I do not mean to sound stupid, but this is just something I was thinking about the economy.

What about all those people whose home was destroyed, cc debt, phone payments, car, morgage, etc.

I know they do not give a crap about this now, but how does that effect all those company's that supply that money?

I mean it is not like they can have bill collecters call their homes now. I mean do you think that the credit bureous can even try to ruin their credit scores later on for these people? How will that effect them, the financial CO and the economy?

Do you think these people that lost their own jobs and everything that they worked for in life, some day someone can bite them in the butt?

It does not seem fair if that would happen.

So I was wondering how do all those insurance CO deal the people that depend on them, and these lending company's that choke it, or do they?

Anyway kinda understand what I am trying to express? Thanks.

I've heard that some of the mortgage companies have put a 3 month repreive on payments. People have been warned to check their credit scores because of the high likelyhood of identity theft, since so many homes (and all the private papers) have been abandoned.

The insurers take a hit, no question. But that is what they are for. They charge rates to earn money where they can, and to protect people from losses. Most large companies are diversified so that not all of their income comes from the same area. They will raise rates and the rest of us will have higher premiums. Some insurers will go down. some loans will be defaulted. It happens all the time, people file for bankrupcy all the time, and never have to pay loans back. Its not an ideal solution for anyone but sometimes its the only choice.

The people right now are going to take a hit on their credit anyway because they now have no jobs, no reserves - nothing. Many of them had little to no credit to begin with and this just makes the situation worse. Most of them are not thinking about their credit right now, and rahter, about the family and friends they lost, the pets they lost, the homes they lost, the destruction of the icon which new orleans was - i think credit is a small peice of many things which are going to present themselves as challanges to these people in the coming weeks and months.

As for the hit on the economy - we have yet to see a smidge of what this is going to do to our economy.

Do you think these people that lost their own jobs and everything that they worked for in life, some day someone can bite them in the butt?

It does not seem fair if that would happen.


A lot of the US Population lives from paycheck to paycheck. The moment they have an unexpected expense, illness, or job loss, they enter a debt spiral.

:(

The people who do have a "nest egg" for emergencies will probably turn out better. They may miss a bill or two in the confusion, but in the case that they can't get the company to accept a late payment without counting it against them, they can always add a note to their credit history detailing why the payment was late.

A lot of the US Population lives from paycheck to paycheck. The moment they have an unexpected expense, illness, or job loss, they enter a debt spiral.

:(

The people who do have a "nest egg" for emergencies will probably turn out better. They may miss a bill or two in the confusion, but in the case that they can't get the company to accept a late payment without counting it against them, they can always add a note to their credit history detailing why the payment was late.

Yeah that is me and my family. We do live pay check to pay check. We always pay and try to keep everything on time. I posted about a month or so ago that I quit my job, because of many things and some was for the harrasment working in a big doc's office for being a vegetarian.

We are not behind on bills for me quiting, but it will catch up. I was thinking that as I sat in front of my big screen in my nice little home tonight, that I have so many blessings that I have.

I am such an extremist about my credit score and debt. I called my bank today to see what was left in our account till the next pay day. Not much for us, but so much for those people, that it would seem like such a luxary to them. I think we just take life for granted.

I do not have emergency funds. Me and my kids fight over batteries to put in our remote control tv's everyweek. So sad.


I do not believe in bankrupcey, sp. But in some cases, I do. This is one. This is were our own government should just go and help give these people a new start.

I was born in the MS. Boluxi. I went through a hurricain with my family their when I was a new born.

I would love for some family to take in, her in KCMO, so I could help.

I know off subject, but just feeling sad.:cry:

There's some push to exempt the Katrina victims from the new bankruptcy laws, but I'm not sure what the status is of that at this point.

companies have insurance for bankruptcies and the like. this will qualify. there will be government aid for these companies too (tax write offs and what not). they'll be ok.

and of course, premiums everywhere will go up for a while.

Why is it that now, every time I think of financial issues, I think of goettling? :lol:

Why is it that now, every time I think of financial issues, I think of goettling? :lol:


funny,funny,funny.:D

I notice lately whenever I call big companies (Auto financing, credit cards, energy companies, etc.), usually right at the beginning of their automated menus, they start out with saying something about "If you have been directly affected by hurricane Katrina, please push 1". What they're actually doing about the people with the situations, I don't know; but the companies obviously realize they have to treat the situation completely different from someone who just hasn't paid for other reasons.

I notice lately whenever I call big companies (Auto financing, credit cards, energy companies, etc.), usually right at the beginning of their automated menus, they start out with saying something about "If you have been directly affected by hurricane Katrina, please push 1". What they're actually doing about the people with the situations, I don't know; but the companies obviously realize they have to treat the situation completely different from someone who just hasn't paid for other reasons.


I have had that same experience.