The New Slavery: Millions of Americans Chained By Debt

http://newspundit.net/americainchains.html ^ | 4/4/2005 | Roger Jolly

[Eric in the Ozarks]

Maybe junior high. High school freshmen carry credit cards these days.

[dakine]

Move...

[camle]

don't i WISH my house is paid for!;-) AND my car, AND my credit cards.

my point is that my debt is the result of my decisions as an adult and I manage it. it is not your responsibility . should the unforeseen occur then it would be MY problem, and I would have to bear the consequences.

when I make a decision to get into debt whether buying a car or house, or whatever, I don't ask you. nor should I ask you to take over shuold I come onto hard times.

and btw, people have been whining about housing prices since I was significantly younger and a nice waterfront house cost a whopping 38,000. Of course, the average annual wage was less than 10,000 too. buying a house has NEVER been easy.

[Rummyfan]

Also, the United States as a country is very debt ridden and always borrowing more(from China no less).

There are no incentives for bank savings - low interest rates which you get taxed on to boot. However, this is no excuse for outrageous credit card balances.

[GSlob]

"I'd like to see YOU try to buy a house in Northern Virginia now if you were in your 20s and didn't have money from Mommy and Daddy to help you out."
In your 20s you are SUPPOSED to rent and to be saving for the down payment.

[1Peter3v14]

The problem with today's 20 year olds, they spend as if they've been working for 30 years. It's their own fault if they get themselves into debt.

[Jack of all Trades]

IMHO the erosion of the standard of living, for the most part, is a myth. When I was a kid we had one TV with rabbit ears, one phone, two old cars that Dad often fixed, etc. etc. etc. They just spent less and saved more.

[Rummyfan]

I'd like to see YOU try to buy a house in Northern Virginia now if you were in your 20s and didn't have money from Mommy and Daddy to help you out.

Housing in NoVa has gone beyond the stratospheric to the astronomical! Best thing I ever did was buy a place back in 1997. How youngsters starting out can even get into a condo now is a mystery.

[IllumiNaughtyByNature]

There are billions of people who want your job...

Live within your means and get all the education you can. Delay gratification, buy the smallest house in the best neighborhood you can afford and plan on a retirement WITHOUT THE HOPE OF SOCIAL SECURITY. Works for me.

[Skooz]

You beat me.

And am trying to get the Dave Ramsey 12-week course into my church. Hopefully by summer.

[SengirV]

It's not my problem, believe me. But I know I could barely survive in this area where I starting fresh out of college now. Also, it's easy to say move if you have a job that is in wide demand everywhere(medical field for example) but a technical degree can sometimes mean that you are stuck around major metropolitan areas, unless you want to be underemployed in an unfulfilling job.

[Rodney King]

Well, it is voluntary, so if anything it is the new indentured servitude rather than the new slavery.

[HamiltonJay]

Financial Peace is a great thing, his High School and Middle School programs should be in every school in america... instead programs created by VISA are what are taught if anything is taught at all in most schools! Talk about letting the fox into the hen house!

Teach your kids 3 simple words as soon as they are able to comprehend... "DEBT IS DUMB!"

[hubbubhubbub]

Buy Au and Ag. They're assets not debt.

[Mase]

"Any loan-shark with a third grade education will tell you "that paper's no good"
----

I'd be happy to rid the author of all the worthless paper he happens to be holding. I don't imagine he really believes all his BS enough to do it though.

However, If he happens to really believe it, he needs to get professional help before he takes a dive. His world is very depressing place.

[hosepipe]

Socialism is slavery by government.. quite simple really.. always was and will be..
Debt is only slavery when you will not declare bankruptcy.. (in the U.S.)

[oceanview]

baloney. In america in the 1960s, my father was able to get a job out of college, have a wife who did not work, a new car, buy a home, and support 2 children - all on one income. and even workers who did not have college were able to do the same. know anyone who can do that today? today, we have college grads in their 30s still living with their parents.

[TexasCajun]

The New Slavery: Millions of Americans Chained By Taxes

[kingu]

I'd like to see YOU try to buy a house in Northern Virginia now if you were in your 20s and didn't have money from Mommy and Daddy to help you out. Stop looking down your nose at those just starting out now.

If the liberals had any brains, they would go after housing for 18-24 year olds, followed by starter homes for the 25-32 set. Alas, their social liberal tendencies are for those who want to sit on their rumps rather than those who are working hard to get somewhere.

Maybe the compassionate conservatives could grab this cause before anyone notices it. Doubt it, though. But gee, it'd be nice to see Ikea Apartments - furnished rooms (though small) in the $500 a month range. Instead we're investing in pieces of electrons that float around an exchange..

[SengirV]

That is my point exactly. Yet you hear all the know-it-alls here who simply won't listen, or just don't comprehend.