Saturday, February 07, 2009
What causes personal bankruptcy?
The answer is not as straightforward as you might think. Or maybe it is. Your reaction probably depends on your own attitude toward self-reliance.
5 Comments:
By 
Christopher Chambers, at
Sat Feb 07, 01:00:00 PM:
You're right. It's all that bad living. Literally...
http://www.consumeraffairs.com/news04/2005/bankruptcy_study.html
By 
, at
Sat Feb 07, 04:36:00 PM:
So you go bankrupt because you can't cover 14K in uncovered medical expenses?
If people weren't living la vida with fancy cars, homes they can't afford, cell phones, pay TV, eating out, flashy clothes, etc., I'd wager they could find a few dollars for that illness that costs them a few bucks out of pocket.
Our major illness as a country is overconsumption ... financial and otherwise. Living "fat" causes more than just personal medical issues.
By , at
Sat Feb 07, 11:31:00 PM:
Not having enough money causes bankruptcy. Who knew? I'm shocked. Shocked, I tell you,.
By , at
Sun Feb 08, 09:04:00 AM:
Bankruptcy is a good thing. Does anyone know if other economically developed allow bankruptcy so liberally as we do? Just think, after bankruptcy people are finally taught how to handle credit, by the banks extending them credit. They are taught budgeting by their lawyers and the court, who give them handy little instruction booklets. Then, after seven years, they are freed from any credit stigma, and offered unsecured credit again. It's an amazing system. Perhaps they even learn to save for bad events!
By , at
Sun Feb 08, 09:05:00 AM:
That should have been "economically developed countries" in my previous question. Sorry.
