Posted on 12/28/2005 12:43:50 AM PST by SDGOP
An unprecedented spike in filings before reform took effect in fall 2005 is chewing into lenders' bottom lines, and the subsequent lull is showing signs of being short-lived. Bankruptcy attorneys say their caseloads are starting to pick up, and credit counseling agencies -- which provide now-mandatory sessions for consumers who want to file -- say they're seeing significantly more people than they initially predicted.
All this is raising questions about whether lenders will profit as much from the new bill as they hoped.Credit card interest out of control? Find a lower rate.
It wasn't supposed to be this way. The new law contains a “means test” that was supposed to steer higher-income filers toward repayment plans. Lenders expected a rush of consumers trying to beat the bankruptcy deadline, but nothing like the surge that actually occurred. More than 500,000 bankruptcy cases were filed in the two weeks before the law took effect, compared with a normal weekly volume of 30,000 to 35,000. So far this year more than 2 million cases have been filed, 49% more than the same period last year and eclipsing all previous records.
(Excerpt) Read more at moneycentral.msn.com ...
Yikes. Socialized medicine doesn't look so bad. At least you don't end up a pauper because you got sick.
We often hear about Americans' saving rate being too low. I think Americans are making a rational decision - what's the point of saving if it all can be wiped out by a major disease.
You said: I ran a debt negotiation office for years. Your wrong. By saying "Considering that true emergencies occur very infrequently"
Most of theses peoples lives are emergencies...they were close to the edge as is and something bad happened....they just can't get off the mat. I have spent many nites crunching numbers with these folks trying to square a circle. I was amazed at the sacrifices they would try to make to keep themselves from filing BK.
I don't say I know all the answers but I usually left the office whispering...... there but by the grace of God go I.
***
Too many people live their lives so as to "create" these "emergencies." A catastrophic illness in the family is one thing, but far too many people refuse to live sufficiently within their means. They never put anything aside, because they bought too nice a car, too large a house and too many goodies of different kinds. The temptation is there for everyone, but it has to be resisted. We still live in the same house we bought in 1988. Our income has much more than doubled since that time, even with my wife working part time so that our kids are properly cared for. We took out a 15 year loan, refinanced once, and resisted the urge to "move up" as our incomes increased. We reasonably priced new cars when our old ones give up the ghost. We eat out occasionally, but even when we do, we don't go to the high-priced places. We give generously to our church and other charities (and while this helps at tax time, it is still a net reduction to our bottom line). While this is not the image most attorneys wish to convey, we are happy to be reasonably comfortable. It would take a lot for us to have to go back into debt, and it could happen, I suppose.
Live within your means. Pay the credit card off each month, and well before the due date, IF you have to use it. Save for what you want, then pay cash. Try not to want so much. It isn't as exciting as the lifestyles many lead, but it sure makes it easier to sleep at night.
I've got relatives in Europe. While many times they have had to wait a long time to see a doctor, no one died.
I'm not putting up socialized medicine as the solution, but our own system is far from utopian.
Banks know exactly what their exposures are long before someone goes bankrupt. These are just small percentages of their business model.
Economically, this has very little impact as the bankrupt parties continue spending. After filing, their paychecks go much further as all those huindreds of dollars spent on monthly credit card minimum payments can now go to what ever they desire to purchase. They quickly become cash paying customers. Many can get more credit cards quickly from credit card issuers who specialize in loaning to bankrupt consumers.
What's in your wallet?
This is the old Hush Bimbo spiel. Look at the REAL outcome - the life expectancy ranking:
6 Japan 81.15
7 Sweden 80.40
12 Canada 80.10
16 France 79.60
21 Israel 79.32
25 Greece 79.09
43 Jordan 78.24
48 United States 77.71
54 Albania 77.24
And guess who spends the most money?
"That greenish Japanese mustard"
It's called "wasabi."
First time I had it, I thought it was guacamole and just slathered it on. Guess what happened next :)
Among industrialized nations, variations in health care systems have very little influence on overall life expectancy statistics. The U.S. ranks so low on this list for two reasons, neither of which has anything to do with the type of health care system we have. For one thing, the U.S. has more people living in remote, sparsely-populated areas than countries in Europe and advanced industrialized countries in Asia. This means Americans are more susceptible to death due to a lack of immediate emergency medical care in cases of motor vehicle accidents, medical emergencies, etc.
The second -- and more important -- factor is our culture of individual freedom combined with our diverse racial and ethnic backgrounds. Most of the countries that rank high for life expectancy are very homogenized populations living in regimented cultures. The U.S. has a higher incidence of almost any social pathology (drug abuse, alcoholism, violent crime, etc.) than most countries, which goes a long way toward explaining why our life expectancy is lower than most other modern, industrial countries. In fact, I believe terms like "crack baby" can't even be translated into Japanese.
One last thing to consider is that a country's average life expectancy could be influenced by health care factors that are misleading indicators of the nation's health care system. Jordan, for example, has an average life expectancy that is slightly higher than that of the U.S. And yet I would venture to guess that 99% of the people who have the option of getting medical treatment in either country would -- and do -- select the U.S. Jordan's average life expectancy is influenced by people like the late King Hussein, who traveled to the Mayo Clinic in Minnesota on numerous occasions for his medical treatment. For life expectancy statistics to have any meaning in the context of a country's medical care, people like this should be counted in the country where they get their medical treatment (particularly for serious illness or injury), not where they live.
One example I gave - France is quite diverse too :(
And still it does not justify being in between Jordan and Albania!!! Not when you count how much money is being spent.
There is more to medical care than the life expectancy. Take, for example, dermatology. Does it contribute to life expectancy?
That kind of lawless environment in almost any city in the U.S. would result in dozens of deaths and hundreds of injuries.
THATS cuz they are iowa. Who the hell would live there on purpose.
Why not? For example long lasting skin infections, allergies etc ..., could have an impact.
Why not? For example long lasting skin infections, allergies etc ..., could have an impact.
I thought my acne could not kill me. How wrong was I.
"THATS cuz they are iowa. Who the hell would live there on purpose."
Why does the wind always blow south in Minnesota, north in Missouri, east in Nebraska, southeast in South Dakota, southwest in Wisconsin, and northwest in Illinois?
Because Iowa sucks... :)
Not to mention skin cancer.
How do credit card companies "promote feminism" and "promote gay lifestyle kit(s)ch spending," exactly? I've never seen that commercial.
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