Credit Card Debt Quotes

If you don't take good care of your credit, then your credit won't take good care of you.

Most women sell sex; most of them just don’t take cash (nor do they each sell to more than one ‘client’ at a time).

She says, "Do you have any rubbers?" I say, I thought she was barren. "Sure, I'm sterile," she says, "but I've had unprotected sex with a million guys. I could have some terrible fatal disease." I say that would only be a problem if I wanted to live a lot longer. Fertility says, " That's how I feel about my giant credit card debt." So we have sex. If you could call it that.

If repairing one's credit is as easy as sending some dispute letters to the credit bureaus then why doesn't everyone have good credit?

Are you willing to accept anything less than the credit you want, the credit you need and the credit you deserve?

Debt is so ingrained into our culture that most Americans cannot even envision a car without a payment, a house without a mortgage, a student without a loan, and credit without a card. We

The church is often called a killjoy for protesting against sexual license. But the real killing of joy comes with the grabbing of pleasure. As with credit card usage. the price tag is hidden at the start, but the physical and emotional debt incurred will take a long time to pay off.

Yet, like all childhood monsters, it was only replaced by the mundane, and arguably worse, terrors of adulthood: credit card debt, car accidents, funerals. Things that sometimes made Eve think back to imaginary ghouls with rosy nostalgia.

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.

social media addict? This is a very real problem—so much so that researchers from Norway developed a new instrument to measure Facebook addiction called the Bergen Facebook Addiction Scale.[3] Social media has become as ubiquitous as television in our everyday lives, and this research shows that multitasking social media can be as addictive as drugs, alcohol, and chemical substance abuse. A large number of friends on social media networks may appear impressive, but according to a new report, the more social circles a person is linked to, the more likely the social media will be a source of stress.[4] It can also have a detrimental effect on consumer well-being because milkshake-multitasking interferes with clear thinking and decision-making, which lowers self-control and leads to rash, impulsive buying and poor eating decisions. Greater social media use is associated with a higher body mass index, increased binge eating, a lower credit score, and higher levels of credit card debt for consumers with many close friends in their social network—all caused by a lack of self-control.[5] We Can Become Shallow

Some of his bitches had left him with the clap, some with ramped up credit card debt, and some with a feeling of damn relief. But not Glory. No. Glory had left him with remorse. And regret. And something that felt like pain in the area of his heart. And now she was coming back to where it all started. Back to Crownsmount. Back to the lake house. But not back to him. Not back to him. And he had absolutely no idea what to do with that.

There is no such thing as good debt. The credit card is the cigarette of the financial world. The borrower is always a slave to the lender.

In short, if you are using a shovel to dig yourself into a hole, a credit card company will be happy to give you a backhoe.

Debt is so ingrained into our culture that most Americans cannot even envision a car without a payment, a house without a mortgage, a student without a loan, and credit without a card.

Anxiety suits the status quo very well. Anxious people make good consumers and good workers. Governments and big business, therefore, love terrorism – they adore it, it’s good for business. Anxiety will drive us back into our comfort blankets of credit-card shopping and bad food, so the system deliberately produces anxiety while simultaneously promising to take it away.

Average household credit card debt topped the landmark of $10,000 in 2006, a hundredfold increase over the average consumer debt in the 1960s. One consequence: Much of the material buried in landfills in recent years was bought with those same credit cards, leading to the quintessentially American practice of consumers continuing to pay, sometimes for years, for purchases after they become trash.

The fact is, most people in our nation today believe that debt is NORMAL, and in most cases, NECESSARY. They can’t imagine living a cash-and-carry life or a life in which all things they own are purchased outright with cash at the time of purchase— in other words, with no payment plan or use of credit cards.

God sent the Egyptians ten plagues that became increasingly harder, one after the other, starting with blood, and ending with the death of the first born. Similarly, debt sometimes starts with charging just a couple of extra dollars to our credit cards when we want something we can’t afford to pay cash for. Before long, it might turn into a second mortgage on our house. Debt can kill our future and take our house with it.

we’re helping the consumer. Because we’re taking him out of his high interest rate credit card debt and putting him into lower interest rate mortgage debt.

Number 198 was wonderful too. Blake had watched a good-looking and ridiculously pretentious guy hit on Livia. The fancy man dropped expensive name after name as he showed her all his accessories. When he finally pulled out his wallet to show her a “highly desirable luxury credit card” Livia had rolled her eyes in Blake’s direction with smile number 198. He’d had to swallow a snicker when he heard her tell the fancy man she was debt free and didn’t even have credit cards. Blake knew that was a lie because he’d seen her pay for tickets with a card at the train station. That made number 198 a secret joke between just the two of them.

Just looking at her mother made Cami think about how having another mouth to feed in the house would be a huge burden. She was working her butt off at two jobs already as a registered nurse and a waitress. With a mortgage payment, student loan debt, credit card debt, and loads of other bills that she once did not think about twice, her mother was forced to work longer hours after her now ex-husband abandoned his family for another woman.

I can always tell which ones are serious and which aren’t. There’s something in their voices that communicates passion and conviction when they’re really excited about getting out of debt. But if they’re just playing around with the idea, if they’re simply curious about it, then their voices are flat. If I don’t hear any passion behind what they’re saying, I know they aren’t ready to cut up the credit cards and dump their debt for good. That’s because getting out of debt isn’t about solving a math problem; it’s about changing your life—and that requires a change of heart.

Stupid to keep cash, there was no reason for it other than his dislike of credit cards and checks and stocks and instruments of transfer, all the tempting chains that tied people to America’s overwhelming and ultimately destructive debt-and-spend machine.

Forget the National Debt Clock. We need an electronic billboard to track all the daily shootings in this country. I'm really sick of listening to all the mouth breathers who soil their camouflage pants every time someone suggests we might have a gun problem. Other countries have crazy, violent people. What they don't have is 300,000,000 WMDs and a gun show loophole that allows any psycho with a valid credit card to own 'em.

Fornale (v.) To spend one’s money before it has been earned. We live in a nation that is overwhelmingly and crushingly in debt, awash in credit card debt and subprime mortgages. How is it possible that the only word for “spending money before it is earned” is an obsolete Scottish one? Forplaint

Only a fool would envy someone something they bought on credit, or a lifestyle that is funded by a salary.

Here is an equation worth remembering: Five dollars earned minus seven dollars spent = Unhappy Life." (Life Hacks, p.51)

Isn't it sad that we have to gain control of the artificial numbers placed upon us by others to regain some control of our lives?

It is even more foolish to buy an unnecessary thing on credit.

The one who hugs a debt also shakes hand with a danger.

The Poor is no longer not just having enough, but poverty is in fact, not having more than the debts you owe!!! - - The Credit Repair Book: The Credit Repair Company's Secret Weapon.

Note to future generations: In our time, are such things as credit cards. Company loans money, you pay back at high interest rate. Is nice for when you do not actually have money to do thing you want to do (for example, buy extravagant cheetah). You may say, safe in your future time: Wouldn’t it be better to simply not do things you can’t afford to do? Easy for you to say.

Stupid to keep cash, there was no reason for it other than his dislike of credit cards and checks and stocks and instruments of transfer, all the tempting chains that tied people to America’s overwhelming and ultimately destructive debt-and-spend machine. But the cash might be his salvation. Cash could be replaced. The notebooks, over a hundred and fifty of them, could not.

Debt is always negative, no matter how positively you try to look at it. The “minus” sign in front of your bank balance is a dead giveaway, despite what you might think about leveraging or whatever. It’s even worse when it’s a credit card or a student loan, and you can’t even remember what you’ve bought or learned with it. Sure, the minimum repayments will eventually cancel it out, but by that time you will most likely have dentures and be peeing anywhere you damn well please.

What this means is that the entire business model for something like Chase’s credit card business is not much more than a gigantic welfare fraud scheme. These companies borrow hundreds of billions of dollars from the Fed at rock-bottom rates, then turn around and lend it out to the world at 5, 10, 15, 20 percent, as credit cards and mortgages, boat loans and aircraft loans, and so on. If you pay it back, great, it’s a 500 percent or 1,000 percent or 4,000 percent profit for the bank. If you don’t pay it back, the company can put your name in the hopper to be sued. A $5,000 debt on a credit card for the now-defunct Circuit City, which was actually a Chase card, became a $13,000 or $14,000 debt by the time the bank finished applying fees and penalties. Just like a welfare application, you have to read the fine print. “They make more on lawsuits than they make on credit interest,” says Linda.

Income tax rules also made borrowing against a home’s equity attractive. Because mortgage interest payments can be deducted for income tax purposes, the interest paid on home equity loans could also be deducted, although interest on credit card debt or other debt was not deductible. Therefore it often paid anyone with any other kind of debt to pay off that debt with a home equity loan, whose interest would be deductible for income tax purposes. More and more people began to do this during the housing boom. In 2003, home equity loans totaled $593 billion. Such loans soared during the housing boom, nearly doubling to $1.13 trillion in 2007.

Until a few years ago, a man who had no debts was considered virtuous, honest, and hardworking. Today, he’s an extraterrestrial. Whoever does not owe, does not exist. I owe, therefore I am. Whoever is not credit-worthy deserves neither name nor face. The credit card is proof of the right to exist; debt, something even those who have nothing have. Every single person or country that belongs to this world has at least one foot caught in this trap.

In general, men should only be doing dinner dates once she proves herself worthwhile after some coffee or cocktail dates. Under no circumstances should a man pay for a woman's debt, be that credit cards or student loans. Under no circumstances should a man help with a woman's rent or car payment. And you absolutely never donate money to an e-thot for any reason. But if there's a nice girl you've met for coffee before, and she is sincere, paying for dinner and a movie isn't bad.

To track your money, write down or digitally capture every dollar you spend for one month. Include everything, from your $1,800 mortgage payment to the $4 coffee you grabbed on your way into work. Here, savings counts as an expense, so remember to include any money you put into a savings or retirement account (unless it was taken out of your paycheck—don’t include that). Record each expense regardless of whether you pay by cash, check, debit or credit card, automatic payment, or online transfer.

The average household income in America is right around $50,000 per year, according to the Census Bureau. Joe and Suzy Average would invest $7,500 (15 percent) per year or $625 per month. If you make $50,000 per year and have no payments except the house mortgage and live on a budget, can you invest $625 per month? Follow me here. If Joe and Suzy invest $625 per month with no match into Roth IRAs from age thirty to age seventy, they will have $7,588,545 tax-FREE! That is almost $8 million. What if I’m half-wrong? What if you end up with only $4 million? What if I’m six times wrong? Sure beats the 97 out of 100 sixty-five-year-olds who can’t write a check for $600! I would submit to you that Joe and Suzy are well below average. Why? In our example they started at the average household income in America, and in forty years of work never got a raise. They saved 15 percent of income and never increased it by one dollar. There is no excuse to retire without financial dignity in the United States today. Most of you will have well over $2 million pass through your hands in your working lifetime, so do something about catching some of that money. Gayle asked me one day if it was too late for her to start saving. Gayle wasn’t twenty-seven like Joe and Suzy. She was fifty-seven years old, but with her attitude you would have thought this lady was 107. Harold Fisher had a much better outlook at age one hundred than Gayle did at age fifty-seven. Life had dealt her some blows and had knocked most of the hope out of her. A Total Money Makeover is not a magic show. You start where you are, and you do the steps. These steps work if you are twenty-seven or fifty-seven, and they don’t change. Gayle might be starting the retirement investing step at sixty that Joe and Suzy start at thirty years old. Gayle was unwise to enter her sixties without an emergency fund and with credit-card debt and a car payment. She, like all of us, couldn’t save when she has debt and no umbrella for when it rains. Would it have been better for Gayle to start when she was twenty-seven or even forty-seven? Obviously. But once she was done with the pity party, she still needed to start with Baby Step One and follow The Total Money Makeover step-by-step to put herself in the best position possible.

When we talk about building wealth, we ought to refer to one’s entire net worth, meaning the sum of savings and total assets, minus all debt. If you have $50,000 in your TSP and in other savings accounts, but owe $50,000 on credit cards, a car or two, and student loans, have you really built up any “wealth”? While you have saved up a tidy sum in the TSP and in savings accounts, since you owe so much to creditors, your total net worth in this scenario is actually zero.* Consider also that, instead of receiving interest and dividend payments in the TSP, each of your debts is charging you interest—and in many cases considerable interest.

He was talking about hire purchase. precredit cards. A different way of getting the poor into debt, but I think he was right. It was nice when ordinary people could take a holiday in Spain, of course, but easy credit is what started the cultural rot. Tourism depends on lots of people everywhere with loads of disposable wealth, which means all kinds of changes through a place a cultivates it. The real, messy, informative past disappears to be overlaid with bad fiction, with simplified folklore, easy answers. Memory needs to remain complex, debatable. Without those qualities it is mere nostalgic sentimentality. Commodified identity. Souls bough and sold.

We stand today on the brink of economic destruction. The housing market remains stagnant. Unemployment is obviously far higher than the officially reported figures of 6 to 7 percent, which factor in only those filing for unemployment benefits. As I was completing this book, there were alarming reports disseminated by the media that a hundred million Americans of working age were without jobs. This amounts to a staggering true unemployment rate of 36.3 percent. While some of those are willfully unemployed, such as stay-at-home parents, retirees, and high school students, there is no question that the real rate must still be at least somewhere in the HIDDEN HISTORY 4 25-percent range. Student loan debt is quickly surpassing credit card debt in volume. The cost of living continues to surge, while the vast majority of American workers receive little or no yearly wage increase. Our industry has practically left our shores, leaving us incapable of manufacturing anything of substance. Although the US population increased by 10 percent during the first decade of the twenty-first century, 5,500,000 manufacturing jobs were lost during the same time period. The sad reality is America doesn’t make much of anything anymore. The income disparity has grown to such an extent that the richest four hundred citizens presently possess more aggregate wealth than the bottom fifty percent of all Americans combined. If present trends continue, the United States is rapidly on the way to Third World nation status.

But first, I want you to over-spend on junk one last time. Take your credit card or store card, walk into any shop you choose and buy something you don’t need with money you don’t have. As you hand the card to the cashier, focus on how you’re feeling. Is it giving you pleasure? Does it make you feel good? As you punch your PIN into the card reader, concentrate on your emotions. Is this expenditure giving you a buzz? Is it making you happy? When you get home with your purchase, unpack it and hold it. Are you happy with it? Be aware of exactly how this purchase has made you feel. Stripped of the brainwashing that previously told you this sort of spending gave you pleasure, you can recognise what an empty, meaningless act it is to spend money you don’t have on something you don’t need.

An obvious step to working the Debt Snowball is to stop borrowing. Otherwise, you will just be changing the names of the creditors on your debt list. So you must draw a line in the sand and say, “I will never borrow again.” As soon as you make that statement, there will be a test. Trust me. Your transmission will go out. Your kid will need braces. It is almost as if God wants to see if you are really gazelle-intense. At this point, you are ready for a plastectomy—plastic surgery to cut up your credit cards. I’m often asked, “Dave, should I cut my cards up now or when I pay them off?” Cut them up NOW. A permanent change in your view of debt is your only chance. No matter what happens, you have to pursue the opportunity or solve the challenge without debt. It has to stop. If you think you can get out of debt without huge resolve to stop borrowing, you are wrong. You can’t get out of a hole by digging out the bottom.

The math is revealing. The typical American with a $50,000 annual income would normally have an $850 house payment and a $495 car payment, with an additional $180 payment on the second car. Then there is a $165 student-loan payment; and the average credit-card debt is about $12,000, making those monthly payments around $185 per month. Also, this typical household will have other miscellaneous debt on things like furniture, stereos, or personal loans on which they pay an additional $120. All these payments total $1,995 per month. If this family were to invest that instead of sending it to the creditors, they would be cash mutual-fund millionaires in just fifteen years! (After fifteen years, it gets really exciting. They’ll have $2 million in five more years, $3 million in three more years, $4 million in two and a half more years, and $5.5 million in two more years. So they will have $5.5 million after twenty-eight years.) Keep in mind, this is with an average income, which means many of you make more than this!

Kim was twenty-three, single, on her own, and at a job making $27,000 per year. She had recently started her Total Money Makeover. She was behind on credit cards, not on a budget, and barely making her rent because her spending was out of control. She let her car insurance drop because she “couldn’t afford it.” She did her first budget and two days later was in a car wreck. Since it wasn’t bad, the damage to the other guy’s car was only about $550. As Kim looked at me through panicked tears, that $550 might as well have been $55,000. She hadn’t even started Baby Step One. She was trying to get current, and now she had one more hurdle to clear before she even started. This was a huge emergency. Seven years ago George and Sally were in the same place. They were broke with new babies, and George’s career was sputtering. George and Sally fought and scraped through a Total Money Makeover. Today they are debt-free, even their $85,000 home. They have a $12,000 emergency fund, retirement in Roth IRAs, and even the kids’ college is funded. George has grown personally, his career has blossomed, and he now makes $75,000 per year while Sally stays home with the kids. One day a piece of trash flew out of the back of George’s pickup and hit a car behind him on the interstate. The damage was about $550. I think you can see that George and Sally probably adjusted one month’s budget and paid the repairs, while Kim dealt with her wreck for months. The point is that as you get in better shape, it takes a lot more to rock your world. When the accidents occurred, George’s heart rate didn’t even change, but Kim needed a Valium sandwich to calm down. Those true stories illustrate the fact that as you progress through your Total Money Makeover, the definition of an emergency that is worthy to be covered by the emergency fund changes. As you have better health insurance, disability insurance, more room in your budget, and better cars, you will have fewer things that qualify as emergency-fund emergencies. What used to be a huge, life-altering event will become a mere inconvenience.

It is evident that wealth is even more unevenly distributed than income and that the gap is widening. Since 1976, wealth has increased by 63 percent for the wealthiest 1 percent of the population and by 71 percent for the top 20 percent. Wealth has decreased by 43 percent for the bottom 40 percent of the U.S. population (Economic Policy Institute 2011). The widening gap has multiple causes. First, shifts in the U.S. tax code have lowered the top tax rate from 91 percent in the years from 1950 to 1963, to 35 percent from 2003 to 2012, allowing the wealthy to retain far more of their income (Tax Policy Center 2012). Second, wages for most U.S. families have stagnated since the early 1970s. Moreover, credit card, education, and mortgage debt have skyrocketed. Finally, the collapse of the housing market beginning in 2007 dramatically affected many middleclass families who held a significant portion of their wealth in the value of their home. By 2012, fully 31 percent of all homeowners owed more on their mortgages than their homes were worth (Zillow 2012).

But it was quickly recognized in the 1920s that what they called "on-job control" could be extended to "off-job control." That is, controlling every other aspect of life in the same way. So why should people not be robots in their entire life? And to be a robot means to focus your attention on what were called the superficial things of life. Like fashionable consumption, not on care for one another, not on working together to create a decent environment, not on what the world will be like for your children. To turn you into a passive consumer, a person who pushes buttons every couple years and is taught that that is democracy. Follow orders, don't think. Identify your own value as a human being in the amount of useless consumption that you can carry out. That's "off-job control." It runs through all the institutions and it's a huge industry. And, yes, to overcome off-job control you have to make people realize that your value as a human being is not how deeply you can go in debt and how many credit cards you can max out to get commodities you want. That is not your value as a human being.

Those captivated by the cult of celebrity do not examine voting records or compare verbal claims with written and published facts and reports. The reality of their world is whatever the latest cable news show, political leader, advertiser, or loan officer says is reality. The illiterate, the semiliterate, and those who live as though they are illiterate are effectively cut off from the past. They live in an eternal present. They do not understand the predatory loan deals that drive them into foreclosure and bankruptcy. They cannot decipher the fine print on the credit card agreements that plunge them into unmanageable debt. They repeat thought-terminating clichés and slogans. They are hostage to the constant jingle and manipulation of a consumer culture. They seek refuge in familiar brands and labels. They eat at fast-food restaurants not only because it is cheap, but also because they can order from pictures rather than from a menu. And those who serve them, also often semiliterate or illiterate, punch in orders on cash registers whose keys are usually marked with pictures. Life is a state of permanent amnesia, a world in search of new forms of escapism and quick, sensual gratification.

The math is revealing. The typical American with a $50,000 annual income would normally have an $850 house payment and a $495 car payment, with an additional $180 payment on the second car. Then there is a $165 student-loan payment; and the average credit-card debt is about $12,000, making those monthly payments around $185 per month. Also, this typical household will have other miscellaneous debt on things like furniture, stereos, or personal loans on which they pay an additional $120. All these payments total $1,995 per month. If this family were to invest that instead of sending it to the creditors, they would be cash mutual-fund millionaires in just fifteen years! (After fifteen years, it gets really exciting. They’ll have $2 million in five more years, $3 million in three more years, $4 million in two and a half more years, and $5.5 million in two more years. So they will have $5.5 million after twenty-eight years.) Keep in mind, this is with an average income, which means many of you make more than this! If you are thinking that you don’t have that many payments so your math won’t work, you missed the point. If you make $50,000 and have fewer payments, you have a head start, since you already have more control of your income than most people.

was very broke. Not poor, never poor. Privileged and downwardly mobile. Like many of my peers, I could afford to work in publishing because I had a safety net. I had graduated college debt-free, by no accomplishment of my own: my parents and grandparents had saved for my tuition since I was a blur on the sonogram. I had no dependents. I had secret, minor credit-card debt, but I did not want to ask for help. Borrowing money to make rent, or pay off a medical bill, or even, in a fit of misguided aspiration, buy my own wrap dress, always felt like a multifront failure. I was ashamed that I couldn’t support myself, and ashamed that my generous, forgiving parents were effectively subsidizing a successful literary agency. I had one year left on their health insurance. The situation was not sustainable. I was not sustainable.

Credit card spending is about borrowing from future joy to make the present happy/ sensational. Card Debt is like paying a price for your past. Of course you pay the price for your past. That's what credit cards are about.

In his book-length review of the executive functions, Dr. Russell Barkley (2012) explored the reasons that these skills evolved in humans in the first place. He makes the compelling case that it was the selection pressures associated with humans living in larger groups of genetically unrelated individuals, which made it selectively advantageous to have good self-regulation skills. That is, these abilities became more important to survival as humans became more interdependent with and reliant on dealings with people who were not family. Attention-Deficit/Hyperactivity Disorder (ADHD) and executive dysfunction continue to have effects on the myriad relationships and social interactions in daily life. These connections include romantic and committed relationships/marriage, relationships with parents, siblings, children, and other relatives, friendships, and interactions with employers, coworkers, and customers. The executive functions in relationships also figure in the capacity for empathy and tracking social debt, that is, the balance of favors you owe others and favors owed to you. The ability to effectively organize behavior across time in goal-directed activities gains you “social collateral.” That is, the more you deliver on promises and projects, the more that you will be sought out by others and maintain bonds with them. Some of the common manifestations of ADHD and executive dysfunction that may create problems in relationships include: • Distractibility during conversations • Forgetfulness about matters relevant to another person • Verbal impulsivity—talking over someone else • Verbal impulsivity—saying the “wrong thing” • Breaking promises (acts of commission, e.g., making an expensive purchase despite agreeing to stay within a household budget) • Poor follow-through on promises (acts of omission, e.g., forget to pick up dry cleaning) • Disregarding the effects of one’s behavior on others (e.g., building up excessive debt on a shared credit card account) • Poor frustration tolerance, anger (e.g., overreacting to children’s behavior) • Lying to cover up mistakes • Impulsive behaviors that reduce trust (e.g., romantic infidelity)

They want Congress to pass a law requiring people to pay off all credit card debt before leaving the planet through a vertex.

Normalcy?” I ask, louder than is probably necessary, surprising myself with the unusual amount of animated expression in my voice. “A regular human being? Jesus, what the fuck is there in that? What does that even mean? Credit card debt, a mortgage, a nagging spouse and bratty kids and a minivan and a fucking family pet? A nine-to-five job that you hate, and that’ll kill you before you ever see your fabled 401k? Cocktail parties and parent-teacher conferences and suburban cul-de-sacs? Monogamous sex, and the obligatory midlife crisis? Potpourri? Wall fixtures? Christmas cards? A welcome mat and a mailbox with your name stenciled on it in fancy lettering? Shitty diapers and foreign nannies and Goodnight Moon? Cramming your face with potato chips while watching primetime television? Antidepressants and crash diets, Coach purses and Italian sunglasses? Boxed wine and light beer and mentholated cigarettes? Pediatrician visits and orthodontist bills and college funds? Book clubs, PTA meetings, labor unions, special interest groups, yoga class, the fucking neighborhood watch? Dinner table gossip and conspiracy theories? How about old age, menopause, saggy tits, and rocking chairs on the porch? Or better yet, leukemia, dementia, emphysema, adult Depends, feeding tubes, oxygen tanks, false teeth, cirrhosis, kidney failure, heart disease, osteoporosis, and dying days spent having your ass wiped by STNAs in a stuffy nursing home reeking of death and disinfectant? Is that the kind of normalcy you lust for so much? All of that—is that worth the title of regular human being? Is it, Helen? Is it?

I’m one of those people so afraid of debt that I pay off my credit card every month. The idea of paying interest makes me ill.

His boss had been muttering about possible redundancies for months. There were murmurings at home about debts and the juggling of credit cards. Dad had had his car written off by an uninsured driver two years previously, and somehow this had been enough for the whole teetering edifice that was my parents' finances to finally collapse. My modest wages had been a little bedrock of housekeeping money, enough to help see the family through from week to week.

You work for the company. Employees make their business owner or the shareholders rich, not themselves. Your efforts and success will help provide for the owner’s success and retirement. 2.​You work for the government. The government takes its share from your paycheck before you even see it. By working harder, you simply increase the amount of taxes taken by the government. Most people work from January to May just for the government. 3.​You work for the bank. After taxes, your next largest expense is usually your mortgage and credit-card debt. The problem with simply working harder is that each of these three levels takes a greater share of your increased efforts. You need to learn how to have your increased efforts benefit you and your family directly.

Unfortunately, the Bull that gilded Renaissance New York did little for most Americans. Eighties Wall Street was about institutional money released by deregulation, mergers and acquisitions, and, most of all, the debt that made it all possible. As John Kenneth Galbraith points out, financial euphoria always starts with new ways to borrow money; this time it was triggered by the Savings & Loan crisis. Volcker’s rocketing interest rates had forced S&Ls to offer double digits to new depositors while only getting back single digits on the old thirty-year mortgages on their books. S&Ls were going under, and getting a mortgage was nearly impossible, so in March 1980, with the banking system and the housing market on the brink, Carter had signed a law to allow them to issue credit cards, invest in commercial real estate, and offer checking accounts in order to stay in business. Reagan then took it a step further with a change that encouraged S&Ls to sell their mortgages in search of higher returns, freeing up a $1 trillion that needed to be invested in something. Which takes us back to Salomon Brothers, where in 1978 one Lew Ranieri had repackaged an old investment product the government had clamped down on during the Depression: A group of home mortgages all backed by government insurance would be bundled together, then sliced into bonds, thus converting the debt some people owed on their homes into an asset for others. Ranieri had been a bit ahead of the curve then—the same high interest rates that killed the S&Ls also made his bonds unattractive—but now deregulation let Salomon buy up the S&Ls’ mortgages at a deep discount, bundle them into bonds, and sell them back to the S&Ls who believed they’d diversified into the bond market when in fact they’d just bought ground meat made out of their own steaks. In June 1983, Salomon Brothers and Freddie Mac together issued the first collateralized mortgage obligation bonds (CMOs), which bundled up debt and cut it into tranches based on the amount of risk: you could choose between ground chuck and ground sirloin. It would be years before technology would allow doing this on a huge scale, but the immediate impact was that all kinds of debt, not just mortgages, were bundled, cut into bonds, and sold: credit card debt, car loans, you name it. Between 1983 and 1988, some $60 billion of CMOs were sold; GM’s financing arm became more profitable than its cars. America began to make debt instead of things. The

All these price increases have been enabled by the heroin of federally subsidized student loans. Student loan debt now totals $1.6 trillion, far more than credit-card debt or auto loans. The average graduate will carry nearly $30,000 in debt away from their virtual graduation.

Other news reports told of Canadians facing homelessness or credit card debt, or requesting help with disabilities, only to be offered euthanasia instead by Canada’s national health system. The country’s Department of Veterans Affairs was prolific in this regard, recommending euthanasia to veterans struggling with depression and PTSD, and in one case suggesting euthanasia to a former Paralympian in response to repeated requests for a home wheelchair ramp. “Madam, if you are really so desperate, we can give you medical assistance in dying now,” the caseworker allegedly said.

The second one is money worship. This is where you think that having more stuff, more money, is going to solve all your problems and make you happy. It’s not necessarily negative or positive—but people who believe those things strongly have less income, less net worth, and more credit card debt.

After you’ve eradicated your core debt—credit cards, bank loans, and student loans—start using 45 percent of your quarterly profit disbursement to kill remaining long-term debt and keep 55 percent

I can give you all the information on earth about credit, but until you master your money psychology, none of it makes a difference. That’s why so many people “know” all of this information, but they’re still drowning in debt or sticking with poor cards that cost them thousands in fees and lost rewards.

Happiness is all too often pursued through the use of a credit card.

Different philosophers appeal to different people at different times. Thoreau’s rebellious spirit attracts teens. Nietzsche’s flame-throwing aphorisms draw young adults. Existentialism’s emphasis on freedom appeals to the middle-aged. Stoicism is an older person’s philosophy. It is a philosophy for those who have weathered a few battles, suffered a few setbacks, known a few losses. It is a philosophy for life’s rough patches, large and small: pain, illness, rejection, annoying bosses, dry skin, traffic jams, credit card debt, public humiliation, delayed trains, death. Asked what he learned from philosophy, Diogenes, a proto-Stoic, replied: “To be prepared for every fortune.

Intentionality can be a good friend when it comes to money. Be intentional with your checking account, savings account, credit cards and everything else. This way you are more likely to end up where you want to be.

a wide range of activist groups, including the Debt Collective and the Movement for Black Lives, along with thinkers like Fantu Cheru and Jeffrey Williams, have long noticed the disciplinary function of student, medical, and credit card debt.56

YOU: Hi, I’m going to be paying off my credit card debt more aggressively beginning next week and I’d like a lower APR. CREDIT CARD REP: Uh, why? YOU: I’ve decided to be more aggressive about paying off my debt, and that’s why I’d like a lower APR. Other cards are offering me rates at half what you’re offering. Can you lower my rate by 50 percent or only 40 percent? CREDIT CARD REP: Hmm . . . After reviewing your account, I’m afraid we can’t offer you a lower APR. We can offer you a credit limit increase, however. YOU: No, that won’t work for me. Like I mentioned, other credit cards are offering me zero percent introductory rates for twelve months, as well as APRs of half what you’re offering. I’ve been a customer for X years, and I’d prefer not to switch my balance over to a low-interest card. Can you match the other credit card rates, or can you go lower? CREDIT CARD REP: I see . . . Hmm, let me pull something up here. Fortunately, the system is suddenly letting me offer you a reduced APR. That is effective immediately.

The town slowly wakes up around him with its foreign-made cars and its statistics and credit card debt and all its other crap.

The $1.3+ trillion in educational debt in the first quarter of 2016, which has overtaken credit card debt over the past decade, burdens both students and society—though Boomers+ least of all.

Say you owe $7,000 on a credit card. You’re paying 18 percent interest and making the minimum monthly payment of $280. If you continue to pay the minimum, it will take you 11 years and 8 months to pay off this debt, and the total interest you’ll have paid will be $4,071. But if you decide to pay $25 extra per month—a “roll-down” strategy—you will pay off your card in 2 years and 5 months, and will pay only $1,641 in interest—$2,430 less.

Lizabeth Cohen defines the postwar equation of citizenship and consumerism as the emergence of a "consumer's republic" in which consumerism, rather than social policy, is seen as the means through which to achieve social ideals. In the contemporary context, government authorities speak to Americans in the language of consumerism more than the language of citizenship, inciting us everyday to do our part for the national economy by spending our money, buying cars and houses, and accumulating debt on credit card. Indeed, Americans are almost always spoken to as citizen-consumers.

I have a car again! Top of the list, easily. It’s the American dream. The attendant debt is also part of the dream, I suppose. Americans have weird dreams, when you get right down to it.

Net wages: “It’s not what you make, but what you net” after paying the FIRE sector, basic utilities and taxes. The usual measure of disposable personal income (DPI) refers to how much employees take home after income-tax withholding (designed in part by Milton Friedman during World War II) and over 15% for FICA (Federal Insurance Contributions Act) to produce a budget surplus for Social Security and health care (half of which are paid by the employer). This forced saving is lent to the U.S. Treasury, enabling it to cut taxes on the higher income brackets. Also deducted from paychecks may be employee withholding for private health insurance and pensions. What is left is by no means freely available for discretionary spending. Wage earners have to pay a monthly financial and real estate “nut” off the top, headed by mortgage debt or rent to the landlord, plus credit card debt, student loans and other bank loans. Electricity, gas and phone bills must be paid, often by automatic bank transfer – and usually cable TV and Internet service as well. If these utility bills are not paid, banks increase the interest rate owed on credit card debt (typically to 29%). Not much is left to spend on goods and services after paying the FIRE sector and basic monopolies, so it is no wonder that markets are shrinking. (See Hudson Bubble Model later in this book.) A similar set of subtrahends occurs with net corporate cash flow (see ebitda). After paying interest and dividends – and using about half their revenue for stock buybacks – not much is left for capital investment in new plant and equipment, research or development to expand production.

The sanctity of these accounts can lead to seemingly bizarre behavior, such as simultaneously borrowing and lending at very different rates. David Gross and Nick Souleles (2002) found that the typical household in their sample had more than $5,000 in liquid assets (typically in savings accounts earning less than 5 percent a year) and nearly $3,000 in credit card balances, carrying a typical interest rate of 18 percent or more. Using the money from the savings account to pay off the credit card debt amounts to what economists call an arbitrage opportunity—buying low and selling high—but the vast majority of households fail to take advantage.

you can’t charge your way out of credit card debt and you can’t carbohydrate-stuff your way out of diabetes.

lowest fees. Some cards charge no fee for foreign transactions. Avoiding Theft: Using credit cards abroad is generally safer

Americanesia Expressaphobia, n 1. Financial affliction, first diagnosed in late twentieth century, where the sufferer forgets the amount charged on a credit card but is terribly afraid that it’s way too much. Closely related to Visago, n, where a high level of debt prompts feelings of nausea and dizziness.

The surprising part of the Fair Debt Collection Practices Act, is that the lawmakers even admit that the abusive tactics of the debt collectors contributed to several painful results. The top negative consequences were personal bankruptcies, marital instability, the loss of jobs, and the invasion of individual privacy. - The Credit Repair Book: The Credit Repair Company's Secret Weapon.

The reality is - A high Debt to Income Ratio can counter a high Credit Score!!! - The Credit Repair Book: The Credit Repair Company's Secret Weapon.

Today, in the wake of the credit-card party of the eighties, it has become fashionable to live beyond one’s means. The nouveaux riches (new rich) are distinguished from old money families by their ostentatiousness and their colorful display of newfound status. But to live beyond one’s means, one must actually charge items for which one does not expect to pay. Oh, sure, there is the realization that the company will not let the bill go forever, but we will enjoy it now and worry later. This, too, is a form of theft. The creditor assumes that when we charge something, we intend to pay off the debt; but if that responsibility is not assumed by the debtor, there is a breech of contract—fraud, or, if you will, theft. It is not really our hard-earned cash that paid for the item, but the money loaned to us by the creditor. To default on our loans, of course, does not mean merely that we fail to pay for the item, but that we are requiring someone else to pay for it.

In a RECESSION or slow-down, this makes economic conditions worse. If governments, businesses and households all have too much debt, and all set about repaying their debts at the same time, it’s an economic disaster. That’s why David Cameron had to backtrack on a speech he was planning to make to the Tory party conference in 2011: ‘The only way out of a debt crisis is to deal with your debts. That means households – all of us – paying off the credit-card and store-card bills.’ It was pointed out that this was a genius formula for making the recession worse, so he had, very embarrassingly, to withdraw the lines from his speech.

You work for the bank. After taxes, your next largest expense is usually your mortgage and credit card debt.

Your credit card debt is probably small potatoes compared to what you owe on your government debt.

There are few, if any, absolute rules in saving and investing, but here’s ours: Never, never, never take on credit card debt. This rule comes as close as any to being an inviolable commandment. Scott

That took the view that every misbehavior, every cruelty perpetuated by one kid on another should be let slide in the name of letting kids be kids? (Let them be kids, really let them, and you will end up with a tribe of bulimic eugenicists with huge amounts of credit card debt.)

Sharecropping is the dirty little secret at the root of America’s wealth—along with slavery itself. The immense profits generated by the industrious yet impoverished Black “sharecroppers” and “tenant farmers” financed Europe’s and America’s Industrial Revolution, including the building of their railroads, factories, mills, and their entire infrastructure. It is truthfully asserted that the major cities of America and the Western world were “built with bricks of cotton.” Today the debt traps designed to ensnare the working poor and middle class in a lifelong cycle of debt—the high-cost installment loans that charge usurious interest rates of 100% or more, the “payday” loans that charge 400% interest, the extortionate credit card multi-charges, the subprime mortgages with ballooning interest rates, and the home equity loan swindles—are the bastard children of the sharecropping American South. It

Success is the ability to move from failure to failure without loss of enthusiasm.” —Winston Churchill

If you want to minimize debt, don't use your credit cards as a lifeline.

2) 20% of your income: financial obligations. Financial obligations should be your second most important priority. This includes things such as paying off debts and loans or even creating a retirement and an emergency savings account. I realize that a credit card debt could be considered an absolute expense but, for the purposes of this method, it’s a category all on its own. That’s because having to pay back a debt isn’t exactly essential to your

If you are carrying large credit card balances or other types of debt with high rates of interest, start paying as much as possible toward these debts until they are fully paid off. You would be surprised at how much it can free up to put toward your retirement savings.

She was willing to work things through, even after discovering the credit cards he’d opened in her name. The thousands in debt he racked up. “You know, it’s not the gambling,” she’d said on that last day. “You might be able to overcome that.” “Then what is it?” “You’re incapable of loving anyone.

She barely made enough to cover her rent and food, not to mention her truck payments and a pair of insurmountable credit card bills. Often Dani felt like her debt was a giant chasing her, his footsteps smashing the land.

Debt is fun—until you have to pay it back at the worst possible time. So, as an alternative, live within your means. Do not count on a bonus or raise to cover your spending. Assume they will not happen—but if they do occur, have a celebratory meal and save most of the rest. People fall into the trap of borrowing from one lender or credit card to pay another. If you are doing that, stop now before it’s too late. Cut your spending. We enjoy, but do not need, much of what we buy. Prioritize spending patterns and say no to yourself and your family. It will reduce financial stress and help you support a comfortable life in retirement.

From mid-2011 to about mid-2016, employees at Wells Fargo Bank opened over three and a half million fake bank accounts. As The New York Times reported in 2016, “Some customers noticed the deception when they were charged unexpected fees, received credit or debit cards in the mail that they did not request, or started hearing from debt collectors about accounts they did not recognize. But most of the sham accounts went unnoticed, as employees would routinely close them shortly after opening them.” Ultimately, 5,300 Wells Fargo employees were fired as a result of their involvement in these deceptive practices. Practices that then CEO John Stumpf told Congress “go against everything regarding our core principles, our ethics and our culture.

Accelerating your mortgage payments is something to be considered only if you are in good financial shape. That means: • You have an eight-month emergency savings fund. • You do not have any credit card debt. • You own your car outright, and you are saving for when you will need to purchase another car.

Before you start to save one penny for a child’s future college costs, I insist that you have the following financial priorities taken care of: You do not have credit card debt. You have an eight-month emergency savings fund. You have a term life insurance policy. You are saving for retirement; aiming to set aside 15% of your gross salary. Until all of that is in place you are not to think about saving for college.

Because this isn’t working for me. I’m not the Watson to your Sherlock Holmes. I have a life. I have credit card debt. I have to get back to the real world.