I don't mean to be critical... or maybe I do... I just have to scratch my head and wonder sometimes.
This couple makes $84,000 per year combined income and are filing for a personal consumer proposal. What is up with that?!!
HERE'S MY THEORY:
Maybe it's a good thing that this generation of high income earners are declaring bankruptcy and doing consumer proposals.
It will send a strong message to the younger generation who are eagerly watching their parents spend themselves into a whole.
The children will be able to watch while the parents spend the next 7-10 years digging themselves out of their huge credit hole.
Hopefully the message to the children will be, "maybe we DON'T need all of these consumer items, fancy trips, large houses, big cars etc"
Don't get me wrong... I think it's important for people to enjoy the finer things of life... while they are living below their means. It sends a pretty shocking message across when people who make $84,000 are declaring bankruptcy.
It tells me these people don't know how to manage their money, and that they don't have the will power to grin and bear it while they dig themselves out.
According to this article... it seems that Ottawa which is a big government city, is having a high rate of bankruptcies. These are people who have good government jobs making good government money. Traditionally these are the people that creditors would consider the lowest risk. Solid jobs = solid repayment of debt.
It must be that people get so used to the solid money that they aren't focussing on their spending and how their debt load is going to affect them if it gets out of hand. Come on people... get a grip.!!
Just a little rant about rich people who declare bankruptcy.
This couple makes $84,000 per year combined income and are filing for a personal consumer proposal. What is up with that?!!
HERE'S MY THEORY:
Maybe it's a good thing that this generation of high income earners are declaring bankruptcy and doing consumer proposals.
It will send a strong message to the younger generation who are eagerly watching their parents spend themselves into a whole.
The children will be able to watch while the parents spend the next 7-10 years digging themselves out of their huge credit hole.
Hopefully the message to the children will be, "maybe we DON'T need all of these consumer items, fancy trips, large houses, big cars etc"
Don't get me wrong... I think it's important for people to enjoy the finer things of life... while they are living below their means. It sends a pretty shocking message across when people who make $84,000 are declaring bankruptcy.
It tells me these people don't know how to manage their money, and that they don't have the will power to grin and bear it while they dig themselves out.
According to this article... it seems that Ottawa which is a big government city, is having a high rate of bankruptcies. These are people who have good government jobs making good government money. Traditionally these are the people that creditors would consider the lowest risk. Solid jobs = solid repayment of debt.
It must be that people get so used to the solid money that they aren't focussing on their spending and how their debt load is going to affect them if it gets out of hand. Come on people... get a grip.!!
Just a little rant about rich people who declare bankruptcy.
Throwing in the towel Part II: Unique factors drive Ottawa's bankruptcy rate, experts say
By Jim Donnelly, Ottawa Business Journal Staff
He may be down, he says, but he's certainly not out.
"We just kept mortgaging and mortgaging," says "Rolly", a federal government employee who makes $42,000 per year and declined to use his real name. He's recently filed a personal proposal to avoid bankruptcy.
"I've tried to get all my bills amalgamated, and still haven't been able to make ends meet," he continues, adding that since merging his bills he's found expenses easier to deal with.
"We've always been spending more than we've earned, and credit charge cards are the worst thing in the world."
He says that during the height of their spending he had one credit card, and his wife ? who he says makes an equivalent salary at her job ? had five.
