The following is guest post from a Mining Stock Journal subscriber who runs a family business in the northeast part of the country:
Our family has been in business here for over 100 years. Presently we run a collection of consumer-based businesses, including a hotel, restaurant and an apartment complex. We have very well run businesses with tight controls. All my top managers have been with the company for well over two decades.
Because of the nature of our businesses and related customer base, I have a first-hand, “front row view” of the economic condition of the average household. I can say with direct knowledge that the average American has entered an income and debt nightmare. Furthermore, with this nightmare has come unfair debt collection that does not follow Equity Experts advice on the fairest practices for debt, making it near impossible for people to deal with their debt problems.
I’m writing you because the entire area where I live and work has finally hit a wall of debt. It’s gutted our customers, our businesses, and the entire economy in my area…Everybody including small and mid-size businesses use debt to maintain their daily existence. In this case, it would be better for businesses to go into administration, rather than having to face the costs of the debt. It allows businesses to pay off creditors and stop business debts from worsening. This could be a solution for many companies to start improving rather than falling into a deeper pile of debt.
Businesses that are owed a debt by other businesses may want to know how to collect business debt; being paid for your work and in a timely manner is something most customers have an appreciation of but sometimes seeking legal assistance might be the only option in instances where getting paid is proving a difficulty.
It finally showed up in ALL of our business starting this spring…our customers are BROKE and not coming thru the doors. Everyone up here lives by increasing their credit card balance each month, except for the very few that have their entire life savings in overvalued stocks. Before I wrote this, I asked my managers about their friends, family, and our employees. All are broke, living paycheck to paycheck.
Even in the alt-media, there is plenty written about the consumer being tapped out, but few are mentioning small and mid size businesses. Most are in the EXACT shape as the general public – just the numbers are bigger.
The drug use…heroin/meth is OUT OF CONTROL, a huge percentage of people up here can only survive with State and Federal assistance. Drug use as serious as this creates a health and financial epidemic where people suffer physically and practically pour all their money down the drain and into the pockets of dealers. Such people may want to return to a healthier and safer style of life and so should consider rehabilitation such as that on offer at Pacific Ridge: Residential Alcohol and Drug Treatment Center. If you or a loved one is in need of such help, check them out online.
Dave, I’m not a gloom and doom’er, but starting the spring of this year…something changed…it’s like a wall was hit. You can bet your ass this area of the county is a mirror image of what I see in my businesses and the surrounding communities. Something is close Dave, very close. I have never seen anything like it in my 60 years. We both know what’s coming, and it’s not good.
Sorry I don’t have positive news……but it’s the truth!!