“I’m in the financial industry. People are one or two paycheques or missed mortgage payments away from real disaster. I think that bankruptcies will unfortunately become commonplace.”

anonymous1 at VREAA 25 Sep 2010 6:09pm“Unfortunately I think that bankruptcies will become commonplace. A couple distant relations of mine just filed for bankruptcy, apparently. They are under 30 and bought a condo in the valley a few years ago. Along with huge consumer debt, I guess they just couldn’t handle it (their family income is in the range of 60-70k per year, I would guess).
And this is just the tip of the iceberg. I can count enough people on both hands who are one or two paycheques or missed mortgage payments away from real disaster. And that’s from a group of about 200 people (I’m in the financial industry therefore have specific financial information about these people)…and if that’s all the people I am aware of (wide range of ages, incomes etc) there must be many, many more.”

2 responses to ““I’m in the financial industry. People are one or two paycheques or missed mortgage payments away from real disaster. I think that bankruptcies will unfortunately become commonplace.”

  1. Isn’t that a bit like deducing that everybody must be unhealthy because, as a doctor, you’re dealing with sick people all day?

    • Possibly.
      It’d likely depend on exactly what role ‘anonymous1’ plays in the ‘financial industry’. If they are a ‘debt consolidation specialist’, your suspicions (and your parallel) would be valid.
      But if he/she works with populations that normally show relative financial health (investment advisors, bank managers, tellers, etc), then his/her observation may be indicative of a shift in the financial health of the general population.
      —-
      Besides, I suspect ‘anonymous1’ is commenting on change, which would be potentially important regardless of their exact job. Kinda like a doctor saying “I’m seeing more ill people!”.

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