Are personal financial problems rare anymore?
By Scott
@scottcoleson (579)
Pilot Mountain, North Carolina
December 20, 2009 11:31pm CST
The current economic problems have taken their their toll on most everyone in some way or another. Businesses have had to downsize and layoff employees because of the growing cost to run a business and the dwindling sales. That, in turn, leads to financial problems for individuals and families. For a long time, financial problems have been viewed as a weakness and something that we would rather not have people know about us. But my question is this: is there a stigma on individuals who face financial problems as their used to be in the past? Is bankruptcy and financial problems more commonplace now? I personally thing that people are becoming more accepting and understanding of individuals who are having financial difficulties. Bankruptcy has become common and is used as a tool for personal financial recovery (as it should be used). What is your opinion?
3 responses
@jewels49 (1776)
• United States
21 Dec 09
I think if anything good has come from the economic woes of this year it is the fact that it has knd of removed the stigma of not having enough money or being unemployed. We almost all know someone that has either lost a job or lost part or all of their savings this year..
The county I live in has a unemployment rate of almost 18%, my state's rate has been higher than the national consistently, there are all kinds of people from all walks of life now standing in the same food lines. And they are having conversations with each other while waiting.
@jewels49 (1776)
• United States
23 Dec 09
Yes this recession or depression what ever they want to call it has been a great equalizer for many of us..Maybe it's the silver lining and the message we are supposed to be taking away from all of this. None of us are immune and no matter how much we strive for control what we have is actually an illusion of control.
@scottcoleson (579)
• Pilot Mountain, North Carolina
22 Dec 09
You are exactly right. It used to be that people were looked down upon for not having much or for not having a job, but it has become so common now that a lot of people who were executives, doctors, lawyers, teacher, and emergency workers are losing jobs. That used to be unheard of! In my area, there have been reports of massive layoffs of teachers and emergency personnel. A hospital that my friend works at is forcing all the employees to take a 28% pay cut next year!!! I can understand cutting back some...but 28%??? If any good can come from this whole mess, I believe it is the realization that we can't have something for nothing. If it sounds too good to be true, it probably is. I'm sure that's a lesson we have all learned recently one way or another.
@Downwindz (2537)
• Netherlands
21 Dec 09
I certainly believe personal financial problems are pretty common in the more modern world. The personal financial problems are actually what have caused the current World Crisis, because people have borrowed more money than they could afford at the current situation they where in.
@MJay101 (710)
•
21 Dec 09
I certainly agree that many people have borrowed beyond their means.
However, I also think that the banks (who offered cheap credit with little concern for risk management) and governments worldwide (who failed to regulate abrudly complex industries) should share some responsibility.
See below!
@ladymetal80 (191)
• United States
21 Dec 09
Personal finace problems are not rare in this day and age as it seems everybody, including higher up offiacials don't have enouph money to go around. THe cost of living keeps going up as the amount of income spirals downward faster than anyone can comprehend. There will never be a way to fix it, because no one wants to take resposability for the way things are going. Our children are the ones who will be suffering more than we ever thought of if we don't get something done soon. Hardship is everywhere and only getting worse with time. Some one needs to step in and fix it, now, before it's too late and we have to go to a different meens of living for our kids.
@scottcoleson (579)
• Pilot Mountain, North Carolina
21 Dec 09
I agree with you that the cost of living is continuing to go up. What is said is that unemployment is going up as well. The cost of doing business in the United States and the regulations that are being imposed are forcing many companies (especially smaller ones) to either go out of business, leave the country, or outsource a majority of the work. This, in turn, is hurting the overall economy of the United States and the individuals who make it up. Something has to be done to eradicate the irresponsible spending on the part of the government and individuals or our children will definitely suffer.
