All empires grow great and become self indulgent, as the Germans showed the citizens of Rome,and has happened before and since. Is it happening again? Perhaps.



Perceptive articles such as in The Economist have made the clear point that until recent centuries, the greater volume of gross national product came from Asia, not Europe, nor from an America that until recently did not exist.

American real estate was allowed to borrow in the false low interest rates after 9/11 until the market was so bloated some thing had to give. If you are one of those, from a former credit manager, what should you do?

Stop, drop, and roll. Your credit ratings are on fire, and for the next while are going to be too hot to touch for many a nervous creditor. Accept that. You are going to have to rebuild, and there are many ways in this great nation and continent of such great potential.

Even here on the net, opportunities may be found if your factory job is on the way to China. Observe your situation, make your list. Orient yourself to the totality of your situation, and begin to priorize between Jake the Baker and MegaCorp. If Jake is married to your sister, pay him. Then prepare a statement that honestly recites your history. If you can, recall the date you began to deal with them, and how as they know you have been an honored customer up to now.

However, the real estate sky has fallen, in case they have been away on the moon, and you must ask that they move your account balance into their "Doubtful Debts" file and make it inactive. Ask that credit charges be now frozen.

Tell all creditors in your email letter that if you are unable to work your way out of this, while it causes you personal grief, you may be forced into bankruptcy, in which case their file will become, you understand, a "Bad Debt" to be written off.

This does mean a horrible readjustment to your own life, but at least you come out of it feeling somewhat free, wearing your barrel proudly. But you must continue to share honest communication with each creditor, the larger the more vital. You could do this now by email. Doing so, you will keep them in your loop, and have them less likely to have the hounds at your door. Many are hiding, those they pursue.

Ideally, you will regain your financial health to be able to do the right thing and pay off those debts. I guarantee that you will amaze any creditor that you come through the door and pay them something on your account. Watch the mouths drop. Feel your pride rebuild. Do it right now.

Look in the mirror and look at an honest person whose sailboat has tipped upside down in a storm. Some heavy paddling ahead or dead, and we believe in you. Hope to see you soon. Welcome to shore, and now we get dry clothes and start again. Thanks for the time together, hope to talk again.