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Generally I have no sympathy for people like this, unless there's some really extenuating circumstances beyond their control that caused them to get in such a financial pickle.
Yeah, but that's a separate point.
The fact is that student loans are another type of debt and the interest that continues to build on our countries debt is taking money out of the economy. There is so much debt, that many people have no choice but to default, and default they will.
I wonder if the government will attempt to work with people on student loan debt, for example reducing interest rates or writing down the debt. These are young people just entering the work force who are straddled with debt. Crazy.
It was $1200 for us to go to a recent college football game (3 people), and that game was sold out.
Well, I don't know if you could afford it or not, but these people who continue to max themselves out are going to get hit very hard real soon. It is a major drag when you suddenly realize you're out on the street.
I sometimes wonder if half out population is not delusional. Well, a hungry stomach does wonders to shake a person up.
The fact is that student loans are another type of debt and the interest that continues to build on our countries debt is taking money out of the economy. There is so much debt, that many people have no choice but to default, and default they will.
I wonder if the government will attempt to work with people on student loan debt, for example reducing interest rates or writing down the debt. These are young people just entering the work force who are straddled with debt. Crazy.
These people are no different than young people who took on more mortgage than they could afford.
I'm all for helping someone get out of a jam, but they need to repay it back somehow. For instance, why doesn't govco change all the mortgage rates of people in danger to fixed, however when they go to sell that house 10 yrs later, they give BACK any profits that they made from the sale??? This way their not getting a free ride.
Something like that should be done w/student loans if they were foolish enoght to get themselves into that situation.
These people are no different than young people who took on more mortgage than they could afford.
I'm all for helping someone get out of a jam, but they need to repay it back somehow. For instance, why doesn't govco change all the mortgage rates of people in danger to fixed, however when they go to sell that house 10 yrs later, they give BACK any profits that they made from the sale??? This way their not getting a free ride.
Something like that should be done w/student loans if they were foolish enoght to get themselves into that situation.
Well, CouponJack, our government voted to bail out the banks. Why not show some mercy on the taxpayer? Granted, some people were foolish and downright stupid in getting themselves in to debt. But what about those who bought homes or took out loans in good faith, who can now no longer afford to make ends meet?
But no matter how you feel about it personally, it is important to note that bad debts have to be written down or wiped off the books. The mounting debts in our system cannot be paid. It's mathematically impossible, so we do need to find a way to work with people and get these debts written down.
Well, CouponJack, our government voted to bail out the banks. Why not show some mercy on the taxpayer? Granted, some people were foolish and downright stupid in getting themselves in to debt. But what about those who bought homes or took out loans in good faith, who can now no longer afford to make ends meet?
But no matter how you feel about it personally, it is important to note that bad debts have to be written down or wiped off the books. The mounting debts in our system cannot be paid. It's mathematically impossible, so we do need to find a way to work with people and get these debts written down.
Perhaps, but the ones who were so foolish and greedy shouldn't get off without penalty, and the penalty should be stiff.
Well, CouponJack, our government voted to bail out the banks. Why not show some mercy on the taxpayer? Granted, some people were foolish and downright stupid in getting themselves in to debt. But what about those who bought homes or took out loans in good faith, who can now no longer afford to make ends meet? .
I AM showing mercy on the taxpayer. If you make a mistake, we'll get you out of the jam for your actions, BUT you need to pay us back somehow.....isn't that the better way than forgiving all mistakes? Where's my relief since I have to pay for these people who made these mistakes.
Quote:
Originally Posted by Woof Woof Woof!
But no matter how you feel about it personally, it is important to note that bad debts have to be written down or wiped off the books. The mounting debts in our system cannot be paid. It's mathematically impossible, so we do need to find a way to work with people and get these debts written down.
See my solution above....we help you out, but no free ride.....you need to make restitution for your financial bad behavior.
I don't think it's fair to say people who have student loan debt are foolish. I remember signing my student loan docs and thinking not much of it. I knew I had to pay some amount of money back but that was it. I was lucky, it was a low interest rate. Nobody tells you about student loans or educates you on it. Even the people in the financial aid office don't have a clue. You could say read the paperwork, but the paperwork doesn't make sense. It's in legal jargon and hard to understand. Same with when putting an offer on a house, mortgage loans, credit cards etc. The details are very difficult to comprehend. And when you ask someone they don't know either.
Why can't interest be tacked on a set amount like a 100 bucks? Rather than these crazy formulas that no one understands or figure out. Make loan amounts, principal payments, and interest payments a simple addition and multiplication problem.
I don't think it's fair to say people who have student loan debt are foolish. I remember signing my student loan docs and thinking not much of it. I knew I had to pay some amount of money back but that was it. ?
You're using the same argument for people who purchased a house and signed on for an interest only or ARM. Sorry, but ignorance is no excuse. If you went to a school that ran you 20K/year and you signed up for a loan, where did you think the $$ was going to come from? The trees? It was foolish if you didn't plan ahead and think of the consequences.
You or the others saddle w/high student loan debt should've thought about this before you signed up. Or maybe you should've signed up for a less expensive school like I did.
Quote:
Originally Posted by sheenie2000
Nobody tells you about student loans or educates you on it. ?
Again, ignorance is no excuse. I didn't learn how to balance a checkbook but if I bounce a check, I don't whine that "I didn't learn how to do this".....take some responsibility for your actions...that's whats wrong w/the country right now. Everyone wants to blame someone else or have a free ride.
Last edited by CouponJack; 10-21-2008 at 12:02 PM..
Hmm, how many 18 year olds starting college getting a student loan get an attorney?
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