Fear accompanies debt, like a man and his shadow.
People in debt are afraid of the caller on the phone. They are afraid of the process server. They are afraid of the truth getting out.
Yet, they fear bankruptcy more, apparently.
They seem to fear that life as they know it will end if they file bankruptcy.
Well, at some level, the miserable life of living in debt; sleepless nights; having no financial reserves will
end if they file bankruptcy.
But they have cultivated a fear of bankruptcy that is stronger than the fear they live with now.
Most fear is self generated
It’s easy to fall into the trap that filing bankruptcy represents defeat, as a personal failure.
My view: most bankruptcy these days is driven by job loss, ill health, and divorce.
Some fear public exposure.
They imagine those around them standing in judgment on their life choices.
Yet which of us chooses illness, accident, or unemployment?
The failure I see is the unwillingness to utilize an effective and legal means to become economically stable.
Why no fear of penniless old age
This seems to me to be a real
Almost every client who’s struggling to repay credit cards, now at 29% interest, is skimping on saving for retirement.