Bankruptcy causes feelings of embarrassment, shame, stress and humilation and is only one the emotions a person or couple will experience when filing bankruptcy. It also depends how you were raised to deal with money. Shame or embarassement can be worse for the person that financially educated with in the family or in a school enviroment. The person educated to deal with credit cards or other investment tools can actually be harder on themselves if they find they have no choice but to file bankruptcy.
The Stigma
I recently read a couple articles about how the credit industry and large retailers in the past where also a part of emotional drivers for the need and the high importance to continue to pay your bills. They help form public opinion to the point people were more worried about paying a credit card bill on time than buying food for their table and family. Granted we also wanted to pay ontime to avoid the late fee. So, they push public opinion to reflect that a person is despicable or a low life because they are filing bankruptcy or were unable to take care of their personal finances. However, the multi billionaire or large corporation that is filing bankruptcy is making a business a decsion and it’s a shame they have to file bankruptcy. Maybe if the economy or the corporation had planned better they would not have to file bankruptcy.
Why is filing bankruptcy O.K. of them but not O.K of for the average working person?
Things are changing
People are now walking away from homes. Not just the person that lost their job or made a bad financial decsion. It is people that are highly educated. They have significant amounts of m0ney put aside for retirement. People are walking away because they have lost the value of what their home is worth. They are making individula business decisions based on their current situation. The reality has come that while large credit card companies are rasing interest rates from 7% to 29.99% because you were late on a utility bill, the individual has emotially disconnected and is now starting to make the same decisions. They are making the decisions at the detrament of corporate america, and corporate america is stunned and is starting to be affected.
