Headline in regional paper today

[Bobby'sGirl]

Consumers in a pinch
Rising interest rates, higher gasoline prices make it harder for many to manage their debt
There is a domino effect: The Federal Reserve Bank's recent trend of increased interest rates and the rising cost of gasoline have led to consumers defaulting on credit card payments

http://www.post-trib.com/cgi-bin/pto-story/business/z1/07-09-06_z1_busi_1.html

The article interviews consumers as well as counselors at a local CCCS agency, who are seeing (not for BK, but trying to work it out) people from all income levels in increasing numbers. Kind of like the cross section we see here on the BK forum...

[Minnymouth]

Yes, and the higher interest rates, raising gas prices, and general price increases on anything and everything that is delivered by truck..... will have a strong affect of lots of people......

Many people who thought they would never have to file bankruptcy will end up doing it...... THEY WILL HAVE NO CHOICE.....

[debtisbad]

I look for bk's to increase significantly. Not only higher gas and energy costs but the job market is not as good as our dear president would like us to believe. Too many people are underemployed these days. Sure, they have had great jobs in the past, but the high paying jobs are no longer here. We have outsourced so much that many of those jobs have left the country. Remember "foreigners do jobs, that Americans do not want to do" said George W. Bush!

Oh, and my entire life I have been a die hard republican, not any more!

[Bobby'sGirl]

Foreclosures hitting hard in local area...

...to the east of Chicago, along the Great Lakes Rust Belt, over into Michigan and Ohio as well. And the segment in our corner of NWI being hit verrrry hard is older people, who refinanced homes to hilt for living expenses, ARM's adjusting upward, reduced pensions that were underfunded by companies and (gasp) hit by default interest rates on credit cards! Local news has been warning of scams in the area of "Let us help by buying your house" type deals; but nowhere to go unless in with one of the offspring, because rentals are very high. Senior housing is scarce, and very upscale.

By the way, Debtisbad: My father used to vote straight ticket Republican. In the last election right before he died he said he "split his ticket" for the first time ever. Wanted to send a message to some local politicos and sent letters to the Republican headquarters here telling them what he did. I doubt it made much impact, but made him feel better, and got the extended family rethinking things a bit.

[aa06a47]

DIB and BG....I haven't always voted strait Republican, but have generally chose Republican when I did vote. There modification to the OT bill cost me nearly 20K a year as my employeer was quick to quit paying me OT. Now there BK bill has me in a Chapter 13 for 5 years instead of 3 years.

I definatly believe anytime one party controls the house, senate, and white house it screws things up pretty bad. There is no checks and balances so to speak.

[FoolAndHisMoney]

DIB and BG....I haven't always voted strait Republican, but have generally chose Republican when I did vote. There modification to the OT bill cost me nearly 20K a year as my employeer was quick to quit paying me OT. Now there BK bill has me in a Chapter 13 for 5 years instead of 3 years.

I definatly believe anytime one party controls the house, senate, and white house it screws things up pretty bad. There is no checks and balances so to speak.

My thoughts exactly! This is certainly a "careful what you wish for" situation. The worst of the Clinton years was when all 3 houses were democratic and the reason why things are out of control today is all 3 houses are republican. I will always vote for the opposing party in congress from this point on. What sucks is that other then the OT bill and the bankruptcy laws (figures), George Bush is more liberal then Bill Clinton. At least he spends like one.

[lrprn]

I too, have fallen "out of love" with Georgie boy...........and wish I could ask for a divorce!

Really a shame too because I loved his father (please don't flame me for that), and I have also voted straight Republican my entire life.

I'm so disappointed in George Bush.

Although I typically don't vote Republican (please don't flame me for that either - I'm independent ), it isn't George Bush that's making these decisions - it's a whole fleet of people hiding behind him.

As aa said, this is what happens when there's no checks and balances in our government any longer. No matter who is in office any more, the vast majority of our representatives from the national level down to the local level are all backed by big corporations with big dollars or they can't get elected. Our founding fathers must be turning over in their graves.