Interesting, though I wonder why. I'm sure paying 10% of your income as tithing doesn't help, but there's got to be more than that. The article says "fewer than 9 % of the people filing for bankruptcy have not experienced a medical problem, a divorce, or loss of employment." It was my understanding (listening to our governor at least) that Utah's economy is doing well and that Utah is generally a healthier state (since tobacco use is low).
It's all the MLMs. People sign up and expect to strike it rich, many do reasonably well at first, but then it all falls apart. And usually, to keep up mormon appearances, they over-borrow when they first start out (have to have a new car to impress potential NuSkin downstream suckers!).
there are layers of how the unemployment stats are determined; at one level, a survey group is asked (in the period under discussion) "Have you spent any time/effort in economic activities either as employee or business activity" This is meant as an all-inclusive question.
Also, I believe MLMers would have to (supposed to anyway) get a business license from state & local gov't.. That way they can purchase their inventories without paying sales tax, but & forward the taxes when they make sales
It was very easy for me to pre-qualify for a mortgage while visiting there in January on vacation..
I coulda bought my dream house.
I shoulda bought my dream house. But then I got a bad case of cold feet, and chickened out.
Was afraid of selling my home where I live, and not being able to find suitable employment once I got there.
It would've been my retirement home. ((((sighs))))
Since it was that easy for me to pre-qualify for a mortgage while there, I wonder if that's what happens to families who get in over their heads with a mortgage they come to find out is too much for the overall budget?
Especially when the typical Mormon family means the husband works while the wife stays home to care for the children. There's so much pressure on young Utah families today, between church obligations and home. It must feel overwhelming to many of them.
Median housing prices are above average there. It isn't the cheapest place in the country to buy a house these days. Otherwise cost of living seems about average.
We've been trying to find a house, and it's become more and more expensive each year (prices are higher now than they were at the height of the housing bubble). To get a decent house in Salt Lake County now, there is very little that's available for under $300,000 now. Even with interest rates low, that's a lot more than most families should really be able to afford.
A good many of the bankruptcies tend to come from young Mormon marriages plus a willingness to lie when it comes to saving money by defrauding insurance companies.
Specifically, young couples get married, but figure it is cheaper if they don't tell their health insurance programs and stay on their parents' insurance. Along comes a pregnancy or other medical issue, the insurance company checks to see if they are married, refuses coverage. They have no assets. Bankruptcy. They thought the insurance company would never find out. This is fraud.
Almost as bad is getting married young and simply not getting health insurance. That puts them one medical emergency away from bankruptcy. The chances that they will have a medical emergency may not be all that high, but they are not zero by any means. If they get pregnant, then the chances of significant medical expenses are in fact high. That's not fraud, but it is bone stupid.
It is if they choose not to defend themselves. They could stay single and on parents insurance, or not get pregnant, or get insurance. This is not rocket science.
It's beyond humbling to lose your home after being in bankruptcy.
True, a home may be spared through a bankruptcy proceeding (depending on state laws.) But at the end of that tunnel, after the discharge comes, what's left?
If the parties to the bankruptcy weren't able to pay the mortgage prior to, sadly reality hits them after the discharge when they find they still aren't able to manage the mortgage. And then they still lose their home, after all is said and done anyway.
Edited 1 time(s). Last edit at 02/27/2017 10:50AM by Amyjo.
It's the student loans and lower than average wages.
Student loans can't normally be discharged in BK (it's unbelievably difficult - next to impossible).
Gotta make those payments, no matter what, even if you are unemployed. Try affording a family and all the needs that are required while paying those mandatory bills.
And the morg places a high emphasis on education (which is ironic) and professional careers. Go to college, no matter what.
The SLC valley is notorious for lower than average wages. The supply of a highly educated desperate workforce in Utah is greater than the good paying jobs. The competition is fierce.
Add to all that the 10% church tax, culture of affluence, and prosperity doctrine...then reality, and many young people are in over their heads.
The only thing that is somewhat surprising is placing 5th...