CNN makes me scared: "File for Bankruptcy"

[vaberella]

So a man comes on his name is John Eller and he was a former executive. He is over-qualified, under employed. He has 8 kids and he's making 4x less than he made in the past. So they get a woman on who looks at finances...or supposedly does. I think her name is Terry or Gerry...she's awful.

I've said in the past that CNN "financial analysts" are asses. They don't have a damn clue. So this poor man comes on and he's working full time but working at 4x times less and he can't keep up the payments.

That stupid financial analyst couldn't help a lick. All he asked was how can I pay for college education and save for retirement. Her response?! You can't think about retirement or even college for your kids right now. You don't have the funds. You have to do a strict turn around lifestyle and live by those means. ie You're screwed. Then she takes it one step further...

Maybe for more it's a hit of realism and they appreciate it. But I found it insulting...she says.."You should probably file for bankruptcy."...so there's nothing she could help with and nothing he could do and that he's basically screwed. I was like did I that poor guy come on national television to be humiliated?! She puts his biz out there and then does nothing to help him but tell him to file for bankruptcy. She's worthless.

Now they're laughing about lottery tickets...oy.

[Bake]

1. Truth is, he probably IS screwed.

Bankruptcy is very much an option.

Bake

[vaberella]

2. I know...but that's not very helpful.

I'm sure that's an option already but where are the list of possible alternatives. I just felt bad for the guy and didn't give anything significant.

[sandnsea]

3. And half the country lives like that all the time

And people want to tell them its their own fault they have to depend on social security or can't pay for medical care.

[Dawgs]

4. "8 kids"

This guy screwed himself a long time ago.

[Unsane]

5. no kidding; seems like a great guy, but wtf

giant money pit

[Terran]

6. What did you expect her to do?

Wave a magic wand and make it all better for him? It sounds like the numbers just aren't there for him right now, especially when it comes to retirement and saving for college. What's she suppposed to do, find him a better job? Hell, he might want to do what people did in the 'old days' and send one or two of those kids to live with relatives for a while.

[napi21]

7. Unfortunately, I don't think there IS any other optionns for him.

I feel bad for the guy too, and everyone else in his shoes, but sometimes there's a convergence of events that simply create a crisis.

What yould you have wanted her to say? Go get another job? Send some of those kids out to work? Send your wife to work too? Try to sell your house? Unfortunately the guy is out of options.

[TexasObserver]

8. What's wrong with giving him good advice?

What's she supposed to tell him? "Let mama kiss it and make your bobo stop hurting"?

Unfortunately, bankruptcy is the answer for many, and this guy is certainly one. The advisor's point is simple: As long as he is carrying all this debt, he's in no position to be planning for his children's education or his retirement. Her answer was sound and to the point. He's living in the past. First, he has to ditch all his debt, live within the means he currently has, and prepare to make his personal economic recovery. Then, and only then, can he worry about saving for his kids' education or his retirement.

Exactly who do you imagine bankruptcy is for? It's for people who can't pay their debts and want a fresh start.

Good advice is often hard to hear, because it involves making choices one would rather not make.