Did Last Christmas Bankrupt Your Family?

Won't take too strong of a wind to blow down this House of Cash...and how about yours?

Right after Thanksgiving, I told you my feelings about the culture’s push to encourage more-and-more Americans to get into debt. With reports of a possible “W” recession (by the same folks that told you to spend money) and little job security, you would think American’s would learn their lesson.

However, many did not. The Piper must be paid eventually.

Creditcards.com reported that personal bankruptcies rose eight percent in 2010. But the telling statement may have been the following:

“We have a situation that is nowhere near resolved right now,” given the continued sky-high unemployment rate and the millions who owe far more on their homes than their properties are worth, says David Jones, president of the Association of Independent Consumer Credit Counseling Agencies. On top of that, Jones worries about the reports of a robust 2010 holiday shopping season. “That’s going to hit home this month and next,” Jones says, fearing it will fuel bankruptcy filings in the first half of 2011.”

Read more: http://www.creditcards.com/credit-card-news/bankruptcy-statistics-2010-q4.php#ixzz1Bots6bpC

Looks like 2011 may not deliver the recovery many desire to see in their households because of too much “fun” in 2010.

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2 thoughts on “Did Last Christmas Bankrupt Your Family?

  1. I am sure guilty of spending too much during the holiday. I could have eliminated half of my debt alone overall with the money I spent providing a good Christmas for the family.

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  2. No it didn’t bankrupt me. Stopped about three years ago doing that thang. If we don’t have we don’t have it. This year we decided that the kids only and give my parents some money also going to adopt a family for a year nothing enormous maybe 50 -100 a month

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