Television Messages

I don't watch television often, but a recent evening spent in front of the tube gave a sad indication of where we are today. Three kinds of commercials came on over and over again: advertisements for Consolidated Credit counseling services, tax relief counseling, and law firms seeking class action clients for law suits against the manufacturers of various medical products. The common theme in all three is a quick fix for financial problems, the same motivation that makes gambling so attractive to so many.

Many people who were carrying debt while employed are now out of work and desperate for a way out from under their financial obligations. Personal bankruptcies have been rising steadily since 2005, and the most recent statistics show that in March of this year, filings hit just under 1.5 million for the previous 12-month period. Because, on average, one third of these filings were married couples filing jointly, approximately 2 million people were involved in personal bankruptcies last year. With that much financial misery around, merchants of the quick fix enjoy one of the few growth industries.