Debt is an issue for all of us. If you don't have it now, you can be sure it is in your future.
The current economic climate makes it that much more difficult to find work that can pay off loans. Regardless of investing thousands of dollars in education, many students are left with massive debt and not much else. Too many students have used credit to float themselves through the entanglements of techno-lust or unemployed nights on the town.
How do those of us who don't qualify for the free money from the government evade the shackles of debt? The only way is through the use of credit, which causes more problems than it fixes. Beware, "the borrower is servant to the lender." The reality of high unemployment, low savings rates and ever-increasing consumer debt levels suggests that credit has, in these modern times, been used by the lender to hold everybody for ransom. The current system of subsidizing education loans through taxes, with banks reaping the interest regardless if the loan is paid off by the indebted or by the taxpayer, is crooked. Paying for school this way only keeps the crooked system crooked with no way of fixing it.
The president is working with House and Senate members to pass the Student Aid and Fiscal Responsibility Act in an attempt to reform student aid and educational lending. College financial aid offices are buzzing with excitement over the changes.
In the end, the Obama administration will get a pat on the back for fighting for the little guy when in reality, all it is doing is allowing institutions such as Wall Street to keep abusing its power and hurting small businesses and consumers.
Who really is lobbying for the college aspirants? Many private colleges have no incentive to lower costs, so they will not lobby for reform. Don't forget the looming bank lobbyists. The only thing they are worried about is the million-dollar bonuses they are going to give themselves at the end of the year.
Debt recovery is about behavioral control of one’s desires. It is about letting go of the short-term viewpoint that stresses consumerism and swinging onto the vine of fiscal responsibility.
Not just student debt – all debt. The idea of going into debt must become an abhorrent thought in that it repulses one from going down the road of fiscal irresponsibility without a plan to make a way out. Do some recon, make a plan and execute with relentless perseverance.
Like any recovery plan, turn to those who can advise and who want to educate your wallet, not line their own wallet with your cash.
Debt is an issue for all of us. If you don't have it now, you can be sure it is in your future.
The current economic climate makes it that much more difficult to find work that can pay off loans. Regardless of investing thousands of dollars in education, many students are left with massive debt and not much else. Too many students have used credit to float themselves through the entanglements of techno-lust or unemployed nights on the town.
How do those of us who don't qualify for the free money from the government evade the shackles of debt? The only way is through the use of credit, which causes more problems than it fixes. Beware, "the borrower is servant to the lender." The reality of high unemployment, low savings rates and ever-increasing consumer debt levels suggests that credit has, in these modern times, been used by the lender to hold everybody for ransom. The current system of subsidizing education loans through taxes, with banks reaping the interest regardless if the loan is paid off by the indebted or by the taxpayer, is crooked. Paying for school this way only keeps the crooked system crooked with no way of fixing it.
The president is working with House and Senate members to pass the Student Aid and Fiscal Responsibility Act in an attempt to reform student aid and educational lending. College financial aid offices are buzzing with excitement over the changes...
Students need to be aware of debt realities
Published: Thursday, March 4, 2010
Updated: Wednesday, March 3, 2010
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