Lives shattered by debt

Full story: Newsday 47
Shelley Plock, 54, of Rockaway Park said she and her husband, William, used all their resources when he contracted Legionnaires' disease in 2004 and lymphoma of the spleen in 2005. Full Story
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gng

Stamford, CT

#1 May 3, 2008
Live within your means the minute you start working.
Bangkok Bill

Bangkok, Thailand

#2 May 3, 2008
gng wrote:
Live within your means the minute you start working.
They don't do that anymore.
Darwinian Capitalism

Bayonne, NJ

#3 May 3, 2008
For every jerk who is sunk by his or her own greed, there are ten people who have been done in by circumstances out of their control.
Say What

Boca Raton, FL

#4 May 3, 2008
I`ve had to spend savings ( 10K ) to help my mom get by after her husband ( my father ) died from cancer back in 2004. She owns her condo, but if she sells and downsizes she will lose health benefits, and it doesn`t make sense. She was a great mom so I have no choice and am glad I am able to help her.
LIer

Tenafly, NJ

#5 May 3, 2008
Say What wrote:
I`ve had to spend savings ( 10K ) to help my mom get by after her husband ( my father ) died from cancer back in 2004. She owns her condo, but if she sells and downsizes she will lose health benefits, and it doesn`t make sense. She was a great mom so I have no choice and am glad I am able to help her.
good for you...
Say What

Boca Raton, FL

#6 May 3, 2008
LIer wrote:
<quoted text>good for you...
Thanks and guess what? I grew up in Strongs Neck.
Roger

Houston, TX

#7 May 3, 2008
Say What wrote:
I`ve had to spend savings ( 10K ) to help my mom get by after her husband ( my father ) died from cancer back in 2004. She owns her condo, but if she sells and downsizes she will lose health benefits, and it doesn`t make sense. She was a great mom so I have no choice and am glad I am able to help her.
You're a good soul. Too often, people just dump their parents in nursing homes and forget about them. Your mother did a fine job of raising you! All the best.
SabineTawni

United States

#8 May 3, 2008
gng, Bangkok BIll, Darwinian Capitalism:

Unfortunately, you are all right! We need to start saving the minute we start working, we need to live within our means, and there are circumstances beyond our control. Life is complicated!
Long Islander

Lindenhurst, NY

#9 May 3, 2008
Everyone is such a genius. Who knew gas, oil, and, food prices would rise so fast and so much. Me, I never paid anything with a credit card. If I did not have the cash for something it just did not get bought. Now all I do is go to work to try and pay my mortgage off in half the the time. I have not had a true vacation since '99. I do not think that people could imagine the housing decline happening so quickly. The only people that knew that our economy was going to hit the skids were the people in the mortgage lending business and the Arabs.
LIgal

Hicksville, NY

#10 May 3, 2008
Most people on Long Island live Well below their means and still cant make ends meet. I am single and make 35,000 a year but was out of work for 7 months last year which resulted in debts. it took me so long to find a job half my stuff is with collections. my credit is shot. so people we do live within our means but housing (I have a 1 bedroom and pay 1100 plus cable and go to a laundromat) and to move it would cost toomuch so I am pretty screwed.have compassion people
LIgal

Hicksville, NY

#11 May 3, 2008
Roger wrote:
<quoted text>
You're a good soul. Too often, people just dump their parents in nursing homes and forget about them. Your mother did a fine job of raising you! All the best.
my mom died but i would help her if she needed it
LIgal

Hicksville, NY

#12 May 3, 2008
Darwinian Capitalism wrote:
For every jerk who is sunk by his or her own greed, there are ten people who have been done in by circumstances out of their control.
Agreed!!!! On Long Island like I said most of us live below our means and still have problems cost have gone up but salaries have not in over 10 years
bkrtcy lawyer

Brooklyn, NY

#13 May 4, 2008
Prior to the change in the law a few years ago, people could file for Chapt. 7 relief very easily. Their debts were usually discharged & they got a fresh start. For every pig who took advantage, there were hundreds of people who had illness/unemployment/disabilit y/disasters who needed the fresh start to recover from being financially underwater.
Now, thanks to the political parasites acceptance of Credit card lobby $$$$, the system is stacked so that a deserving debtor will likely stay underwater, permitted only a free breath or two, before required enslavement. All those 70-somethings working aren't because they choose to.
And I love when the Bankruptcy Trustees come to the hearings in their Ferrari's.
DrDoom

White Plains, NY

#14 May 4, 2008
Older senior citizens who have had a financial debacle due to illness deserves a helping hand from the Gov't. not Iraquis or illegal aliens,
Dr Bond

Brockton, MA

#15 May 4, 2008
The great myth we heard as kids was that we would all be wealthier and live better than our parents. Unfortunately the realities of higher and higher taxes, corrupt politicians, NAFTA, and untold numbers of illegals have ruined that scenario. And wWhy are medical insurance costs ot of control?...look at all the uninsured non citizens that use the ER as their doctor's office. You, my friend with health insurance, have to foot the bill!!
Bill

Morristown, NJ

#16 May 4, 2008
When this economy further nose dives these stories will be more and more. The coming years will have extended familes becoming more prevelant as kids parents and grandparents all have to co-habilitate
JJJ

Brooklyn, NY

#17 May 4, 2008
bkrtcy lawyer wrote:
Prior to the change in the law a few years ago, people could file for Chapt. 7 relief very easily. Their debts were usually discharged & they got a fresh start. For every pig who took advantage, there were hundreds of people who had illness/unemployment/disabilit y/disasters who needed the fresh start to recover from being financially underwater.
Now, thanks to the political parasites acceptance of Credit card lobby $$$$, the system is stacked so that a deserving debtor will likely stay underwater, permitted only a free breath or two, before required enslavement. All those 70-somethings working aren't because they choose to.
And I love when the Bankruptcy Trustees come to the hearings in their Ferrari's.
yes,I know the feeling,I got divorced,lost my job of 23 years,went into debt(yes worked 2 jobs)files chapt 7,but I have an assett,I'm on a life estate deed,they discharged my bankruptcy,but did not discharge the asset,so now they are giving the creditors a chance to refile against me.I did not abuse my credit cards,if i file chapt 13,it may help,but if you dont have the $$ to pay,whats the use.I guess I should change my name to jose.
Tough times

United States

#18 May 5, 2008
I want to add that there is almost an entire generation of boomers now beginning to hit 65yrs. Of these, most do not have pension jobs, and will have to rely on other income sources. Retirement until death is out of the question for this generation.

The trouble is, we have lost many of the normal sources of investment opps, such as the stock market, money funds, savings accounts, and real estate. 401k turned out to be a joke, since it is based on the stock market. In addition, salaries have frozen over the last decade and food commodity prices are starting to outstrip salaries.

Right now, my husband and I have set up a minimal budget and are working hard to pay off our credit card and tax debt, and hope to do this within 5yrs. After that (we'll be 65), we'll be adjusting our living conditions to be able to afford to live another 20 years while working full time to pay living expenses. It's clear our parents generation was the last one able to "retire".
Stop your crying

Brooklyn, NY

#19 May 5, 2008
This is what happens when you have champagne taste and a beer budget. People donít look into things enough before buying. Pay the credit card bill when it comes in to avoid loan shark interest rates. No sympathy for those who didnít get a fixed mortgage they could afford.
Live within your means.
Tell Bush

Bayonne, NJ

#20 May 5, 2008
Stop your crying wrote:
This is what happens when you have champagne taste and a beer budget. People donít look into things enough before buying. Pay the credit card bill when it comes in to avoid loan shark interest rates. No sympathy for those who didnít get a fixed mortgage they could afford.
Live within your means.
Running up a $2 trillion debt is not exactly living within one's means.

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