Chicago Bankruptcy Lawyer Blog

You probably just finished buying your back-to-school clothes and stationery supplies for the kids. Yet, here it is, not yet the last day of September and stores all over the country have already hauled out their Christmas decorations. I know. Can you believe it? Used to be, that you’d at least get to watch the Thanksgiving Day parade and over-indulge on a turkey drumstick (and all the good stuff that goes with it) before you would be confronted with ho-ho-ho-ing Santa Clauses and their ilk. What happened to Halloween?

Halloween isn’t quite the money maker for the stores as is Christmas. Sure, you’ve got your candy and your decorations, your costumes, masks and make-up, and great big Jack-o-lantern to carve, but that’s really about it. Granted, mini Snickers bars may have gone up in price a bit, but there’s no real profit on Halloween. Halloween is fun, but it’s no Christmas, and some stores are not even putting up their scary decorations.

Why? Because with Christmas you’ve got your wrapping paper, greeting cards, beautifully trimmed trees for which you need new lights (again!), door wreaths and mistletoe that you’ve got to buy. Not to mention gifts for everyone and their dog. And don’t forget the food, pastry, candy and the wine and beer you’ll consume or buy as gifts.

With all of those holiday trappings, you can see where the revenue priority lies for the stores. Retailers count on the Christmas holidays for almost 20% of their annual revenue. Christmas decorations alone account for $9 billion – that’s a lot of tinsel!

If you’re on a tight budget, you might be able to hide from Halloween (just turn off the lights and no one will even know you’re home). But how do you avoid Christmas? You can’t. So the stores are going to ram Christmas down your throat. By Veteran’s Day, you are going to be Christmased out.

Many people are struggling with their finances day-to-day; they’re burdened with credit card debt, high gasoline prices, increased food prices, and fear of losing their job with the ever-worsening liquidity crunch. So, what the marketing people are hoping is that you will be anxious, even desperate, for some glad tidings and great joy. You will be so ready for a little Christmas cheer that you’ll merrily open up your wallet and buy, buy, buy.

The real question is can you avoid the trappings and the message brought on with Christmas creeping in already? Yes, you can. But it’s going to take some willpower on your part. Remember, as you walk through the department store and hear Gene Autry regale you with Here Comes Santa Clause, you are being manipulated. Big time. That’s not very nice, but it’s all legal. It’s called marketing.

Don’t fall for it. Indulge your inner Scrooge. Say “Bah! Humbug!” when confronted with seasonal marketing displays. And keep your wallet and your credit cards firmly tucked away out of sight. What you should keep in sight is what’s really important about Christmas – your faith, your family and your friends. Christmas is not about gifts and decorations. If you can keep your merry-making to a minimum, then you are well on your way to a Happy (and, well, if not quite “prosperous,” at least no worse) New Year -- the whole year -- not just the single day’s worth.

--Debt Diva

There has been a lot of economic news as the lead story in the media over the past few weeks, with the financial markets and banking sectors getting more than their fair share of attention. Wall Street, U.S.A. is a mess; fortunately, Uncle Sam and Mr. Bush are right there to help them out. The biggest financial bail out package in history -- $700 billion -- is on the table and being considered.

But, is anyone really thinking about the folks down on Main Street, U.S.A.? What about all of those individuals who have suffered from the trickling down effects of the Wall Street debacles. The individuals who have seen their purchasing power decrease from adequate to bad to worse, or the individuals who have lost their job because their employer isn’t getting the expansion loan he had hoped for, or the individual who is in the process of losing their home because they don’t have the money to repay their mortgage loans. Is there a bail out package on the table for them? One that will help them keep their homes, their jobs, put food on the table and gas in their cars (that is, if you can find it).

The state of Georgia, and in particular, Atlanta, has been hard hit by the poor condition of the U.S. economy recently. According to Forbes, August jobless claims jumped by over 70% from the same period last year. It will probably be the same bad news for September, with one of Atlanta’s largest auto dealers closing its doors and letting go almost 2,700 people.

On the plus side, Atlanta property values have only dropped about 7%. I guess when you compare that to the 30% decline in cities such as Las Vegas and Miami, that’s a bit of a silver lining. On the negative side, despite the relatively minimal property value loss, foreclosures are skyrocketing in Atlanta; the State of Georgia, as a whole, ranks 3rd in the nation for late mortgage payments and 10th for foreclosures.

It was also recently reported that more and more middle class Atlantans are seeking help or counseling for excessive debt. And, the average annual income of Atlanta residents who sought credit counseling was just shy of $50,000. If it has gotten that bad for the middle class, it is exponentially worse for the less affluent.

One amazing fact about Atlanta is that, as history has long proven, it is a resilient city, with the ability to bounce back in the face of adversity. The Atlanta economy will rebound as it always does, slowly, but surely. And the residents of Atlanta will also find a way to get back on sound financial footing. Better budgeting and more careful spending are good places to start, but if they aren't enough, there are alternatives, including debt reorganization through Chapter 13 bankruptcy, and debt forgiveness through Chapter 7. DebtStoppers offers a free personal debt analysis, and our attorneys are available for consultation.

Yes, the economic news out of Atlanta isn’t all that great and it will take some time before there’s any noticeable improvement. But, your personal economic news can get better with only a little effort on your part.

--Debt Diva

Forbes.com recently ran an article which reported that Chicago residents were the most stressed individuals in the United States. Is it any wonder? Chicago’s unemployment rates are hovering above 7%, gas prices are nearly $4.50 a gallon, it’s crowded, and it’s just about to get more expensive to own a home here.

In less than two weeks, on October 1st, Chicago residents will start to see their annual property tax bills hit their mail box, and they better sit down before they open up their envelope from the County Tax Assessor’s office.

When you consider that, as a result of the terrible state of the U.S. economy, that property values have decreased, not just here in Chicago but throughout the United States, it is patently illogical that property taxes should increase. But there it is. On average, the property tax rate has gone up about 8% in Chicago. That’s because the property tax assessment cap of 7% is no longer in place.

Unfortunately, those hardest hit with property tax increases will be those already hardest hit in life – people on fixed incomes from less affluent communities. It’s been reported that the highest property tax increases will be those properties located primarily in minority neighborhoods. And we’re not talking a little big higher than the average 8% tax rate increase; we’re talking an over 70% increase over last year’s tax bill as reported by the Chicago Sun Times!

It’s interesting, the Forbes article talked about stress factors, and mentions things like a person’s attitude, and whether or not they have a viable support system as being the first two factors to calculate a person’s stress level. Interestingly, it puts very little emphasis on a third stress factor, i.e. external forces. Instead of bringing up an issue that so greatly affects individuals – personal finances – it speaks of natural disasters and medical tragedies. Yes, they will obviously contribute to a person’s stress level, but how often do earthquakes occur or are limbs lost? Those occurrences are not quite as common as say, losing a job, filing personal bankruptcy, being evicted… those are external forces that really affect your stress level.

The article also suggests that the ways to overcome stress are 1) to change your attitude -- quit being a nay-sayer and try to find the silver lining in everything; 2) make use of the coping resources available to you – your family and friends, support groups, church, even the government.

Here’s how to overcome the stress factor of finance-related external factors, regardless of where you live: Get some control of your spending and your debt. Don’t just sit back and take it as it comes, or worse, do nothing. Do something about it. Seek debt counseling if you’re not too heavily indebted. Find out if you can reorganize your existing credit card debt with a Chapter 13 bankruptcy, or have your debt discharged under a Chapter 7 bankruptcy -- DebtStoppers can help you with that. Being proactive about your personal finances: That’s how to reduce stress. Deep breathing exercises and meditation just aren’t good enough.

--Debt Diva

What a rough couple of months this has been for the U.S. financial sector. All these big companies going down the shooter (well, you know what I really mean), and these were companies we thought could never tank. A few weeks ago it was Bear Stearns, then it was Fannie Mae and Freddie Mac. Just this week, there were another two “problem children;” Lehman Brothers, the so-called world famous “investment advisors,” and American International Group, the largest insurance company in the world – both of them, busted.

It’s really kind of scary, when you think of it. These are supposed to be “experts” and “captains of industry” and they can’t manage their company’s finances any better than we can handle our own debt.

But, many of you probably heard the news of these last two and thought to yourself, “For once, I’m glad that I don’t have any money to invest” or “I don’t have anything worth insuring, anyway.” Your logical thinking is that it doesn’t really affect the little guy.

Unfortunately, the downfall of all of these bankrupt and poorly managed companies has really far-reaching implications, even more than you can imagine. Wage earners with 401(k) plans may have investments in those companies, because they were considered “solid.” What about your pension plan – plan investors put money into those stocks. A lot of people count on the stability of their stock prices, and now they’re worth a heck of a lot less than they were not that long ago.

The devalued stock price will have a trickle down effect – banks’ net worth will decrease, and they’ll have less money to lend out. The existing liquidity crunch in the economy is going to get crunchier. It will be harder to get a loan, personal or commercial. For a company that was relying on credit to expand or continue operations, it may mean stagnation or even lay-offs.

The liquidity crunch and the bank takeovers might also mean that your credit cards will have reduced limits. You may get a notice from your bank that they’re consolidating, and as a result they’re reducing your credit availability, and they will “ask” you to pay down your credit card to your new maximum. So, the money you thought you had available for a rainy day, might not be there after all.

If you’ve got a 401(k) plan at work, you might want to reconsider where you are putting your distributions. One trap a lot of people fall into is that they tend to stick with what they think they know best. For example, let’s say you work at that big national bank – Watch-Over-Ya, which I know offers a 401(k) plan to its employees. You might think that saving with a 401(k) plan is a good idea – and it is, but not if you put all of your distributions towards Watch-Over-Ya stock. Because, what if? I don’t need to elaborate on that, do I?

If you can manage to save some money in your company’s 401(k) plan, a bank savings account, or even in your piggy bank, there’s no time like the present. The economy is not going to get any better any time soon, from all indications. It was recently announced that the U.S. Treasury is going to auction off U.S. bonds to raise money… think about how and why you might use eBay. It’s not always to get rid of the gee-gaws and what-nots that you’ve collected over the years; it’s to get a little cash. Same difference.

When money is tight, you’ve got to do what you’ve got to do, just to stay afloat. And money is going to get tighter in the coming months. Brace yourself, it’s gonna be a bumpy ride.

--Debt Diva

When I was a child, growing up in mid-sized city across the Hudson River from Manhattan, as the oldest among my siblings, I had a lot of errands to run for my parents, grandmother and even my elderly, less mobile, neighbors. Back then, it was perfectly safe to send an 8-year old to the supermarket for groceries or to the drugstore for Preparation-H or the butcher for a couple of nice pork chops. I’d be given a written list, and a crisp $5 bill wrapped up inside the list to pay for the purchases (not to mention extremely stern instructions and the “if” warning… “If you lose it, don’t come home.”) If I was lucky, there’d be some coins among the change, and that would usually be my “tip.” Of course, if it was my own parents or nana, I could just forget about the tip, and be lucky I didn’t get a swat up the side of the head instead for presuming incorrectly.

But I also remember that it wasn’t long before the cash disappeared (along with my tip, alas), and I was instructed to tell the butcher or the druggist to “write it in the book.” Ah, the beginning of the dastardly credit cycle. It was so easy – I’d make the purchase and initial the book in my best handwriting, and then once a week or so, my mom strolled down to the store to pay off the bill.

Pretty much every Mom and Pop store offered credit (“Sure, just sign the book!”), for a while, at least. But then, hard times hit, and people weren’t coming in to settle their bills. And these signs started cropping up on the wall behind the register, “No cash, no credit” or this (my favorite), “No credit unless you are 80 years old, and only then, if accompanied by a parent.” I always got a chuckle out of that one.

But with the disappearance of those signs came the emergence of new ones, the “We Accept MasterCard” and “Visa Accepted Here” signs. All was not lost. Or was it? My parents quickly looked into this “credit card” thing, liked what they saw, and never looked back. A lot of people did this, and look where they are now: In a heap of credit card debt.

Is it not possible for us to take a step backwards? At least as regards our step forward into this cashless society. It’s time to consider that the old ways weren’t bad at all. If we can’t afford it, do we really need it? If we really need it, do we really need it now? Can we buy piecemeal -- a little here, a little there, until the sum of its parts becomes the whole?

I live in a society that is almost entirely cash-driven. Credit cards have not yet caught on here in Ghana. Thank goodness. Everything we buy, we pay for in cash; food, utilities, rent, drugs, road tolls. The house we are still in the process of building – paid for with cash. Oh, I hate it sometimes, don’t get me wrong. If we could have gotten a home construction loan, we’d be finished already. On the other hand, I would not like having a mortgage payment. Been there, hated that. But, I know that at some point in the (hopefully near) future, we’ll be living in that house. No notes, no liens, no encumbrances, no little marks in a book with our signature next to it.

Living without your credit cards will not be easy. My advice here, baby steps – one card at a time. Cancel it, cut it up, or freeze it into a block of ice; whatever you need to do, its time to do it. Your parents did it, maybe you, too, at one time. You can do it again. Baby steps.

--Debt Diva

Some people who are on the brink of filing for bankruptcy often think about “squeezing” out just one more debt before they do the actual filing -- maybe buying a big screen plasma television set for the living room or a last-minute trip with the Mrs. (or Mr.) or something nice for the kids. If you were thinking like that, then you had better think again.

The court won’t need to hire a forensic financial analyst to determine that that last big credit card charge -- $2,000 for a week long stay at Bellagio Casino in Las Vegas – was made only the week before you filed. You should be aware, that not every debt can be discharged, especially those that were incurred less than 60 days before you filed, and which were for “luxury goods or services.” And, it won’t matter at all that you crapped out at the tables. The cash advances that you took on your card from the ATM when you did crap out at the tables are also going to be considered non-dischargeable.

Worse still, if the court even thinks that you intentionally ran up your credit cards for a last minute pre-filing spending spree, then your whole bankruptcy petition might be denied, not just that one creditor. Even if the court doesn’t catch your little indiscretion, the creditor may appeal, and request the debt be considered non-dischargeable.

That’s the problem with credit cards today, everyone takes them – you can use credit cards to pay your utilities or your rent, buy groceries, and even pay off your taxes or student loan. For many people, that’s simply a convenience and not a problem. But for many people, especially those with heavy personal debt, they may not have the cash available to make their Sallie Mae payment, or satisfy their tax obligation. So, it’s not unusual to use a credit card (if you’ve got room on one, that is) to make those payments.

But for individuals planning to file bankruptcy, that is a bit of an issue. You see, as I said before, certain debts are not dischargeable – like student loans, criminal fines and related debt, taxes (of course), alimony and child support payments (but you wouldn’t want to do that, anyway, would you?), and fraudulent debt – that means you have to pay them. It will not matter at all if you used a credit card to make those payments, though purely unintentional. The court could rule that the credit card that you used to make those payments is not dischargeable. You will be stuck.

Just because you can’t discharge a debt in a Chapter 7 bankruptcy doesn’t mean you can’t consolidate or reorganize it. A Chapter 13 bankruptcy filing may be just the thing you need to consider, to get a handle on your debt.

Bankruptcy: It’s a lot to think about -- what you can do, what you can’t do, what can be discharged, what won’t be discharged – you’d have to have a law degree to puzzle it all out. It can be very confusing, but DebtStoppers attorneys can help you sort it out. All you have to do is ask.

--Debt Diva

Money is tight. For many families, money is always tight. Things just seem to keep coming up, even when your best intentions are to pay off that credit card or start a savings account. Some financial advisers tell you that you should pay off high-interest credit cards before you put money into savings, which is true, to a certain level. However, if you never quite get your high-interest credit cards paid off, you’ll never have money to put into savings. And when you don’t have savings, you have to use that high-interest credit card for emergency money. That’s where the vicious cycle starts.

The truth is, there’s almost never a good time to start a savings account. If you wait “until” something happens, until you pay off your credit card, pay down your student loan, or buy that new television you’ve been eyeing, you’re practically guaranteed that something will come along and sidetrack you. It’s in the nature of procrastination. You’ll find a thousand reasons to spend that money elsewhere, and some of them are probably very good reasons, but savings are investments in your future. The bottom line is, you simply can’t afford to put it off.

The problem that many people face is finding the extra cash for a savings account. The trick to doing this successfully is twofold: putting aside a small amount of money, if you can’t spare anything larger – just so you’re putting something in; and having the funds electronically debited from your account.

First, give yourself permission to start your savings account modestly. You don’t have to wait until you can spare $100 per month – if you can only start by saving $25 per month, then save $25 per month. Just cut out one meal dining out, and you’ll have the money to begin investing in your savings account. As you watch the total grow, you’ll get more excited about your savings account and it’ll be easier for you to find ways to cut spending elsewhere to put money into savings. Then, you can watch it grow faster.

Second, have your funds electronically debited automatically every month. You can set this up through your bank in person, you can set it up online if your bank offers electronic banking, and you can even set it up through a third-party online savings option, such as ING Direct. Shop around when you’re setting up a savings account – look for something that’s going to give you decent interest. For this reason, online savings options are sometimes the best; ING Direct offers very competitive rates, and even some big-name banks offer good rates online.

Regardless of who you use, the point is to have your funds debited from your account
automatically. That way, you won’t have to stop and think about whether you have the cash – just treat it like any other bill, and make sure you have the money in your account. It might be a good idea to set up your electronic debit for the middle of the month, away from the strain of rent or house payments and other beginning-of-the-month bills.

Don’t wait – start a savings account and invest in your future today. You’ll be glad you did a few years down the line when you need that money, and it’s actually there for you.

-Money Maven

I come from a long line of do-it-yourselfers; my father could fix, install, invent, build or repair anything that needed doing in our house, my mother could paint, wallpaper or tile any ceiling, wall or floor with near-professional results. It must have been passed down in the genes; I’ve got one brother who’s a professional contractor and another who is the main “go-to” guy for a power plant in Florida and still another who can replace a car’s catalytic converter, single-handedly. Our family just does not believe in contracting or hiring out; we have become self-taught experts.

Yes, I’m a big advocate of do-it-yourselfing, but only as far as a DIY job pertains to my abode. For anything even remotely pertaining to a legal or financial issue, or heaven forbid both, I believe in pulling in the big guns. Granted, I could save some money on the attorney or CPA fee by using a DIY divorce kit or completing my own 1040 form plus whatever schedules I may need (or think I need). But, what if I messed up, or I missed something? I am just not willing to accept the threat of a bigamy or tax evasion charge, because I thought I could do it myself.

Given the state of the American economy (i.e. a plain ol’ mess), a lot of people are missing a lot of payments -- not just mortgage payments, but credit card and utilities payments, too. When these missed payments pile up, and there is no way to make good the amount in arrears, it’s natural to consider that bankruptcy is the only way out.

But are you familiar enough with the bankruptcy process and laws to try to file one on your own, using one of those DIY Bankruptcy kits you’ve probably heard about? Do you know the difference between a Chapter 7 and a Chapter 13? Did you know that you can actually file both, and derive dual benefits? Do you know the reasons why a bankruptcy petition might be rejected, or what debt you currently have that cannot be discharged?

If you answered no to any of those questions, you better start studying. On average, you’ve got about 50 pages of paperwork to complete. I don’t know about you, but I have trouble filling out a two-page credit card application!

If you’re considering filing for bankruptcy, you’ve already got a lot on your plate – are you ready to add a boatload more of pressure and anxiety? Do you have what it takes to do this right, from the onset? It takes time, diligence, fortitude and even some temerity to see this through to a successful (hopefully) finish. You must be your own advocate.

There are no “Do-Overs” in bankruptcy. You can’t just say, “Oops, my bad.” When using a DIY bankruptcy kit, any mistakes that you make on the bankruptcy petition are yours. When not done right, a botched bankruptcy filing can wind up costing you more than any attorney ever could – you risk the loss of your assets, including your house and your car. A good attorney (and perhaps not your run-of-the-bankruptcy-mill attorney) would know how to protect those assets. Our attorneys would know how to protect your prized possessions.

An even more important consideration, though, is that you may still have time to avoid bankruptcy. We’d like to help you figure that out and you can start by completing our Debt Analysis form. The analysis and consultation are both free; the only cost to you is a bit of your time. And it starts here, with a click of the mouse.

--Debt Diva

We need an updated version of the 3Rs, essentials which children need to be taught at a young age – Reading, Writing and Arithmetic (and really, who thought that up? Though I guess it's better than using WAR as an acronym) that encompasses another (this time the real letter) R: Reality. Kids have no sense of reality, especially when it comes to something as important as money. Each and every time you go shopping – irrespective of the type of store you wander in to – you will hear those oft-repeated, infamous (dreaded) words, “Can you buy me this? …buy me that… buy me everything.” And sadly, most of the time, if the request is within reason (and within budget), we acquiesce. At first, it’s probably a little something… a package of gum or candy at the check-out counter or a balloon on a stick. As your child gets older, the request/demand gets bigger, more expensive… a toy, a football, a new video game, a new game console. It’s getting a lot more difficult to say yes, isn’t it?

You can’t blame a kid for asking, that’s for sure. But you know what, blame has to be placed somewhere. It’s parents; we’re to blame. We’re the ones who are quick to quip, “Money doesn’t grow on trees, you know!” Yeah, they know. But if not trees, where does money come from?

Kids don’t get it, because we don’t teach it. No, let me rephrase that; we don’t teach it well. Kids learn by example. Whenever you go shopping, don’t you whip out your credit card to pay for your bill? Or write out a check, either from your checking account or your overdraft line? Kids don’t see cash money anymore. All they see is plastic and paper. To them, it looks like an inexhaustible supply of good things, one after another, so why shouldn’t they be able to get in on some of that?

Perhaps you are like many parents, who don’t believe in involving their children in personal finances, assuming that your money worries are just that – yours. You are not doing anyone any favor by shielding them from reality.

Christmas is coming. If your kid asks you for a Nintendo Wii game console for Christmas (assuming of course, you’ve told them the truth about Santa Clause), will he understand how long and hard you have to work, in order to pay for it? If you earn minimum wage, currently $6.55 per hour, then it will take you almost 49 hours. Imagine that, almost 7 full days of work just to have enough money to buy a toy.

Without your child having some perspective, you will lead your child into a debt trap. Unintentional as it may be, it’s a trap, nonetheless. Here is a way to help your child put money into perspective: Let him see you pay for your groceries with a dwindling supply of single dollar bills instead of a credit card or check. The tangibility (and exhaustibility) of the cold hard cash makes it “more” real for a child. Or, here’s a real reality check – assuming an allowance of $10 a week, let him know that he could “earn” that Wii in only 30 weeks; that’s just around Easter time, 2009. Kids know their school holidays and are painfully aware that Easter is a long way away.

You, yourself, know how difficult it is to get out of debt (otherwise you wouldn’t be here reading my pithy commentary in this debt relief blog). It’s your duty to teach your children how not to get there -- in debt -- in the first place. It’s time to sit down and have a heart-to-heart with your child, equally important as the facts of life. Consider it the facts of a debt-free life.

--Debt Diva

to debt! Ha! With all due respect to the late Robert Palmer, what’s love got to do with it? Dang. Sorry, Tina. Let me go turn off the CD player.

Americans are in debt up to their… well, you name the part of your own particular anatomy, but this truth has to be preceded by a single question. Why? Well, the “why” is the tough part, because there’s more than one issue at play. We’re in debt because the marketing managers of America tell us how vitally important it is to keep up with the Joneses, while at the same time the credit managers of America are offering us easy credit terms to keep us in that particular race. Oh, do you know that 75% of the U.S. economy depends on consumer spending?

From time immemorial, the first marketing messages cajoled us into buying one product over another, which we did, often because we liked or admired the icon who (or some times which) represented the product – remember the Marlboro Man and Ronald McDonald? Why would anyone ever consider home-rolled smokes or home-made burgers, if this was good stuff available? And what kind of Americans would we be if we didn’t smoke Marlboro cigarettes while chowing down on a Big Mac, which is a… come on, you know the jingle… two-all-beef-patties-special-sauce-lettuce-cheese-pickles-onions-on-a-sesame-seed-bun… I knew that you knew it. I’ll tell you what kind of Americans we’d be: Healthier!

But that’s neither here nor there. The here and now is that Americans are not only in poorer physical health, but, as well, we’re in poorer financial health. “Good” marketing techniques convince us of the “superiority” of one item over another, often at a considerably higher cost. These so-called superior goods are more expensive than their counterparts, not because they are actually superior, but because the manufacturer has to make enough money from sales to pay for the marketing company! Talk about a vicious cycle!

The Olympics may be over, but the marketers continue rising to the challenge – Nike head-to-head (or foot-to-foot is probably truer) with Converse, Visa versus MasterCard, Home Depot pitted against Lowes, Starbucks coffee going one-on-one with Dunkin Donuts coffee. When you get right down to it, they’re all the same stuff, just the packaging is different. How about this: Pour yourself a cup of coffee from that old fashioned but still operational Mr. Coffee pot, lace up a pair of no-name sneakers that do what they’re supposed to do (namely cover your feet and protect your soles), take a walk to the local mom and pop hardware store and pay for what you need with cash. There. I just saved you a lot of money.

But say you fell hard for the marketing message, and you decided to go right out and buy the latest pair of Nikes on the shelf. Wherever will you get the money? That’s easy; you’ve probably got a credit card offer in the mail today (or maybe two or three). Go ahead and accept one or all of them. Now, you’ll have the means to satisfy that desire for a brand new pair of Nikes. Everyone is happy. Nike is happy, Capital One is happy (it was them, wasn’t it?), the marketing companies for Nike and Capital One are happy, and you’re happy because you’ve got a new pair of sneakers that you needed. Well, maybe you didn’t really need it, but you were pretty convinced that you did, weren’t you?

It’s time to be happy with what you have, and stop competing with everyone else. Perhaps that’s easier said than done, especially when the marketing messages are so constant and they all try their damnedest to convince you that by missing out you’re losing. But you are the only one who has the power to do something about it, and if doing something means not doing anything, then you’ve won the race.