Why Is The Peter Pan Generation Now Filing Bankruptcy?

Why Is The Peter Pan Generation Now Filing Bankruptcy? "Over time, cultural researchers have begun designating and defining the characteristics of various generations. The baby boomers who were born between 1946 and 1964 are still alive today, followed by generation X or the baby busters who were born between 1965 and 1981, and then generation Y or what I like to call the Peter Pan generation. Peter Pan's generation continues to believe that Neverland exists and refuses to grow up. This group of young adults refuses to accept responsibility for their actions and desires to spend the remainder of their lives as children. This is also the group that has been granted virtually all of their requests. As young adults, they no longer know the meaning of the word no, including when it comes to financial matters. Compared to the baby boomers, who did not use credit until the 1970s, this generation exists solely on credit. Instead of a savings account, their net worth is typically determined by available credit. Maintaining a high credit score has enabled this group to incur so much debt that they have no choice but to apply for bankruptcy. Due to their poor spending habits, a significant portion of this group is currently losing their homes to foreclosure, compelling them to move back in with their parents. Saddeningly, this is becoming the norm for the generation currently being raised, which will eventually control this nation.The United States is currently in dire circumstances due to large amounts of unsustainable debt accumulated over the past fifty years. During the presidency of Jimmy Carter, the total consumer and government debt of the United States was only $2 trillion; by the end of 2011, this figure had surpassed $55 trillion. Spending will not prevent insolvency, and anyone who claims otherwise is naive. To get out of debt, you must reduce your expenditures and pay down your debt moving forward. The government continues to assure us through the media that things are improving. In actuality, however, the number of Americans filing for bankruptcy exceeds 1,3 million per year. The foreclosure rate in the United States has also leveled off, but many anticipate this to be the calm before the tempest. Until 2007 banks aggressively distributed ARM loans, some of which had negative amortization that accumulated interest on the back end. When these loans mature in 2012 and 2013, we anticipate a resurgence in the foreclosure rate. Since the Robosigning scandal a few years ago, banks have been cautious when reclaiming properties through foreclosure because of the numerous lawsuits. In the current economic climate, the only secure employment is that of a bankruptcy attorney. As the number of individuals declaring bankruptcy continues to rise, this appears to be a lucrative career choice for the foreseeable future.Neverland does not exist, and the Peter Pan generation is finally receiving the wake-up call they need to realize this. Relocating back in with mom and dad will only place the retired parents in the same financial situation as their children. Now is the moment for tough love from the consumer to the government. Because of the condition we have placed ourselves in due to the unprecedented quantity of debt we have incurred, what is to come should not come as a surprise. Numerous cities in California are declaring bankruptcy because they have catered to the desires and needs of their employees by providing them with extravagant pensions and salaries. Parents, the government, and municipalities must learn to say no. Even if a child screams, holds their breath, and stamps their feet, they should not get their way. It is time for Americans to develop backbone and reclaim their country.
" - https://www.affordablecebu.com/