A Quote by George Herbert
A hundredload of worry will not pay an ounce of debt.
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A pound of worry won't pay an ounce of debt.
There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans.
The moment a large investor doesn't believe a government will pay back its debt when it says it will, a crisis of confidence could develop. Investors have scant patience for the years of good governance - politically fraught fiscal restructuring, austerity and debt rescheduling - it takes to defuse a sovereign-debt crisis.
Our national debt after all is an internal debt owed not only by the Nation but to the Nation. If our children have to pay interest on it they will pay that interest to themselves. A reasonable internal debt will not impoverish our children or put the Nation into bankruptcy.
An example of good debt is the debt on the apartment houses I own. That debt is good only as long as there are tenants to pay my mortgages. If tenants stop paying their rent, my good debt turns into bad debt.
We should balance the budget. If government programs are important enough, we need to pay for them with taxes or make cuts in lesser programs. We've lost that discipline entirely. It seems prudent to avoid the possibility that the people who own our debt will start to worry the U.S. won't pay. That would raise how much it would cost the U.S. to borrow, which in a national emergency, like a war or pandemic, could be critical.
Students from disadvantaged backgrounds will have the most debt, and then, being less likely than their affluent peers to go straight into high paying jobs, they will spend most of their working lives trying but failing to pay off that debt.
But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.
If you have debt, you have to worry about it. I would challenge each of you to try to be debt-free.
It is a well-settled principle of the international code that where one nation owes another a liquidated debt which it refuses or neglects to pay the aggrieved party may seize on the property belonging to the other, its citizens or subjects, sufficient to pay the debt without giving just cause of war.
What does jealousy indicate? Jealousy is love manifested in the physical world. If you are jealous you have a debt to pay; if someone is jealous of you, he has a debt to pay to you.
Bad karma is the spiritual debt one has accumulated for one's mistakes from all previous lives and this life. It includes killing, harming, taking advantage, cheating, stealing, and more. On Mother Earth, when you buy a house, you take out a mortgage from a bank. This mortgage is your debt to the bank. You pay every month for fifteen, twenty, or thirty years to clear your financial debt. In the spiritual realm, if you have bad karma, you may have to pay for many lifetimes to clear your spiritual debt.
In numerous years following the war, the Federal Government ran a heavy surplus. It could not (however) pay off its debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply.
There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.
If you ask the question of Americans, should we pay our bills? One hundred percent would say yes. There's a significant misunderstanding on the debt ceiling. People think it's authorizing new spending. The debt ceiling doesn't authorize new spending; it allows us to pay obligations already incurred.
Pay off your debt first. Freedom from debt is worth more than any amount you can earn.
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