Posts Tagged ‘cash’

People Are Doing Bad Things To Rid Themselves of Unwanted Debt

Over the past month I’ve been noticing a lot of weird news reports about farm barns burning down, automobiles catching on fire, empty houses burning down, etc, etc.

After investing the barn fire in Northern Wisconsin, police said they figured out that the owner started the fire.  After some questioning he admitted to starting the fire.  He stated that he was losing the farm because he couldn’t continue paying the mortgage.

Another individual admitted to lighting his empty house on fire to get out of paying the mortgage debt he had accumulated.  An elderly woman said she her Toyota took off out of the drive way and ran into a concrete barrier.  But later she admitted to police that she was upset because of her debt situation.

We see these types of acts being committed because people don’t see a light at the end of the debt tunnel.  There is a light but one must be willing to travel through the tunnel to get to it.

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The Number #1 Thing Hurting You From Getting Out Of Debt

Recently I’ve been talking to clients, friends and family members that are in debt and the number one reason why they don’t believe they can get out of debt is not having enough money to do it.  They simply don’t believe they can do it.

Even though they are struggling financially they believe that they lack the discipline to follow a plan.  I completely understand this feeling.  I think that we are use to getting instant gratification when we buy something new, but when it comes to working hard at something most of us will start to quit or fall apart.

To fix this problem of wanting instant results for something that will take time to work you must be willing to accept small victories as the result.  If you have 5 credit cards that you’re trying to pay off I would instruct you to start paying off the smallest amount first.  So your first reward would be setting up the plan to pay off the credit cards.

The second reward would be sending the payment to the smallest card and the third reward would be paying off the smallest card.  You can see that there is a step by step process.  This technique can work for anything you want to accomplish in life.

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Secret History of Credit Cards Revealed

You have been studying primarily bankruptcy for the last 20 years. Why bankruptcy?

Because bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We’re a nation of debtors. Why do you think people left Europe to come to the United States? They left because they were in debt. We like to describe it as, “Oh, it was about religious freedom.” No, it was about debt. They were looking for a way to escape their debts.

And so they founded this nation, and when they got into financial trouble, you know what they did? They moved west. And they moved west, and they moved west. And by the end of the 19th century, there was no place else to move, and creditors could pretty much reach their debtors … anywhere around the country, and that’s when we finally put our first national bankruptcy law into effect. And we’ve had one ever since. It’s the way that people say: “I got out there; I borrowed the money; I did my best; I used that money to start a small business or to keep myself going in my job. … You rolled the dice with me. … It didn’t work. You can have most of what I own, and that’s it, though. We’ll stop there. We’ll declare the default. You write off the part of the debt I can’t pay, I’ll take my human energy … and go right back into the game again.” That’s the whole premise behind bankruptcy. It’s about death and rebirth.

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6 More Banks Closed

Looks like more banks are getting into trouble as of December 4, 2009 we have 5 more banks that were taken over by the FDIC.  As for right now there’s no worries about your money if you have funds in these banks because the FDIC Insurance will fund your account.  At least for now!  How long can the FDIC bailout these banks?  In a recent USA Today article the director of the FDIC stated that they had funds to insure that banks would be able to pay depositors their money even if they failed.

But in a later article posted in the Washington Post…stated that the FDIC was given a larger credit line to insure that they wouldn’t run out of funds.  As of early August 2009 the FDIC stated that they had $60 Billion dollars in reserve for bank failures.  We’ll since that time there have been 61 bank failures!  That’s 61 freak’in banks that have miss-used the funds of their depositors and the funds of the Federal Reserve.  (Which is our money).

Here’s a list of bank that recently closed this past Friday Dec. 4, 2009.  They always make the takeovers on Friday to get the banks back online by Monday.