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View Diary: Survey: New bankruptcy law isn't working (22 comments)

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  •  And I'll confirm the (4.00)
    medical issues and unexpected problems.......

    Early on in our marriage, dw ended up in bed in traction for 6 months..... not like her job had much in the way of benefits..... in fact, no job after a few weeks - and disability sure doesn't pay much.......  throw the marriage penalty in IRS regs and we got SCREWED that year.......

    Owed $1000 on a credit card.  That's all.  Not a lot.  But damn near impossible to make the then minimum at the time.  Lucky enough to borrow from family to pay off...... couldn't get a loan from ANYONE - even the shylocks like Household Finance.....

    Now.... not NEEDING to borrow any money, offers are getting thrown at us all the time.

    The higher up the ladder we've gotten, the more cynical I've become.....   Banks will loan you obscene amounts that you DON'T need via home equity or even personal credit if you HAVE money....  but "screw you" if you don't..... Ironic in that "microloans" have proven to be such a success in the developing world...... sometimes simple "access to capital at a REASONABLE rate of interest" is all the "poor" need to get OUT of poverty.

    Instead, the system is rigged to stiff those least able to foot the bill.... look at all the "refinancing" packages pushed by companies to poor homeowners.... stuck people with obscene fees and payments they couldn't afford - buried in legalese they didn't understand - and stole their houses.....   I'd say this can't happen to someone better off - you hire a lawyer to go over these things.....  

    but I expect more than a few overleveraged yupies are gonna be losing their nice big "no money down" adjustable rate mortgage PLUS maxed out home equity line houses as prices continue to drop..... if the economy tanks and people start losing jobs.... watch out - there's gonna be a stampede.  Too many people living paycheck to paycheck.

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