When the reform laws were under consideration, I recall a conversation with a Senate staffer who said that the Senator (who for now, shall remain nameless) was concerned that bankruptcy was becoming a “life style choice.” This sound bite was among the chorus of others singing of the so-called abuses of the bankruptcy system. But what is really pushing people to file bankruptcy? Is it the sense of entitlement that comes from having access to credit and shopping malls? Or is it something different? Our friends down under might be able to shed light on it.
More and more Australians are finding themselves in bankruptcy as the price of as pushes a bigger economic burden on households. This higher gas prices have apparently been leading to higher default rates on mortgages. Bankruptcy filings are up 25%.
At the same time, there are reports, and more reports, and even more reports on the prices of oil and gas in the United States. This leaves one to wonder: how long it will be before this trend pushes more people into bankruptcy?
Related posts:
- Those People
- Pain at the Pump
- Some People Fear Spiders…
- ‘We The People’ Has Got Some Problems
- Thanks (for) a Million
Tags: Bankruptcy, Economy
