I frequently hear a commercial for this organization that aids people in getting out of debt. It goes something like this:
“Overwhelmed by credit card debt? are you aware of the stimulus plan to re-energize the economy? Where is the bailout for normal people who need relief from credit card debt? The president gave bailouts to the big banks, the mortgage companies and the auto industry? Well, does this make you wonder where the bailout is for normal people who are burdened by credit card debt? Do YOU Need a bailout? Well, call us, and we can help you get out of debt quickly and easily, without filing for bankrupcy.”
Carrying a balance on your credit card is not a good thing to do, but it happens before you realize it. If you’ve always paid off the bill, and then one month, you are unable to make the complete payment, it starts like that and then just builds from there. The card already has a balance, and spending money on the card is easier than saying no and saving money to get out of debt, so, Why not? Companies are getting bailed out all the time, why shouldnt the real people get bailed out?
I also frequently see in the news (or on facebook) “Cancel student loan debt to stimulate the economy”
The proposal is similar. The plan notes that the government has paid a very large amount of money to different compaines because of thier bad behavior, and that money should go to the students to forgive thier student loans. If the loans were discontinued, the students would use thier extra monthly money to stimulate the economy in some form, and it would be a better idea than supporting the auto industry, the banking industry and AIG. So, Why shouldnt they get a bailout?
This situation is much trickier, however. Alot of students end up taking on ALOT of debt for school, and I dont think they are really able to comprehend what they are signing at the time. They are 17/18, and are jaded with the prospect of college. After all, they’ve heard all thier life that if they go to college, it will land them a good job when they are done. So, using this knowledge, they sign up for loans that are offered to them, figuring that when they graduate they will find a good job and be able to payback thier loans, no matter what profession they chose. If they chose to follow thier heart and do something in the arts or public service, or if they decided to go into business. Here’s a news flash to all the kids entering college, in college, about to graduate from college or who have recently graduated: Life is not that rosy, and you are fortunate if you find a job immediately after college, and even more so in times like these. It’s difficult to concieve at this point, but college is no longer the automatic ticket to the “good job and better life” that it used to be. There have been stories on NPR and in the New York Times on this. I encourage you to read them.
These are a few example that I have found of “regular people” who have decided they need a bailout. Do they deserve one? Well, to put it quite frankly, no. The people who are overwhelmed with credit card debt, it’s the fault of spending more than they have that got them into credit card debt, and the only way to get them out is to spend less than they earn to repay what they owe.
The student loan situation is a bit stickier. What 18 year old is able to comprehend the amount of debt they are taking on? Reguardless, they should still work dilligently to pay off thier debt, no matter how unglamorous thier job seems to be.
So, do you need a bailout? I cant say this for sure, but I can bet that there’s someone out there, in a situation similar to or worse than yours, and is still struggling and toiling away silently. They havent asked for a bailout because they dont feel like they need one. They are aware that hard work will get them on thier feet, and they may get some things to fall thier way, but arent counting on it.
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