Credit Card Trauma

I received a strange letter in the mail letter yesterday. It seems that a Chase credit card I’ve had since 1978 was cancelled because it hadn’t been used in a couple of years. It hadn’t been used because it had a lousy rate. I kept it because I’d had it a long time and wanted to show my credit history.

My first ‘professional’ job was working for a credit company. I used to watch women come in and try to buy furniture on credit, but they hadn’t established any in their own name and couldn’t qualify. I made a promise to always have credit in my own name. In fact, when I married my current husband, I was sent a new application to include my new husband on the card. I refused to fill it out. I called them up, explained I was the same person I had been before the name change, had never missed a payment and there was no reason to believe I couldn’t have the card solely in my name. They backed off.

Women today still don’t have credit in their own name. If they become single through a divorce or death, it’s like they don’t exist. It’s a shame.

I called up Chase this afternoon and worked my way up the chain of command until I talked to Steven. When I explained this was my credit history and begged a little bit, the card was reinstated.

I know this is has happened to others since I’ve been reading about it on blogs and forums today. My suggestion is to give them a call. I don’t know that you can get your card reinstated, but there’s no harm in trying.

I was assured my credit score wouldn’t be affected, but I’m not convinced. Your credit score is based, in part, on the ratio of credit available to you and your outstanding debt. If they cancel a credit card, that ratio could drop and change your score. In today’s world it’s not worth the risk.

For more information about cancelling a card card, read the following:

I just saw this article and want to pass it along to people who have had their credit cards cancelled. http://www.bankrate.com/brm/news/cc/20061114_cancel_card_credit_scorea.asp

I wrote in my last blog about 100 extra calories a day adding ten pounds a year to your weight. As I’ve grappled with my own self-indulgence, I’ve been struck by how it relates to other articles I’ve read recently.

Did you know that over half of the world’s population exists on one bowl of rice a year? I read that last summer when gas and grain shot up. We forget as Americans how quickly we’ve shifted from surviving at near starvation levels to an absolute orgy of options. Choices abound, not only in food, but in other commodities.

Recently, there were reports of a band of parents writing to toy manufacturers to pull back on their advertising. They explained they couldn’t afford the toys their children wanted, had a very hard time saying ‘no,’ and wanted the toy people to help them by not thrusting tantalizing commercials for frequent viewing.

Haven’t the last few years been an exercise in indulgence? Whether we’re talking about food, homes, or toys, we’ve allowed ourselves to get caught up in a feeding frenzy of “I want, therefore I deserve.” Of course, we have an economic system that is based on feeding our constant desire to indulge at every whim. Americans work more hours per capita than any other group of people. We live in heightened state of stress to make money to feed the python of consumerism. We suffer from obesity and other lifestyle related ailments because we haven’t learned to say no.

Where do we go from here? One thing is clear, we can’t continue on this path. Our bodies are ill, children spoiled and our spirit is broken. We have an increased chasm between the haves and the have-nots, but everyone can be in debt to pretend they have it all. No one knows what the next couple of years are going to bring. One thing is for sure, we shouldn’t return to our old ways. We need to find another way of defining success, and what it means to be a proud people.

The Times, They are 'a Changin'

I just read about a man who was recently laid off after working for a food company as a salesman for twenty-four years at The Boomer Chronicles.

The first time I was confronted, as a career counselor, with this type of situation, was in the early 90’s. I was called in to speak to a group of laid off aerospace workers who had lost their jobs during the post cold war defense downsizing. They were all men, mostly professionals, engineers, accountants and managers. The loss they felt was inconsolable.

It was the beginning of trend that continues today. Prior to that time, it was common for blue collar workers to be laid off. That marked the beginning of lay offs of professions. A trend that continues to this day.

A few years later, I went through a similar situation. With a partner, I started a career center. I had arrived. I had become who I wanted to become. Then one day, she proclaimed she wanted to dissolve the partnership. I was devastated.

People don’t understand. Yes, you lose you livelihood and that’s scary as can be. Many people also lose their sense of identity. We are a society that defines ourselves by our work and as wage earners. If you take that away, there is a complete lose of self.

It’s hard to recover, but people do. People can move to the other side and discover a whole new way of being. They do find other jobs and move on. It’s not easy. It can be incredibly painful.

I fell into a depression that lasted eighteen months. Slowly, I learned about a process I now teach to help people heal and become whole again.

The next few years are going to test the resiliency of a lot of people. Dreams and expectations are going to be challenged. Ultimately, we’re going to have to learn how to function with less than we imagined.

In all of this, there is still opportunity. There is opportunity to come together as families and communities. There is opportunity to reevaluate what is truly important to individuals and to our country. There is an opportunity to redefine work and its role in our lives. I’m hoping there is also an opportunity for companies to redefine what they are all about. Is there something beyond the bottom line? Stay tuned.

The New Retirement

The company my husband works for is undergoing a reorganization. We are very lucky as he intended to retire July 1, but has postponed his date to see the details of the new retirement package. For those individuals’ who had not intended to retire this year, there has been a lot of evaluation as to whether or not it is wise for them to leave. Many still have children at home or in school. The offer was made to those who will be at least 55 years old by December 31, 2008. The single biggest question they are asking is, “Can I live the rest of my life with the amount of money that is being offered?”

We are bombarded with news about how poorly the Baby Boomers have planned for retirement. Granted the United States has one of the poorest saving rates in the world, but is it realistic to expect to work for thirty years to fund another thirty years of not working?

The definition of retirement needs to change. When Social Security was established in 1933, the life expectancy was 65. If you were lucky enough to live to 65, the government was going to help you with a financial stipend for the rest of your life. It was never intended to be an entitlement for one third of your life.

Mark is a great example of the New Retirement. He retired from the entertainment industry at 51. This is a similar to the retirement age of police, fire and military. Mark wanted to be involved in raising his son, so he started a business he could run out of the house. This has served him well, but his son is now graduating from high school and Mark is ready for a new challenge.

He is looking for work where he is challenged, but more important he wants to feel like he’s contributing to society. He still needs to earn income, but that is the secondary focus.

This is the opportunity for the New Retirement. No longer should the sole question be of the 65 year old, let alone someone at 55, “Can I live for the rest of my life on this fixed amount? But, what opportunities are available to me now?”

Baby Boomers have the opportunity to reinvent themselves in many different ways. The days of existing on the golf course are shifting for many. They are looking for new challenges, and interesting ways to create a more fulfilling life.

Did You Know?

The worst fear of any retiree is running out of money. We all know the stories of little old ladies who eat cat food because they can't afford food.

Did you know the number of people 65 and older who live in poverty has declined significantly in the last fifty years. In 1959, as many as 35 percent of seniors lived in poverty. In 2003, that number dropped to 10 percent.

Farewell to Randy Pausch

There is an elephant in the room. Did you know as many as eighty percent of people do not have a will? Making a will forces you to think about your death. Maybe not a pleasant thought, but ultimately inevitable. Not thinking about it, doesn’t change reality.

I mention this as we learn that Randy Pausch passed away on Friday. He was a professor a Carnegie Mellon University who was diagnosed with pancreatic in September of 2006. He gave an inspiring speech about living your dreams now viewed by millions on You Tube that led to the book, The Last Lecture. I mention Dr. Pausch to honor his legacy and encourage you to listen to his talks again or for the first time.

Dr. Pausch’s message is important for all us regardless of what stage or age we are experiencing. There seems to be a correlation between living in denial about death and not choosing to live to the fullest. It’s somewhat ironic, but the people who are reluctant to face their own mortality are equally hesitant to live life completely. It is in the act of embracing your demise that you can break free to live totally.