Saturday, September 19, 2009

Inspirational "get out of debt" story

These days if you listen to the radio or turn on the TV you're bombarded with "pay off your credit cards for pennies on the dollar" or "declare bankruptcy fast and easy" all over the place. Personal responsibility isn't rewarded or even encouraged. At least some people are still willing to take the high road. These people had over $100k in credit card debt. Rather than declare bankruptcy like several people encouraged them to do they decided to work their butts off for a few years to repay what they owed.

Yeah, I get it. The evil bankers and credit card companies are out to get you. They just do whatever they can to soak you for every penny so when someone sticks it to them with a bankruptcy they deserve what they get. Forget the fact that you chose to take out the loan. Never mind the fact that you used their money with the agreement that you'd pay them back. What happens when people do declare bankruptcy and get out of debt? Most of them don't learn their lesson and end up saddled again in a few years. When you take the high road you learn a few things along the way and those lessons tend to stick with you longer.

Meanwhile, Obama finally came out and admits that race isn't the driving issue behind all of the protests. Now if he'd just admonish all of the people on his side of the aisle that still insist on playing the race card every time they start to lose an argument then maybe we could move on and have an honest debate about the issues. It doesn't do any good for him to say that race isn't what's driving the protesters. He needs to tell everyone to stop bringing up race because it's doing absolutely nothing to benefit the discussion. Maybe if these morons would stop calling us racists just because we don't like what they have to say then maybe we wouldn't get so pissed off.


Abraham said...

Charging someone 30% interest should be illegal. It used to be illegal until the lobbyists for the banks were able to get the laws changed. When my business went belly up I could have declared bankruptcy, but instead I paid off every penny owed.

I think race does have something to do with it. People call Obama the Dark Lord and the parody of Obama as the Joker also has racial undertones to it.

The Urban Survivalist said...

The free market will correct 30% interest rate hikes. People will either pay off their debt and stop borrowing money or they'll just declare bankruptcy. While I think it's deplorably immoral for anyone to charge that much interest it's not all their fault. The banks dug themselves into this hole by extending too much credit to too many people who couldn't afford to pay it back. At least credit card debt is unsecured so if you really can't afford to pay it back there are ways of canceling it and you won't lose much of anything.

As for the race thing, sure there are racists out there. For every white guy who hates Obama only because he's black there are 50 black nationalists and self hating white liberals who think that the only possible reason for opposing him is racism.

Anonymous said...

Well maybe declaring bankruptcy is an easy task to do, but I really think a person need to think about many times...but unfortunately there are too many silly ones who believe that easy decisions are always a good ones. A guy I know have filed for a bankruptcy and guess what thing are better for him now, but this bankruptcy note is going to stay on his documents for 10 years...He cannot even apply for payday loans online no faxing, this is just awful. So yeah, we should not trust everything that we see on TV