It's going to get worse. I'll explain why after you read this:
The number of consumer bankruptcy filings so far this year is 11.3% higher than the same time in 2009, the American Bankruptcy Institute, an organization made comprised of attorneys, accountants and other bankruptcy professionals, said Monday. Filings for the first three-quarters of the year are the highest since 2005, when the bankruptcy system was overhauled to make it more difficult for consumers to shed their debts.
"Families are very vulnerable," said Samuel J. Gerdano, executive director of the institute. "We expect, certainly through the balance of this year that bankruptcy will continue to be viewed as a possible solution for people who are having trouble meeting their obligations month to month."
Remember when Congress passed a law making it more punitive for people to not pay their credit card bills? Yeah, well, now people stop paying their mortgage. Struggle with their credit card debt (which is often less) and THEN go bankrupt.
More bad laws. More bad results. And you know what's funny? Those credit card companies STILL don't get their money.
Also this: I still feel credit is being given too freely. More pain to come.
Sent from my iPhone
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