Archive for January, 2010

Suicide Spreads as One Solution to the Debt Crisis

In a culture where credit rating is the key measure of self-worth, the increasing response to huge debts is “Just shoot me!”

A few days before Congress passed its Housing Bill, Carlene Balderrama of Taunton MA found her own solution to the housing crisis. Just a little over two hours in advance of the time her mortgage company, PHH Mortgage Corporation — may its name live in infamy — was to auction off her home, Balderrama killed herself with her husband’s rifle.

This is not the kind of response to hard times that James Grant had in mind when he wrote his July 19 Wall Street Journal essay entitled “Why No Outrage?” “One might infer from the lack of popular anger,” the famed Wall Street contrarian wrote, “that the credit crisis was God’s fault rather than the doing of the bankers and the rating agencies and the government’s snoozing watchdogs.” For contrast, he cites the spirited response to the depression of the 1890s, when lawyer/agitator Mary Lease stirred crowds with the message that “We want the accursed foreclosure system wiped out …. We will stand by our homes and stay by our firesides by force if necessary”
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Suicide and Depression Due To Debt

Severe debt can cause depression and even suicide
Some just can’t seem to find a way out

By Emily Starbuck Gerson
Getting depressed over an increased debt load is normal, experts say. Typically the situation is temporary and as the debt lightens, so does the depression. There are those, however, who don’t see a way out of their financial mess and become so despondent they contemplate or attempt suicide.

Today’s economic climate is enough to depress anyone:

A record 272,171 homes foreclosed in July 2008 alone.
Over the past year, the number of unemployed people increased by 1.6 million — bringing the number of total unemployed to 8.8 million.
79 million people are struggling to pay medical debt.
The average college student graduates with nearly $20,000 in debt.

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More banks Closed Down 1-29-2010

Looks like more banks are having trouble. Here’s a list of 5 more that closed this week. Totaling 10 closures over the last 2 weeks.

First Regional Bank Los Angeles, CA
Community Bank and Trust Cornelia, GA
Marshall Bank, N.A. Hallock, MN
Florida Community Bank Immokalee, FL
First National Bank of Georgia Carrollton, GA

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More Banks Closed By FDIC

Columbia River Bank The Dalles, OR
Evergreen Bank Seattle, WA
Charter Bank Santa Fe, NM
Bank of Leeton Leeton, MO
Premier American Bank Miami, FL
Barnes Banking Company Kaysville, UT
St. Stephen State Bank St. Stephen, MN
Town Community Bank & Trust Antioch, IL

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Walmart Layoffs – What’s The Real Deal

Walmart’s Sam’s Club shocked more than 11,000 of its workers yesterday morning when it called them in to a meeting and laid them off without warning. The reason for the layoffs? Outsourcing. But not to China. Or anywhere overseas.

Rather they are being outsourced to the same associates who have been doing the jobs.

Ten thousand of the workers who were let go demonstrated products at Sam’s Club stores, giving shoppers samples of food or health products. But now Shopper Events, a company based in Arkansas (just a stone’s throw away from Walmart’s corporate headquarters), will take over all of the product sampling for Walmart and Sam’s Club. Shoppers Events is described as, “the only authorized in-store event-planning company for Walmart”.

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Bankruptcy Filings Up 2010

Bankrutpcy filings for 2009 were up 33% from the previous year and 2010 is looking to top that number. With the current job outlook and debt problems families are having it seems as though people are running to the bankrutpcy lawyers for a quick solution. But I’m finding that these same families are falling into the same trap all over again.

They get ride of some debt by filing bankrutpcy and the loan companies and credit card companies start offering them credit again. So they end up taking it and falling into a debt trap again. But this time they can’t file bankruptcy for another 7 to 10 years. So they are literally trapped!

My advise is simple…don’t file bankrutpcy unless you have no other choices. Set up a budget and start paying down your debt. It might take some time but you’ll learn that money needs to be treated a certain way to work for you, rather than for the people that are professionals at getting you to spend it.

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3 More Banks Closed

3 more banks have been closed / taken over by the FDIC.

Updated Date
Barnes Banking Company Kaysville, UT J January 15, 2010
St. Stephen State Bank St. Stephen, MN January 15, 2010
Town Community Bank & Trust Antioch, IL 34705 January 15, 2010

President Obama “The People Want Our Money Back”

President Obama held a press conference this week asking for the people’s moneyback from the Wall Street Banks. They seem to feel that it was ok to pay big bonuses to their employees that were responsible for the financial meltdown of 2008-now.

I believe that this will trigger the resignation of Treasury Secretary Timothy Geithner. He is very close to Wall Street and now that the president has stepped up and outed Wall Street to the American People there will be some issues. It’s not just words from the president…he is proposing a Special Bank Tax that will bring in about $90 billion dollars to help keep the banking system stronger.

Fed Chairman Ben Bernanke is still fighting to keep the Federal Reserve Central Banking information private. I think if he wants to do that they need to take the word Federal off of their name. They don’t want this disclosure because will finally see where all of our money is going.

With all of this happening I’m still getting reports of families breaking up, individual’s committing suicide, robbing corner stores and banks because they don’t have money. They have too much debt and they don’t see a way out. There is a way out…The Real Debt Solution.com has powerful information that can help you get out of debt faster, fight back against collection agencies, repair your credit and much more!!!

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Horizon Bank Shutdown

The list of bank closures are still rising…As of January 11, 2010 Horizon Bank of Bellingham Washington was taken over by the FDIC.

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Domestic Violence Up Due To Debt

Recent news report state that domestic violence murders are up due to the problems families are having with debt. The reported stated that the longer an individual was unemployed the risk increased that they would be involved in some type of domestic violence acts due to their stress.

Over the years people have committed suicide, theft and murder over their debt problems. The stress can be overwhelming when you have to put food on the table, pay the electric bill, heat bill, car repairs, cable bill, clothing, fuel, credit card bills, car payments, mortgage, etc.

This proves the point that I’ve always tried to make about debt. You must lower or totally eliminate your debt. Imagine if you had a pile of cash for emergencies and you lost your job, wouldn’t you feel alot better about re-establishing yourself? Of course you would! If you’re currently experiencing any type of stress due to your debt you need to get with someone you trust that can help you resolve your debt problems.

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