A Quote by George Osborne
There are a lot of examples where people aren't getting the right information. We could do a lot more with credit card bills so people properly understand that if you pay off the minimum it could take you 41 years to pay off is that right.
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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.
Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down.
We could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation.
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.
I'm not playing up to pretend, I don't live above my means. In my song "96 Cris" I say, "...My bills too low for me to fall off." Honestly, if I never did anything again with music, because I put out my own music, I could pay my bills, forever. I can pay my mortgage off my old music. Of course, you probably wouldn't see me in my Lamborghini but, do you really need a Lambo? That's really what you have to ask yourself.
In some ways I think it [the strike] was important. I'm not sure that "worth it" is the right term, but it was important. A lot of people lost a lot of things - I was greatly concerned for our crews. Those are the people who really sort of paid. A lot of us in quiet ways did everything that we could to help people pay mortgages.
First, pay off your high-interest-rate debt. If you have student loan debt - that's low interest rate; that has a tax benefit - you can leave that out. A mortgage can be an OK one. Credit card debt is poison. That needs to be paid off right away.
People think that athletes have it great, and we do in a lot of regard, but universities make a hell of a lot of money off of players. You don't get a free education: you work full-time year round for five years for an education you could pay for three times over if you just got your market value.
If you do not have at least an eight-month emergency fund, and you think there's a probability you could loose your job - and it's not just losing your job; you could be in a car accident, get sick - continue to pay the minimum on your credit card every month. Everything beyond that needs to go to establish an emergency fund. And if you have an emergency fund saved, then fund your retirement account before paying down credit card debt.
Your goal should be to pay off your credit card bills in full at the end of each month and set aside money toward your emergency savings.
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.
For years, I did whatever I could just to pay the bills and gain experience and work with as many different people as I could.
I do think that it is no surprise that, economically, America is in trouble. There's been a lot of trouble out there. More and more women have found themselves doing phone sex and things like that, to help pay bills, so that they could be two-income households. They can do these short-term jobs and still pick up their kids at school, at the end of the day, and drop them off in the morning. I find it fascinating. I'm not one to judge the people in that situation, nor would I really want to.
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.
Everybody wants to be famous, but nobody wants to do the work. I live by that. You grind hard so you can play hard. At the end of the day, you put all the work in, and eventually it'll pay off. It could be in a year, it could be in 30 years. Eventually, your hard work will pay off.
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