The interest rate on my home mortgage is 6.5% and is owned by Americas Servicing Company; they will not refinance nor will Wells Fargo which owns ASC because my credit score is not ‘good enough’. I am not late nor behind on ANY payments. I purchased my home in 2001 for $244,900.00, it is currently accessed at $240,953.00; the house directly across the street from was just foreclosed, it sold in 9 days for $176,000.00; the house is the same style home as mine.
I pay interest rates on credit cards of 21% up to 29.9% and have roughly 30K in credit card debt; I am not behind on any payments, yet due to my debt to credit limit and income ratio, I am charged a higher fee, but I am not behind on any payments. I also pay higher auto and home insurance rates because of a lower credit score.
I went to work for an auto parts company in 1984, it offered health insurance and a pension plan; in 1991 the pension plan was dumped and I was offered a 401K plan that the company matched up to 5% of what I put into the plan. In 1995 I cashed in my 401K to buy my own auto parts store; in 1999 the company filed bankruptcy and was bought out by a competitor. The remaining pension funds were taken over by Pension Benefit Guaranty Corporation (PBGC), my pension was $2000.00; I lost my store in a bitter bankruptcy with the competitor.
In 1990 my wife went to work for a major airline; in 2008 the airline filed bankruptcy and turned it pension plan over to the Pension Benefit Guaranty Corporation (PBGC), according to the most recent statement, my wife will receive $500.00 per month at age 67 from her pension plan. The company encouraged their employees to invest in its 401K program which it matches up to 3%; imagine starting a 401K at age 45. If she works to age 90, she might have a nice little savings . . . She also took a 30% decrease in pay and a 100% increase in the cost of health insurance benefit(s); her annual earnings went from 50K per year to 31K and in order to make 31K per year, she has to work 20 hours more per month than she was when she earned 50K.
We, my wife and I, have twin boys, both of our sons have Down syndrome and Autism Spectrum Disorder; they will be 18 in 2013 and eligible for Social Security Disability Income. Based on the most recent numbers, each of them will receive approximately $700.00 per month in SSDI; the average cost of assisted housing is $3000.00 per person per month. The average cost of in home care is $25.00 per hour per person; I’ll save you from doing the math, based on these numbers our sons can have care for only 2 weeks per month or 6 months every year.
One of us, either my wife or I will become the primary care giver to our sons once they have eclipsed from the high school eligibility guidelines; then what? Based on the fact that my wife has health insurance benefits, I will become the care giver, but that means I will be working at least 50% less time than I am now and based on past history and experience, we won’t survive long.
The private sector is NOT fine, we are tired of finger pointing and denial and we’re tired of hope; what we want is for the problem to be fixed. How about spending as much time fixing as you do talking about it, maybe something good will happen.
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