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Walk away

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46. I have a client who makes over $100,000 a year...

Mon Jun 24, 2013, 03:11 PM

Jun 2013

no kids and no one else to support. No major illness or calamities. She has been living in her condo without making a mortgage payment for over 3 years and before that she had a negative amortized mortgage that she took about $120,000 out of before she went bankrupt on over $60,000 worth of credit card debt. She was smart enough to pay for a good lawyer and is walking away from about $400,000 dollars in unpaid debt and bills. And yet she doesn't have a penny. Seriously! She is a fifty year old woman who just spent $400,000 of our money, makes $100,000 a year and she has nothing. When her Jag broke down last year, her father had to buy her a Honda Accord.
No savings, no equity, no investments and not even much jewelry to hock in a pinch.

Believe me, I know that most of us are struggling but this woman drives me crazy. Her lawyer tells her she still has another 8 or nine months in her condo for free and then she will have to rent for 2 years. After that she'll be eligible for another mortgage!

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76% of Americans Are Living Paycheck-To-Paycheck [View all] Purveyor Jun 2013 OP

I have statistics that say it is more like 90% MindMover Jun 2013 #1

Yeah, 76% seemed preposterously low to me. Orrex Jun 2013 #12

I was gonna say, "Only 76%?" tblue Jun 2013 #38

+1 Ishoutandscream2 Jun 2013 #56

That's what I think, personally. closeupready Jun 2013 #58

While people might claim better job security Warpy Jun 2013 #77

90, 76...no clear difference BeyondGeography Jun 2013 #79

Well with no paycheck for the last 11 years, I think I could make do with paycheck to paycheck. tech3149 Jun 2013 #114

Any increases were eaten up by increased expenses, gasoline in particular. silvershadow Jun 2013 #2

And increased fuel costs drive up food prices. intheflow Jun 2013 #10

Not just food, either. Every consumer good has to be transported. The future doesn't look good. nt silvershadow Jun 2013 #13

Certainly true. intheflow Jun 2013 #25

Sure, where do youl live? xtraxritical Jun 2013 #150

Why do you ask? intheflow Jun 2013 #153

No local produce where I'm at. Don't worry, be happy! xtraxritical Jun 2013 #154

My post wasn't about local produce. intheflow Jun 2013 #155

I give up on your "confusion". xtraxritical Jun 2013 #169

Bankers, on the other hand, are getting about $80 billion taxpayer dollars every month , because jtuck004 Jun 2013 #3

If that's true, then we can just re-direct that $80b to the people, who will then be a lot more silvershadow Jun 2013 #111

"Simple, right?"; < this. One would think, given our history, and the fact that we have done so much jtuck004 Jun 2013 #118

1980's wages HockeyMom Jun 2013 #4

Exactly! love_katz Jun 2013 #60

I think it's a conspiracy also. Awknid Jun 2013 #110

Figures. love_katz Jun 2013 #128

My history teacher said revolt comes from the middle class Marthe48 Jun 2013 #137

I had more than one history teacher who said revolutions tended to come SheilaT Jun 2013 #141

Your teacher was right. love_katz Jun 2013 #145

I keep forgetting to add... love_katz Jun 2013 #147

Maslow's hierarchy of needs. raccoon Jun 2013 #161

You can access most parks seltzerwater Jun 2013 #130

If you are 62 Marthe48 Jun 2013 #138

I wish... love_katz Jun 2013 #146

And then there are those who wish they had a paycheck to live week to week on. n/t totodeinhere Jun 2013 #5

Yup. That's also VERY important. Agschmid Jun 2013 #20

Yes! Newest Reality Jun 2013 #75

Count me and most of my extended family in that number. jwirr Jun 2013 #6

Count me among the 27%. cstanleytech Jun 2013 #7

Me too. onestepforward Jun 2013 #55

me too. progressoid Jun 2013 #126

Same here (nt) Autumn Colors Jun 2013 #129

But the economy is doing so well! Costco is booming! Safetykitten Jun 2013 #8

...and Wall Street is BOOMING, bvar22 Jun 2013 #11

The words "Wall street" and "boom" in the same sentence Half-Century Man Jun 2013 #47

+ a gazillion. love_katz Jun 2013 #148