Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It's a trap for the rest of your life because the laws are designed so that you can't get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.
Shipping first time code is like going into debt. A little debt speeds development so long as it is paid back promptly with a rewrite. The danger occurs when the debt is not repaid. Every minute spent on not-quite-right code counts as interest on that debt. Entire engineering organizations can be brought to a standstill under the debt load of an unconsolidated implementation, object-oriented or otherwise.
The companies that provide debt, what do you think their goal is? Is their goal for you to fully understand the cost of your debt? No. So they're basically creating these approaches to make you feel like it is incredibly cheap or just to think about the cost per day rather the cost per year or cost for a lifetime. So debt is very simple mistake.
Men do tend to talk about things on a much higher level. Many of my male colleagues, when they go to the House floor, you know, they've got some pie chart or graph behind them and they're talking about trillions of dollars and how, you know, the debt is awful and, you know, we all agree with that we need our male colleagues to understand that if you can bring it down to a woman's level and what everything that she is balancing in her life - that's the way to go.
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.
He is a wise man who seeks by every legitimate means to make all the money he can honestly, for money can do so many worthwhile things in this world, not merely for one's self but for others. But he is an unmitigated fool who imagines for a moment that it is more important to make the money than to make it honestly. One of the advantages of possessing money is that it facilitates one's independence and mental attitude. The man head over heels in debt is more slave than independent.
One of the reasons I think people are increasingly nervous about U.S. debt is because they think that we are not actually digging ourselves out of the hole, but instead are digging ourselves into a deeper and deeper hole and will not be able to pay it back because we're not actually creating the new technologies that will enable us to pay back and the money somehow is not really being invested in the future or in progress.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
Many respected economists and statesmen believe our national debt is neither unwieldy nor a dangerous burden on the country. The trouble is that a vast majority of the American people think otherwise.... It violates basic American ideas of thrift and money management. These strong public feelings cannot be ignored forever.
There's also consumer debt, the credit card debt that burdens many of the working families in America. Yes, we talk about national debt, and we're paying a lot down. But you're fixing to hear me tell you part of the remedy for people who have got a lot of credit card debt is to make sure people get some of their own money back.
There is a lot of fiscal conservatives in the United States senate that didn't vote for that because we understand that national security spending is not the reason why we have a debt. Our debt is being driven by the way Social Security, Medicare, and Medicaid and, by the way, the interest on the debt is structured in the years to come.
This debt crisis coming to our country. The wall and tidal wave of debt that is befalling our nation. Medicare and Social Security go bankrupt within ten years, we have a debt that is looming so high that in the last year of President Obama's budget just the interest payments on our debt is $916 billion dollars.