It’s your money…Did you know that courts now see an average of 2,000 new bankruptcy filings a day?  A Day!!  And this is after a tough new bankruptcy law was passed a couple of years ago.

As we continue in this economic crisis for most, but as I like to call; it the Perfect Economic Storm for those who are prepared…I believe that this figure is going to continue to sadly climb.  Many people will feel it’s the only way that they are going to come out of this crisis with at least some of their money, savings and possessions intact; after all...it is your money.

Bankruptcy is a hard choice.  I happen to know firsthand as my Uncle declared bankruptcy at one point in his life.  But before he did, I do know that he considered all of his options.  Options like negotiating directly with lenders and creditors, selling personal assets to offset your debts, and as tough as it might be, going to trusted relatives who might be able to help you out in the short term. 

To learn more about bankruptcy and some viable alternatives feel free to go this very informative article. 

Of course it should come to now surprise to you that I feel that one...

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Credit Card News:  The question I have today for you is:  how are you actually using your credit card lately?   If you are like the growing number of people, the credit card news is you may be using your card for every day staples…food, gas, everyday items that in the past you may have paid cash or used your debit cards for.

The jumps in credit card purchases have been positively alarming for both gas and for food purchases.  In gas purchases alone there is a 39% jump in credit card purchases over last year.

Now, I happen to use my credit card all of the time just because I don’t like to carry around cash.  But the big question stands and where I see the biggest problem brewing…are these purchases being paid off immediately or are they incurring the hefty interest charges on whatever balances are being left?  I would tend to think that later is happening more and more, and this, my friends is where the financial hole is being dug.

Sadly more and more people are living paycheck to paycheck or worse…don’t have any paycheck coming in.  Many aren’t drawing from unemployment any longer.  As we drift higher and higher into...

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The Perfect Storm continues to brew.  I think that most of us know that the cuts that are being tossed around in Washington within the Debt Ceiling “agreement” are not cuts from current amounts being spent, but cuts in projected spending increases.   In fact, most of the spending cuts in the current plan won't be made until after 2013.

I like the analogy that Ron Paul recently wrote about.  He said:  “This is akin to a family "saving" $100,000 in expenses by deciding not to buy a Lamborghini, and instead getting a fully loaded Mercedes, when really their budget dictates that they need to stick with their perfectly serviceable Honda.”   Of course no disrespect to Honda…of course!

Let’s take a look at the score card for this Perfect Storm:

For Republicans, it was preventing any tax increase to upper-income families.

For Democrats, it was ensuring no cuts to Social Security, Medicaid and a handful of other programs that aid the elderly and the poor.

And for Obama, it was getting a deal that would end the threat of an economy-shaking default until after the 2012 presidential election...

To sum it up Rep. Emanuel...

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