SHOP PRODUCTS
Houzz Logo Print
joyfulguy

A deep-in-debt friend asks your help to get another credit card

12 years ago

If you had a good friend who'd gotten him/herself deep into debt and was facing a need for more cash coming up soon, and came asking for your help to sign up for yet another credit card, what would be your response?

Woud you suggest selling off some possessions, possibly a second car, in order to avoid going deeper into debt?

If the person is having a hard time paying off the loans now, how will s/he accomplish it when the debt gets even larger?

How about getting another job, to produce some more income?

Or send the boomerang kid that recently returned home out to get some income to help keep the family afloat?

Folks in a neighbouring country, whom we hold in high regard, are having troubles, these days worrying about how they can expand their debt.

Some are suggesting that it would be a good idea to work on developing some more income (especially from well-off folks) ... but others say that's not a good idea, and their statements include everyone, with some emphasis on the working folks being included.

Good wishes as you work on getting these major financial issues worked out in the most effective way.

Many seem to have forgotten that one of the major reasons for the deep debts, with substantial recent additions, was the bail-out of some financial agencies who'd offered mortgages to folks who they knew would not be able to pay, and when the pigeions came home to roost, they almost went broke.

Too big to fail.

Right now, our largest city, Toronto, has large debt and, running a major deficit, are considering how to cut it.

They had a free-for-all discussion, including the public, yesterday, beginning at 9 a.m. ... and it ran to just over 22 hours, till just after 7 this morning.

Many were saying that they did not want a cut in services ... but how is it to be paid for??

The majority of the tax load has been carried by the middle class, as the poor have low income and the wealthy have arrqnged myriad ways to avoid taxes.

And the middle class is being eroded, I've heard some say, "hollowed out", in recent years, not only in your country, but in ours, as well.

We've been living too high on the hog, in recent years, with few increases in wages, but substantial increases in prices. With more to come, so we're told, on fairly good authority, I think.

ole joyful

Comments (26)