply can't make ends meet. I'm going over numbers with her tomorrow to talk about her options but I'm pretty sure she has no way out....Have to help her get her ducks in a row for the 7 years of ruined credit.

What type of debts is she holding?

Let's see. Credit card. Behind on mortgage already. Slightly underwater on the home loan also. Not sure what else until I meet with her tomorrow.

Well she needs to stop paying the credit card bills and save her home, if possible.

Absolutely on the credit card. Like 10 grand there and they stopped the interest for a year for her but now they want to run it again. So I'm going to tell her to tell them to either make a deal or she goes bankrupt and they get nothing. As for the house, I say she should walk anyway. They can rent, they have no retirement savings and odds are housing hasn't bottomed.

Really when you think of it, 10k in credit cards really isn't that bad. I'm sure that most of the charges are just day to day necessities. Food, Gas and Clothing for the kids, it just adds up. God forbid, someone gets hurt, needs dental and doesn't have adequate insurance or even have some sort of car trouble. People are just sinking.
My wife and I discuss it all the time (plus she talks to all her friends), it seems like many people are in the same boat and are heading down these same type of waters that your friend is in right now. It really is scary times.

And yet people say the recession ended 2 years ago and good times lie ahead. It is more like 1932 before the cliff

Math, I expect to meet you at Monmouth this summer. I'll let you know when I will be down.

It all starts and ends up with employment.

The people that have jobs haven't gotten raises in years that coincide with the cost of living.

The people who don't have a job, just can't find one. Let alone find a decent paying one.

Get ready for the Amero.

Should I PM you my phone number in case you get banned again?........:rolleyes:


I look forward towards it.

Haha. No I will PM you when i know.

Sounds good.

Don't worry, like herpes I will reappear when you least expect it...Pet Cemetery-esque

Nothing a shot can't fix (or so I have been told :eek: :o)

does she have an income? equity in her home? what's her house worth? has she tried to sell it?

Yes. Married and he has income. Not enough. Debt is insidious. This isn't a morality play. They know they screwed up. I'm going to help however I can. They are wonderful people. He hasn't had a raise in 6 years. And her job pays less than the job she had 3 years ago.

The McRecovery.

64k of the 230k jobs in April were from McD....You can't make it up.

It's just that i hear that a lot of folks can afford to rent, yet they will wait til they are overwhelmed before they try to sell. So they just walk away a make the lender try to sell.

Look its a 3 bedroom 1 bath home....But with one kid left with one more year of school, they can rent a small apartment for the 3 of them I think. Either way, something has to change. I'm not a lawyer, I will give them the best personal econ advice I can and tell them to pay a few hundred to see a lawyer to discuss options before they do anything else. They can live with me for awhile if they need to. They are like family.

But on the other end of the spectrum...when the pitchforks come out, I will be near the front.

May 24 (Bloomberg) -- It’s been more than 500 days since Stanley Cheslock put his 26,000-square-foot Greenwich, Connecticut, “dream home” on the market for $17.95 million.

The house and its surrounding estate -- custom built by Cheslock in 2003, with a movie theater and 3,700-bottle wine cellar -- is waiting for a buyer who sees the current asking price, $15.95 million, as a bargain.

“It’s a steal,” said Cheslock, a co-founder of an investment firm, who has knocked almost 50 percent off the price he was asking when he first tried to sell the property five years ago. “It’s way underpriced.”

http://noir.bloomberg.com/apps/news?...3kxTAx0w&pos=5

I'm glad they have a good friend they can count on. I'm sure every walk-away has their own unique set of circumstances. It just seems the bottom line for most is that they live beyond their income when it isn't necessary.
I wish your friends the best of luck getting back on track.

If you are talking about the general morality of it, there is none to me. The banks have pillaged this country to no end and they can break whatever agreements they want and get whatever bailouts they want. Why people don't jingle mail them to death is beyond me...Unless you love where you are living a mortgage can be broken like anything else. You are going to face years of sh.it credit and if you know the ramifications and live in a state without recourse, you're stupid not to walk.

Well, dude, they keep shipping jobs away so they can make ultimate bank. Then, they bring products back here to sell. You keep doing that, and you get where there aren't enough people working here to support this little Conservative treadmill. We didn't protect our work force. This is the result of Conservative Fantasy. Almost everyone else protects themselves from foreign products destroying their own jobs. Not us. So, naturally, we be fkd. This is simple A+B = AB, and we keep expecting A +B= C
Americans love believing in a Conservative Fantasy, but they really are just Fantasies.

Bill Clinton or any liberal for that matter weren't involved.

Yeah we're just all f.ucking stupid. Someone look up snopes and prove me wrong. They're always right and never hide mistakes.

What I described is Conservatives Fantasy shyt. It's not what Progressives or Liberals believe in. As we are seeing, a Liberal President can pass virtually nothing without moving Right.

blah blah CLINTON SIGNED NAFTA.

The ones with real power in Washington are all on the same team. You can forget about the R and the D.

When you have this guy...

http://www.youtube.com/watch?v=o80kIgXlqvw

you know it's not a R vs. D problem. You can't get more liberal than this man.

And yeah I had to post that video. LOLOL. I know just the site of one pisses you off.

They ALL were/are involved.. What does Barack do to fix the problem ??? He hires a GE exec.... How many jobs have they shipped overseas??? The dumb ass is hiring the Fox to protect the chicken coop:zz:

Don't forget to thank GE for Fukushima. Great job there. USA!! USA!!

I'm sure they'll be punished. It's not like there has been any indication of a big cover up over that mess.


I'm going to die from a sarcasm attack.

He needs to hire someone who gets it and is not owned.

http://www.computerworld.com/s/artic...ing_H_1B_fight

Again, each set of circumstances is different. It sounds like your friends live modestly and have suffered a setback or two. I wish them well.
Others simply have a lifestyle they know they really can't afford. It's all about instant gratification, why bother to save for anything. These people usually become a burden to us all. It's hard to feel sorry for them.

How many lived a life style they could afford until both lost their jobs and the real estate market collapsed taking away their option of down sizing. I think a
whole lot of this has happened.

I'm not talking about these people. Like I said, circumstances differ. But face it, we all know people that have to have the latest gadgets, new cars, big houses. And they usually buy entirely on credit. Sorry, but they are just a hiccup away from crisis and should know better.