bogey,
agreed, sometimes you lose your health for unrelated reasons... you could lose a job...

Business is all about risk. Your creditors know that and charge you accordingly. They risk their money to help the business owner make their money. Thousands of businesses default and declare bankruptcy every year. Lenders build in reserves for that eventuality.

There are many business people who are reckless with their money. They don't build insulating cash reserves. They spend themselves into the floor and don't plan properly.

So .... there are different reasons small businesses get into bad shape...

My personal feelings with small business is this... if you're going to destroy your health trying to bail out your business, don't do it. If you're going to destroy your family to bail out your business... don't do it.

There are some things that are too valuable.

bogey... was your business problems based on bad decisions, or uncontrollable economic conditions?

I would argue it's more than simplistic.
It's downright arrogant and cold.

Not everyone is blessed with great health, great family and a great life.

Sh*t happens.

Why not save the vitriol for the corporations that default on their loans and financial obligations (it's called corporate bailout and corporate welfare) instead of regular working folk. Better yet, go yell at the banks for lending money to countries that default on their loans and then they raise of service fees to recoup the money.

Seems you just prefer to vent at those less fortunate when you should be yelling at the banks and corporations (who just got a reduction in the corporate tax rate thanks to Stephen Harper) while the gov't actually RAISED the income tax rate on the poorest Canadians.

Responsibility should be for all financial entities, be they personal or corporate.

I'm curious to know who's to blame if you lose your job do to economic slow down...?

The people who have subprime mortgages in the U.S. are very high risk at the moment. The default levels in the U.S. are at record highs.
The economy is slowing down there. Is that the fault of the individual or the economy?

I get the feeling that people in general are going to take a beating because of bad credit practices. This is North America wide.

People spend themselves into a coma and then complain when something goes wrong. Ultimately, if you put your name on a contract, you're responsible for the debt. This means that there are going to be alot of people in rough shape in the next few years to come.

Consumers are drunk with debt created from spending for alot of things they don't need.

I'm hoping that the lesson that will be learned is to use credit prudently, put away cash reserves and buy things when you need them.

This is why I'm so passionate about the topic. There are millions of people who are currently in bad shape financially. They need education on the subject.

bogey...
I understand your situation... I've experience a severe business crash and it's taken several years to restructure and get back in the black.. Small business people can't control their clients or the economy. The best you can do is put money in the bank to insulate yourself against the unforeseen.

dude22,
That's a highly simplistic approach...

Whereas people always need to take responsibility for their debts...
Sometimes unexpected things happen, such as loss of job, business contracts, health issues etc.

While a person still needs to honor their bills, sometimes it takes time and credit reports get into bad shape.

Everybody's susceptible to getting into bad shape credit wise.

Let's keep the conversation civilized please

Whata aloser!!
If you read your last reply complaning about my spelling and you have type: "yu" instead of you.

Whoever will tell you to pay your bills your response will be:
Oh you are a collector (?)

Get this into your head, not from a collector, PAY your Bills & if you have a low credit score is because you are a loser! not because American Express does not understands you YOU MORON.
If you are "Going through some financial problems" blame yourself & no one else.

1. I happen to know very well some older Chinese people that worked on Mao Tse Tung's "worker's paradise" communes. Now they are working over here. It's better they say - but still no paradise.

2. Any chanse dat yu wil ever lern to spell?

3. If you must be a collector, at least take down those pictures of Deanna Natale and George Krieser over your fireplace.

Ray

Feel sorry for your socialist heart (why don't you go & live in China?) In the other hand crying babies like you wants to have all the benefits of the Capitalism but when it comes the time to pay your tab the first thing that they do is:
A) Complaint about just anyhting & everything but themselves
B) Searching for "Understanding" (Call Dr Phil)
C) Charge Pizza in their credit cards & still not paying the #@# bill a year after.

Pay your bills & stock looking for shympaty.

as a matter of fact i've been running a small business for about 25 years, so I'm hardly "lying down and doing d*ck", but you sure seem very high and mighty about your beliefs

as for "d*cks" just have a look in the mirror

Is not personal dude just stop the complaining, universale health care, don't worry don't work I'll pay my taxes & you can just lay down & do dick!

dude22,

why don't you have any sort of compassion for anyone that has experienced financial and credit woes?

you sound very much like the kind of person that supports privatized health care as opposed to universal health care - that somehow everyone is responsible for their own lot in life and screw them if they need help

beware of karma, she can be a bitch

one day you may be in a financial spot of your own due to an illness (yours or a family member) , accident or other unforeseen event