Category Archives: debt

Americans’ Rising Debt Leads to Sleepless Nights


For millions of Americans who can’t stop thinking about their rising debt, dreaming it away is not an option. “A lot of debt can make it harder for people to sleep,” Corey Backes, a director and an ex-counselor at the Debt Counseling Corp. in Hauppauge, said yesterday.

They also get sick, according to the results of a new Associated Press-AOL Health poll. Respondents revealed that stress created from rising debt brought on neck pain and headaches, ulcers, severe depression and even heart attacks.

Dr. Elizabeth Carll, a clinical psychologist and author in Huntington, said the results are not surprising. She’s noticing more health-related issues in people whose businesses go under. “They might feel severe anxiety or find they are having panic attacks or bouts of depression,” she said. “Once the business has deteriorated, debt increases; and from that comes great stress.”

The study was conducted March 24-April 3 with 1,002 adults in all states except Alaska and Hawaii. The margin of error was plus or minus 3.1 percentage points. Among respondents:

27 percent had ulcers or digestive tract problems, compared with 8 percent of those with low levels of debt stress.

23 percent had severe depression, compared with 4 percent with low debt stress. (continue)

The Elderly Paying More for Drugs

drugs-and-money.jpgThe wholesale prices of brand name medicines most commonly prescribed to elderly Americans increased an average of 7.4 percent last year, an increase about 2.5 times greater than general inflation, says a study released Wednesday by the advocacy group AARP.

The study looked at 220 brand name prescription drugs and found that all but four had wholesale price increases in 2007, the Associated Press reported. Among the top 25 medicines, the sleep aid Ambien had the largest price increase (27.7 percent). At the other end of the list were the blood thinner Plavix (0.5 percent increase) and the cholesterol drug Zocor (no increase).

The increase in drug prices in 2007 continues a long-standing trend, said AARP, which noted that price increases have been slightly larger since the Medicare drug benefit took effect Jan. 1, 2006, the AP reported. In the four years before the drug benefit was launched, wholesale drug prices increased between 5.3 percent and 6.6 percent a year, according to AARP figures.

There were loud complaints about high drug prices at the time that Congress approved the Medicare drug benefit, but that outrage has since eased, perhaps because the federal government now pays for much of the cost of Medicare beneficiaries’ drugs, the news service said.

“Unfortunately, many manufacturers have taken the absence of an outcry as a green light to go ahead and raise prices even more,” said John Rother, AARP’s policy director, the AP reported.

Financial Mastery – Family Savings Account Program

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It has been said that debt is tantamount to slavery. Therefore one of the keys to economic sufficiency is learning how to save. Individuals that achieve financial success learn how to manage money, of course at varying levels of mastery.

If you are a low income resident of Philadelphia, here is non profit organization with a wonderful program. They will match your contributions, enabling you to build your savings faster.

Check it out. See, if you fit these financial guidelines. Perhaps there is a similar program in your city.

Size of Family Unit
Income Limit
1
2
3
4
5
6
7
8
$19,140
$25,660
$32,180
$38,700
$45,220
$51,740
$58,260
$64,780