Articles on Debt | Topics: debt, debtor
by Harrison Hartman
There's no denying that we Americans follow certain patterns/traditions. While church on Sundays, Friday night football, and backyard barbeques may be some of them, they're not the ones I have in mind. Let's step over to the darker side of the spectrum. The side where traditions aren't so wonderful. One of the main ones concerns debt. The truth is most of us are swimming in it. Lower, middle, upper-class; it doesn't really matter. We all tend to spend beyond our means. And even though we know we shouldn't, we generally slap another material item on the credit card simply because we want it. It's like a sickness or addiction of some kind. But, there comes a time when enough is enough. Suddenly debt recovery is the only thing on your mind. I hope you're at that point right now.
Like you, I thought I would never be in debt. However, I pretty much followed suit like countless other Americans. It all begins with the credit card. You finally get one and think you're able to purchase items you really can't afford. I did this a few times and suddenly I was in debt. Not a huge debt, but still in debt. Then comes the college life. You take out student loans to stay afloat and probably use the credit cards, which you have at least two of by now. Suddenly you're graduating from a University with a bundle of debt. The process then evolves to the home you purchase, and the nicer car. Getting the picture yet? Hopefully this will help some of you newbies avoid the need for future debt recovery. If you can get by without spending much, do it. The smaller your debt, the better. As my mother always told me, if you can't buy it right now, then wait. Don't charge it! I should have listened.
| Bit of History |
However patriarchal the world, at home the child knows that his mother is the source of all power. The hand that rocks the cradle rules his world. . . . The son never forgets that he owes his life to his mother, not just the creation of it but the maintenance of it, and that he owes her a debt he cannot conceivably repay, but which she may call in at any time.
| —Frank Pittman (20th century) |
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Now, what you probably need is debt recovery. It's time to consolidate credit cards and student loans. And possibly other debt you've accumulated over the years. The answer is in the percentage rates. Find a loan with a very low APR and consolidate, hence eliminating all those bills. You'll then just have one, but with low monthly payments. It may seem like it will take forever to pay off, but remember you're losing less money to interest.
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