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Old 08-21-2014, 02:56 PM
 
8,860 posts, read 5,139,069 times
Reputation: 10139

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Quote:
Originally Posted by freemkt View Post
As well they should. But Congress is getting back far more in many cases than was lent; every month a 20% fee is added when I make a payment. I've paid more in added student loan fees than the principal I borrowed.
You're paying a 20% fee each time you make a payment? You should stop making monthly payments for 5 months, then you will have enough to pay your loans in full.
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Old 08-21-2014, 02:57 PM
 
8,860 posts, read 5,139,069 times
Reputation: 10139
Quote:
Originally Posted by HappyTexan View Post
Oh the tipping point is being reached and then some in various segments.
But to connect all the dots means searching and hunting down various reports.

A majority of US schools receive Title 1 funds. To get Title 1 funds a school must have 10% or more poor students.

A new report shows that 35% of Americans are on means tested programs (excludes SS/medicare) and that report is for 2012.

We've all seen the report that 47% of Americans don't pay Fed Income tax (too low earnings or they get it all back in refunds).

The majority of those jobs that came back since 2008 are low paying service jobs with most being part time.

The dots seem to be all over and it's a matter of connecting them.
This just means that a majority of schools have some poor people in their district. It does not mean the entire student population is poor.
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Old 08-21-2014, 03:21 PM
 
33,046 posts, read 22,067,502 times
Reputation: 8970
Quote:
Originally Posted by Petunia 100 View Post
You're paying a 20% fee each time you make a payment? You should stop making monthly payments for 5 months, then you will have enough to pay your loans in full.

Can't stop, the payment is made automatically it's a gar(n)ishment.
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Old 08-21-2014, 03:22 PM
 
Location: Nashville TN
4,925 posts, read 4,919,120 times
Reputation: 4778
That does surprise me thou. I thought that percentage would be higher. Americans tend to spend every penny they earn.
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Old 08-21-2014, 07:41 PM
 
8,860 posts, read 5,139,069 times
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Quote:
Originally Posted by freemkt View Post
Can't stop, the payment is made automatically it's a gar(n)ishment.
Close your bank account, or simply stop depositing money into it.
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Old 08-21-2014, 08:10 PM
 
Location: Great State of Texas
86,093 posts, read 72,525,560 times
Reputation: 27566
Quote:
Originally Posted by Petunia 100 View Post
This just means that a majority of schools have some poor people in their district. It does not mean the entire student population is poor.
Most people associate Title 1 Funds with the poor inner city schools.
I was just noting that Title 1 Funds goes much wider than that.
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Old 08-22-2014, 04:12 AM
bUU
 
Location: Georgia
11,883 posts, read 8,665,350 times
Reputation: 8401
Quote:
Originally Posted by HappyTexan View Post
What are you alluding to..that we give away all the money we saved for retirement ?
Not at all. I haven't said Word One about isolated, individual action. The problems are far bigger than that.

Quote:
Originally Posted by HappyTexan View Post
You pontificate (yeah I can use the big words too) but never really say anything.
You dodge, weave and evade, but never really justify the self-centered claptrap that you advocate.

Quote:
Originally Posted by HappyTexan View Post
Because it always boils down to money.
When it should boil down to people, to human beings.

Quote:
Originally Posted by Ten Cat View Post
Moral of the story? Sh*t happens, and don't think for a minute it can't happen to you.
Yes, but by rights people should be mature and caring enough to not have to think that it could happen to them to be inclined toward regarding with dignity those to whom it does happen.
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Old 08-22-2014, 10:18 AM
 
Location: In The Pacific
986 posts, read 1,179,181 times
Reputation: 1233
When I retired in 1997, we didn't have too much in our bank account, just enough to buy our plane tickets to leave the U.S.!
After getting rid of everything we owned in Northern California, we moved in 1998 and lived overseas in the Philippines! After 11 yrs I finally started collecting my other pensions and we now have money in our bank accounts and our home here in the Philippines is paid off!
Our retirement lifestyle now is a lot better after 17 years of living here! It was a hard road to travel, but we made it!
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Old 08-25-2014, 07:29 AM
 
Location: Texas
1,324 posts, read 1,108,697 times
Reputation: 1837
Quote:
Originally Posted by Emigrations View Post
I see bankruptcy as a legal tool for people to get a fresh start, whether the reasons for their bankruptcy are their own fault or not is really immaterial. I don't try to pass moral judgment on the filer.

Sometimes people have to file bankruptcy through no fault of their own, others just get really stupid, but as long as one learns one's lesson and improves their behavior, why scarlet letter them?
Good point and I hope I did not seem like I scarlet lettered anyone. I am totally not in moral judgement just financial judgement I wish all the best of luck in learning, improving and moving on. Maybe I should have mentioned this guy was 60 yo and had not learned a ting that I could see in his years of financial goings-on.
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Old 08-25-2014, 03:52 PM
 
3,339 posts, read 2,080,103 times
Reputation: 2367
Quote:
Originally Posted by Never2L8 View Post
My question is, how many of that 31% did have retirement savings before the crash of 2008 gutted it? (assuming that "savings" encompasses any type of product: savings account, IRA, 401K, pension plan) How many of that 31% lost their jobs during the worst of the recession and have not been able to replace that level of income, thus having to draw on and erode their original retirement savings either mostly or completely?

What I'd like to see is what percentage of that 31% did have retirement savings AT ONE TIME but through factors other than irresponsible spending they no longer do. Versus what percentage of the 31% never bothered to address their retirement income needs at all.
if they didn't withdrew whatever was left especially if it was left in equity account, their savings would have recovered by now
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