A Quote by Virginia Postrel
The evergreen story of people in debt becomes even sexier in an economic downturn, when debts inevitably get harder to pay.
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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.
In the next economic downturn there will be an outbreak of bitterness and contempt for the supercorporate chieftains who pay themselves millions. In every major economic downturn in US history the villains have been the heroes during the preceding boom.
The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately the only party that can pay the debt is the government, because it runs the printing presses. So the debts ultimately either are paid by the government, or they're paid by a huge transfer of property from debtors to creditors - or, the debts are written off.
Debt vultures are really the scum at the bottom of the pond. These are guys who buy up the debts of the world's poorest countries on the secondary market. You can go buy debts of a country like Peru, for example, at a real discount. Why? Because people think that the debts won't be repaid.
G.E. doesn't pay any taxes, and we are asking college kids to take on even more debt to get an education and asking seniors to get by on less. These aren't just economic questions. These are moral questions.
We can pay our debts to the past by putting the future in debt to ourselves.
Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.
Ironically, many people can't afford to give precisely because they're not giving. If we pay our debt to God first, then we will incur His blessing to help us pay our debts to men. But when we rob God to pay men, we rob ourselves of God's blessing.
By paying our other debts, we are equal with all mankind; but in refusing to pay a debt of revenge, we are superior.
Imagine you owe on five credit cards, you owe five debts. So which debt should you pay first? And the answer is very simple: You should pay the one with the highest interest rate first. But that's not what people do.
In Heaven, there are no debts - all have been paid, one way or another - but in Hell there's nothing but debts, and a great deal of payment is exacted, though you can't ever get all paid up. You have to pay, and pay, and keep on paying. So Hell is like an infernal maxed-out credit card that multiplies the charges endlessly.
I think what's important to understand is if the United States hits the debt ceiling and is unable to pay its debts, the consequences will be immediate and dramatic.
Garnishments tend to happen when people hide from their debts and stop making even minimum payments. Eventually, creditors sell the debt to a collection agency.
The interesting thing about debt in most cases is that you have to pay it back. So if you build an overhang of debt, it becomes more and more limiting in terms of the prospect that you have.
Even without an economic downturn, women sometimes want to keep their shopping habits to themselves.
An economic message, an economic platform unites the factory worker in Scranton, the young woman in Los Angeles struggling to pay her college debt and the single mom in Buffalo who's on minimum wage.
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