Debt Payment Quotes

independence came at a high price: a debt with a payment schedule of hurt and regret.

Thy husband is thy lord, thy life, thy keeper, Thy head, thy sovereign, one that cares for thee, And for thy maintenance; commits his body To painful labor, both by sea and land; To watch the night in storms, the day in cold, Whilst thou li’st warm at home, secure and safe; And craves no other tribute at thy hands But love, fair looks, and true obedience- Too little payment for so great a debt. Such duty as the subject owes the prince, Even such a woman oweth to her husband; And when she is froward, peevish, sullen, sour, And no obedient to his honest will, What is she but a foul contending rebel, And graceless traitor to her loving lord? I asham’d that women are so simple ‘To offer war where they should kneel for peace, Or seek for rule, supremacy, and sway, When they are bound to serve, love, and obey. Why are our bodies soft, and weak, and smooth, Unapt to toil and trouble in the world, But that our soft conditions, and our hearts, Should well agree with our external parts?

I’m here to extract a debt. The reason for that debt will be revealed when I’m good and ready. The method of payment for that debt is entirely up to you.

Peace can exist only in the present moment. It is rid iculous to say "Wait until I finish this, then I will be free to live in peace." What is "this"? A di­ploma, a job, a house, the payment of a debt? If yo u th ink that way, peace will never come. There is always another "this" that will follow the present one. If you are not living in peace at this moment, you will never be able to. If you truly want to be at peace, you must be at peace right now. Otherwise, there is only "the hope of peace some day.

teach 120 kids on Tuesday nights in my Brand Strategy course. That’s $720,000, or $60,000 per class, in tuition payments, a lot of it financed with debt. I’m good at what I do, but walking in each night, I remind myself we (NYU) are charging kids $500/minute for me and a projector. This. Is. Fucking. Ridiculous.

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

Now discontent nibbled at him - not painfully, but constantly. Where does discontent start? You are warm enough, but you shiver. You are fed, yet hunger gnaws you. You have been loved, but your yearning wanders in new fields. And to prod all these there's time, the bastard Time. The end of life is now not so terribly far away - you can see it the way you see the finish line when you come into the stretch - and your mind says, "Have I worked enough? Have I eaten enough? Have I loved enough?" All of these, of course, are the foundation of man's greatest curse, and perhaps his greatest glory. "What has my life meant so far, and what can it mean in the time left to me?" And now we're coming to the wicked, poisoned dart: "What have I contributed in the Great Ledger? What am I worth?" And this isn't vanity or ambition. Men seem to be born with a debt they can never pay no matter how hard they try. It piles up ahead of them. Man owes something to man. If he ignores the debt it poisons him, and if he tries to make payments the debt only increases, and the quality of his gift is the measure of the man.

Everyone has some kind of debt. Such is life. Debts and liabilities, obligations, gratitude, payments, doing something for someone. Or perhaps for ourselves? For in fact we are always paying ourselves back and not someone else. Each time we are indebted we pay off the debt to ourselves. In each of us lies a creditor and a debtor at once and the art is for the reckoning to tally inside us. We enter the world as a minute part of the life we are given, and from then on we are ever paying off debts, To ourselves. For ourselves. In order for the final reckoning to tally.

It was evident from the general tone of the whole party, that they had come to regard insolvency as the normal state of mankind, and the payment of debts as a disease that occasionally broke out.

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.

When a national government needs to raise funds for its various activities—be it building infrastructure, funding social programs, or managing its debt—it turns to the bond market. It issues government bonds, essentially borrowing money from investors in exchange for regular interest payments and the promise to repay the principal. at maturity.

That second man has his own way of looking at things; asks himself which debt must I pay first, the debt to the rich, or the debt to the poor? the debt of money, or the debt of thought to mankind, of genius to nature? For you, O broker! there is no other principle but arithmetic. For me, commerce is of trivial import; love, faith, truth of character, the aspiration of man, these are sacred; nor can I detach one duty, like you, from all other duties, and concentrate my forces mechanically on the payment of moneys. Let me live onward; you shall find that, though slower, the progress of my character will liquidate all these debts without injustice to higher claims. If a man should dedicate himself to the payment of notes, would not this be injustice? Does he owe no debt but money? And are all claims on him to be postponed to a landlord's or a banker's?

Saving for a down payment or cash purchase of a home should occur after becoming debt-free in Step Two and after finishing the emergency fund in Step Three. That makes saving for a down payment Baby Step Three (b). You should save for the home if you have the itch before moving on to the next step. Many people are worried about getting a home, but please let it be a blessing rather than a curse. It will be a curse if you buy something while you are still broke. There are all sorts of folks who are eager to “work with you” so you can make it happen sooner, but the definition of “Creative Financing” is “Too Broke to Buy a House.

Easy payments, easy lease, easy approval. Debt is very EASY to get into, but makes it HARD to live victoriously.

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.

She planted that terror of debt so deeply in her children that even now, in a changed economic pattern where indebtedness is a part of living, I become restless when a bill is two days overdue. Olive never accepted the time-payment plan when it became popular. A thing bought on time was a thing you did not own and for which you were in debt. She saved for things she wanted, and this meant that the neighbours had new gadgets as much as two years before we did.

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.

Commerce and manufactures can seldom flourish long in any state which does not enjoy a regular administration of justice, in which the people do not feel themselves secure in the possession of their property, in which the faith of contracts is not supported by law, and in which the authority of the state is not supposed to be regularly employed in enforcing the payment of debts from all those who are able to pay. Commerce and manufactures, in short, can seldom flourish in any state in which there is not a certain degree of confidence in the justice of government.

Debt ownership in a shaky enterprise means control, for when a company fails to meet its interest payments, a bondholder can foreclose and liquidate the company.

All crisis have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.

message on the wall had only been one sentence. Payment for a life debt. One sentence just for Aelin Galathynius; one sentence that changed everything: WITCH KILLER— THE HUMAN IS STILL INSIDE HIM

Eponymous Clent- Wanted for thirty-nine cases of fraud, counterfeiting, selling, and circulating lewd and unlicensed literature, claiming to be the impecunious son of a duke, impersonating a magistrate, impersonating a horse doctor, breach of promise, forty-seven moonlit flits without payment of debts, robbing shrines, fleeing from justice before trial, stealing pies from windows and small furniture from inns, fabricating the Great Palthrop Horse Plague for purposes of profit, operating a hurdy-gurdy without a license. The public is advised against lending him money, buying anything from him, letting him rooms, or believing a word he says. Contrary to his professions, he will not pay you the day after tomorrow.

The probable accumulation of the surpluses of revenue beyond what can be applied to the payment of the public debt... merits the consideration of Congress. Shall it lie unproductive in the public vaults?...Or shall it rather be appropriated to the improvements of roads, canals, rivers, education, and other great foundations of prosperity and union

Everyone in the room knew about leveraged buyouts, often called LBOs. In an LBO, a small group of senior executives, usually working with a Wall Street partner, proposes to buy its company from public shareholders, using massive amounts of borrowed money. Critics of this procedure called it stealing the company from its owners and fretted that the growing mountain of corporate debt was hindering America’s ability to compete abroad. Everyone knew LBOs meant deep cuts in research and every other imaginable budget, all sacrificed to pay off debt. Proponents insisted that companies forced to meet steep debt payments grew lean and mean. On one thing they all agreed: The executives who launched LBOs got filthy rich.

If your interest rate is... Less than 3%, pay it off slowly and route the money to your investments instead. Between 3-5%, do whatever feels most comfortable: Either put the money to debt payment or investments. More than 5%, pay it off ASAP.

Three things saved us: Our unwavering 50% savings rate. Avoiding debt. We’ve never even had a car payment. Finally embracing the indexing lessons Jack Bogle—the founder of The Vanguard Group and the inventor of index funds—perfected 40 years ago.

A credit default swap was confusing mainly because it wasn’t really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. For instance, you might pay $200,000 a year to buy a ten-year credit default swap on $100 million in General Electric bonds. The most you could lose was $2 million: $200,000 a year for ten years. The most you could make was $100 million, if General Electric defaulted on its debt any time in the next ten years and bondholders recovered nothing. It was a zero-sum bet: If you made $100 million, the guy who had sold you the credit default swap lost $100 million. It was also an asymmetric bet, like laying down money on a number in roulette. The most you could lose were the chips you put on the table; but if your number came up you made thirty, forty, even fifty times your money.

The infamous Debt-To-Income ratio is the standard formula most lenders use to determine a potential borrowers capacity. Lenders calculate this by adding up a borrower’s total monthly debt payments and dividing that by the borrowers gross monthly income.

I already told him I don’t have the money. He knows.” Magnolia nods, her teeth skimming her lower lip. “Doesn’t surprise me at all. The man knows everything that happens in this town. What does surprise me is that he’s willing to take pussy for payment on a half-mil debt.

While everyone else must pay their debts or go bankrupt, the banks are permitted to refuse redemption of their receipts, at the same time forcing their own debtors to pay when their loans fall due. The usual name for this is a “suspension of specie payments.” A more accurate name would be “license for theft;” for what else can we call a governmental permission to continue in business without fulfilling one’s contract?

The United States thus achieved what no earlier imperial system had put in place: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus via the IMF and World Bank, while the Treasury bill standard obliged the payments-surplus nations of Europe and East Asia to extend forced loans to the U.S. Government. Against dollar-deficit regions the United States continued to apply the classical economic leverage that Europe and Japan were not able to use against it. Debtor economies were forced to impose economic austerity to block their own industrialization and agricultural modernization. Their designated role was to export raw materials and provide low-priced labor whose wages were denominated in depreciating currencies. Against dollar-surplus nations the United States was learning to apply a new, unprecedented form of coercion. It dared the rest of the world to call its bluff and plunge the international economy into monetary crisis. That is what would have happened if creditor nations had not channeled their surplus savings to the United States by buying its Government securities.

You may find that if you attend to these moral obligations, once you have placed “make the world better” at the top of your value hierarchy, you experience ever-deepening meaning. It’s not bliss. It’s not happiness. It is something more like atonement for the criminal fact of your fractured and damaged Being. It’s payment of the debt you owe for the insane and horrible miracle of your existence. It’s how you remember the Holocaust. It’s how you make amends for the pathology of history. It’s adoption of the responsibility for being a potential denizen of Hell. It is willingness to serve as an angel of Paradise.

Learning to accept powerlessness has profound spiritual implications for your child. When we accept the reality of our human condition -- that we are ultimately powerless to change our fallen state, yet totally responsible for being in it -- we are driven to receive God's solution based on his Son's payment of a debt we can't pay.

It was evident from the general tone of the whole party, that they had come to regard insolvency as the normal state of mankind, and the payment of debts as a disease that occasionally broke out. In this strange scene, and with these strange spectres flitting about him, Arthur Clennam looked on at the preparations as if they were part of a dream.

Peace can exist only in the present moment. It is ridiculous to say “Wait until I finish this, then I will be free to live in peace.” What is “this”? A diploma, a job, a house, the payment of a debt? If you think that way, peace will never come. There is always another “this” that will follow the present one. If you are not living in peace at this moment, you will never be able to. If you truly want to be at peace, you must be at peace right now. Otherwise, there is only “the hope of peace some day.” —Thich Nhat Hanh, The Sun My Heart

Dishonorable people do not honor their arrangements. A bill of sale only requires payment, a contract only requires completion, and/or a debt merely requires a payment.

Maybe they felt bad about what they took from me, so they gave me you.” I grip the back of her scalp and pull her up to my mouth. “A payment on their debt.

That was nothing but fair. I never wanted anything but what was fair". Some debts can't be discharged by money payments, and this is one of them.

But money doesn’t work in the sense that labor or tangible capital expends effort to produce commodities. Credit is debt, and debt extracts interest. Financial salesmen who promise investors, “Make your money work for you” actually mean that society should work for the creditors — and that means for the banks that create credit. The effect is to turn the economic surplus into a flow of interest payments, diverting revenue from tangible capital investment. As the economy’s reproductive powers are dried up, the financialization process is kept going by easing credit terms and lending — not to produce more goods and services, but to bid up prices for the real estate, stocks and bonds being pledged as collateral for larger and larger loans.

I sat down with a notebook and wrote down my plan for the future: 1. pay off my debt 2. save a down payment for a house 3. plan for my retirement 4. help everyone I care about do the same

Gods do not die, they are transformed. They are sundered, reforged, slain, reborn, eaten and regurgitated. The debts of our legends are never cancelled, because the seed of their renewal is contained in each payment.

Many states utilize “poverty penalties”—piling on additional late fees, payment plan fees, and interest when individuals are unable to pay all their debts at once, often enriching private debt collectors in the process.

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.

But, no, really, I had it this time. One of my first Salon essays was about confronting my debt, which had gotten so out of control I had to borrow money from my parents. That was a low moment, but it came with a boost of integrity. A free tax attorney helped me calculate the amount I owed the IRS - $40,000 - and put me on a payment plan. My commitment was seven years, which made me feel like the guy in Shawshank Redemption, tunneling out of prison with a spoon.

make the world better” at the top of your value hierarchy, you experience ever-deepening meaning. It’s not bliss. It’s not happiness. It is something more like atonement for the criminal fact of your fractured and damaged Being. It’s payment of the debt you owe for the insane and horrible miracle of your existence. It’s how you remember the Holocaust. It’s how you make amends for the pathology of history. It’s adoption of the responsibility for being a potential denizen of Hell. It is willingness to serve as an angel of Paradise.

Men seem to be born with a debt they can never pay no matter how hard they try. It piles up ahead of them. Man owes something to man. If he ignores the debt it poisons him, and if he tries to make payments the debt only increases, and the quality of his gift is the measure of the man.

Bill.' If you don't, I'll do this," and with that he gave me a twitch that I thought would have made me faint. Between this and that, I was so utterly terrified of the blind beggar that I forgot my terror of the captain, and as I opened the parlour door, cried out the words he had ordered in a trembling voice. The poor captain raised his eyes, and at one look the rum went out of him and left him staring sober. The expression of his face was not so much of terror as of mortal sickness. He made a movement to rise, but I do not believe he had enough force left in his body. "Now, Bill, sit where you are," said the beggar. "If I can't see, I can hear a finger stirring. Business is business. Hold out your left hand. Boy, take his left hand by the wrist and bring it near to my right." We both obeyed him to the letter, and I saw him pass something from the hollow of the hand that held his stick into the palm of the captain's, which closed upon it instantly. "And now that's done," said the blind man; and at the words he suddenly left hold of me, and with incredible accuracy and nimbleness, skipped out of the parlour and into the road, where, as I still stood motionless, I could hear his stick go tap-tap-tapping into the distance. It was some time before either I or the captain seemed to gather our senses, but at length, and about at the same moment, I released his wrist, which I was still holding, and he drew in his hand and looked sharply into the palm. "Ten o'clock!" he cried. "Six hours. We'll do them yet," and he sprang to his feet. Even as he did so, he reeled, put his hand to his throat, stood swaying for a moment, and then, with a peculiar sound, fell from his whole height face foremost to the floor. I ran to him at once, calling to my mother. But haste was all in vain. The captain had been struck dead by thundering apoplexy. It is a curious thing to understand, for I had certainly never liked the man, though of late I had begun to pity him, but as soon as I saw that he was dead, I burst into a flood of tears. It was the second death I had known, and the sorrow of the first was still fresh in my heart. 4 The Sea-chest I LOST no time, of course, in telling my mother all that I knew, and perhaps should have told her long before, and we saw ourselves at once in a difficult and dangerous position. Some of the man's money—if he had any—was certainly due to us, but it was not likely that our captain's shipmates, above all the two specimens seen by me, Black Dog and the blind beggar, would be inclined to give up their booty in payment of the dead man's debts. The captain's order to mount at once and ride for Doctor Livesey would have left my mother alone and unprotected, which was not to be thought of. Indeed, it seemed impossible for either of us to remain much longer in the house; the fall of coals in the kitchen grate, the very ticking of the clock, filled us with alarms. The neighbourhood, to our ears, seemed haunted by approaching footsteps; and what between the dead body of the captain on the parlour floor and the thought of that detestable blind beggar hovering near at hand and ready to return, there were moments when, as the saying goes, I jumped in my skin for terror. Something must speedily be resolved upon, and it occurred to us at last to go forth together and seek help in the neighbouring hamlet. No sooner said than done. Bare-headed as we were, we ran out at once in the gathering evening and the frosty fog. The hamlet lay not many hundred yards away, though out of view, on the other side of the next cove; and what greatly encouraged me, it was in an opposite direction from that whence the blind man had made his appearance and whither he had presumably returned. We were not many minutes on the road, though we sometimes stopped to lay hold of each other and hearken. But there was no unusual sound—nothing but the low wash of the ripple and the croaking of the inmates of the wood.

So we Europeans are shocked by the blind, uncomprehending hard-heartedness that certain American government policies imply. I am thinking of the terrible tariff walls erected against Europe and the ironfisted efforts to secure payment of Europe’s war debt. As a layman, as a man in the street, I reason like this: Though America, for the moment, gains the most from its financial policy, what about the future, all the years to come, all the generations to be born? No more than any other country on the planet can America stand alone. America is not the world. America is a part of the world and must live its life together with all the other parts.

Ralph Waldo Emerson had this truth in mind when he said (in his essay on Compensation), “If you serve an ungrateful master, serve him the more. Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer

OK, but what do I do about the debt I have? While the mantra here is “avoid debt at all costs,” if you already have it, it is worth considering if paying it off ahead of schedule is the best use of your capital. In today’s environment, here’s my rough guideline: If your interest rate is... Less than 3%, pay it off slowly and route the money to your investments instead. Between 3-5%, do whatever feels most comfortable: Either put the money to debt payment or investments. More than 5%, pay it off ASAP. But this is just looking at the numbers. There is a lot to be said for focusing on just getting it out of your life and moving on. Especially if keeping your debt under control has been a problem for you.

Do you realize,' Dr. Ramzi says, smiling broadly, 'when you speak of a political programme, that your programme now is the same that Mahmoud Sami Al-Baroudi's government tried to establish more than a hundred years ago?' 'Is that right?' Isabel says. 'Yes. Yes, for sure,' Dr. Ramzi says. 'Listen: the ending of foreign influence, the payment of the Egyptian debt -' he counts them off on his fingers - 'an elected parliament, a national industry, equality of all men before the law, reform of education, and allowing a free press to reflect all shades of opinion. Those were the seven points of their programme. These young people -' the wave of his hand takes in the group - 'they still ask for this.' He shrugs.

Although 'debtor's prison' is illegal in all states, many states use the threat of probation or parole revocation as a debt-collection tool. In fact, in some jurisdictions, individuals may 'choose' to go to jail as a way to reduce their debt burdens, a practice that has been challenged as unconstitutional. Adding to the insanity, many states suspend driving privileges for missed debt payments, a practice that often causes people to lose employment (if they had it) and creates yet another opportunity for jail time: driving with a suspended license. In this regime, many people are thrown back in prison simply because they have been unable - with no place to live, and no decent job - to pay back thousands of dollars of prison-related fees, fines, and child support.

Blood spilled requires more blood to pay the debt. The books must be balanced. Such thinking illustrates the law of the conservation of psychic energy. There is so much psychic life to be lived. If it is denied fulfillment in one area, it must be made up elsewhere. There must be blood for blood. Repression, which is internal murder, will out. It is a crime against life for which payment will be extracted.

NO PERFORMANCE MANAGEMENT OR EMPLOYEE FEEDBACK PROCESS Your company now employs twenty-five people and you know that you should formalize the performance management process, but you don’t want to pay the price. You worry that doing so will make it feel like a “big company.” Moreover, you do not want your employees to be offended by the feedback, because you can’t afford to lose anyone right now. And people are happy, so why rock the boat? Why not take on a little management debt? The first noticeable payments will be due when somebody performs below expectations: CEO: “He was good when we hired him; what happened?” Manager: “He’s not doing the things that we need him to do.” CEO: “Did we clearly tell him that?” Manager: “Maybe not clearly . . .” However, the larger payment will be a silent tax. Companies execute well when everybody is on the same page and everybody is constantly improving. In a vacuum of feedback, there is almost no chance that your company will perform optimally across either dimension. Directions with no corrections will seem fuzzy and obtuse. People rarely improve weakness they are unaware of. The ultimate price you will pay for not giving feedback: systematically crappy company performance.

Everyone has some kind of debt,’ replied Eithné. ‘Such is life, Maria Barring. Debts and liabilities, obligations, gratitude, payments… Doing something for someone. Or perhaps for ourselves? For in fact we are always paying ourselves back and not someone else. Each time we are indebted we pay off the debt to ourselves. In each of us lies a creditor and a debtor at once and the art is for the reckoning to tally inside us.

To enable lending to proceed when the IMF’s sustainability criteria were not met, its bureaucrats designed the “systemic risk waiver.” It was a model of circular reasoning that might well be taught to philosophy students. “Severe debt crises all carry the risks of systemic spillovers,” notes Schadler. The global financial system was deemed to be endangered if a debt payment was missed or a haircut imposed on bondholders, because “confidence” was threatened. Any haircut for bondholders might cause panic and “contagion.” So it doesn’t matter what IMF economists say regarding debt sustainability. The IMF is committed to preserving “confidence” at all costs – confidence that the troika will lend governments enough to pay their bondholders and speculators in full (but not pension funds). The systemic risk waiver means that no bondholder should lose. Labor and taxpayers must pay for the losses from risky loans, or else there will be “contagion.

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.

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

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.

After you list the debts smallest to largest, pay the minimum payment to stay current on all the debts except the smallest. Every dollar you can find from anywhere in your budget goes toward the smallest debt until it is paid. Once the smallest is paid, the payment from that debt, plus any extra “found” money, is added to the next smallest debt. (Trust me, once you get going, you will find money.) Then, when debt number two is paid off, you take the money that you used to pay on number one and number two and you pay it, plus any found money, on number three. When three is paid, you attack four, and so on. Keep paying minimums on all the debts except the smallest until it is paid. Every time you pay one off, the amount you pay on the next one down increases. All the money from old debts and all the money you can find anywhere goes on the smallest until it is gone. Attack! Every time the Snowball rolls over, it picks up more snow and gets larger, and by the time you get to the bottom, you have an avalanche.

Very funny,” Ian said, unamused. It had been the hardest thing to communicate to Nina five years ago when he proposed marriage—that he expected nothing from her, that he was honoring a debt and not looking to collect payment in return. The mere idea of pressing physical attentions on an illness-weakened, war-ravaged woman made him feel like a debaucher out of a Dickens novel. Nina had spent her wedding night in a hospital cot, and he’d spent his filling out paperwork in the name of Nina Graham so she could get to England as soon as she was released

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.

But yet the solemn days of payment, are the sabbaths of the Lord, and the place of this payment, is the house of the Lord, where, as Tertullian expresses it, Agmine facto [forming a line of battle], we muster our forces together, and besiege God; that is, not taking up every tattered fellow, every sudden rag or fragment of speech, that rises from our tongue, or our affections, but mustering up those words, which the Church hath levied for that service, in the confessions, and absolutions, and collects, and litanies of the Church, we pay this debt, and we receive our acquittance. (323)

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.

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.

After you list the debts smallest to largest, pay the minimum payment to stay current on all the debts except the smallest. Every dollar you can find from anywhere in your budget goes toward the smallest debt until it is paid. Once the smallest is paid, the payment from that debt, plus any extra “found” money, is added to the next smallest debt. (Trust me, once you get going, you will find money.) Then, when debt number two is paid off, you take the money that you used to pay on number one and number two and you pay it, plus any found money, on number three. When three is paid, you attack four, and so on. Keep paying minimums on all the debts except the smallest until it is paid. Every time you pay one off, the amount you pay on the next one down increases.

That City of yours is a morbid excrescence. Wall Street is a morbid excrescence. Plainly it's a thing that has grown out upon the social body rather like -- what do you call it? -- an embolism, thrombosis, something of that sort. A sort of heart in the wrong place, isn't it? Anyhow -- there it is. Everything seems obliged to go through it now; it can hold up things, stimulate things, give the world fever or pain, and yet all the same -- is it necessary, Irwell? Is it inevitable? Couldn't we function economically quite as well without it? Has the world got to carry that kind of thing for ever? "What real strength is there in a secondary system of that sort? It's secondary, it's parasitic. It's only a sort of hypertrophied, uncontrolled counting-house which has become dominant by falsifying the entries and intercepting payment. It's a growth that eats us up and rots everything like cancer. Financiers make nothing, they are not a productive department. They control nothing. They might do so, but they don't. They don't even control Westminster and Washington. They just watch things in order to make speculative anticipations. They've got minds that lie in wait like spiders, until the fly flies wrong. Then comes the debt entanglement. Which you can break, like the cobweb it is, if only you insist on playing the wasp. I ask you again what real strength has Finance if you tackle Finance? You can tax it, regulate its operations, print money over it without limit, cancel its claims. You can make moratoriums and jubilees. The little chaps will dodge and cheat and run about, but they won't fight. It is an artificial system upheld by the law and those who make the laws. It's an aristocracy of pickpocket area-sneaks. The Money Power isn't a Power. It's respectable as long as you respect it, and not a moment longer. If it struggles you can strangle it if you have the grip...You and I worked that out long ago, Chiffan... "When we're through with our revolution, there will be no money in the world but pay. Obviously. We'll pay the young to learn, the grown-ups to function, everybody for holidays, and the old to make remarks, and we'll have a deuce of a lot to pay them with. We'll own every real thing; we, the common men. We'll have the whole of the human output in the market. Earn what you will and buy what you like, we'll say, but don't try to use money to get power over your fellow-creatures. No squeeze. The better the economic machine, the less finance it will need. Profit and interest are nasty ideas, artificial ideas, perversions, all mixed up with betting and playing games for money. We'll clean all that up..." "It's been going on a long time," said Irwell. "All the more reason for a change," said Rud.

You don’t mention what you’d like to study, but I assure you there are many ways to fund a graduate education. I know a whole lot of people who did not go broke getting a graduate degree. There is funding for tuition remission at many schools, as well as grants, paid research, and teaching assistantships, and—yes—the offer of more student loans. Perhaps more importantly in your case, there are numerous ways to either cancel portions of your student loan debt or defer payment. Financial difficulty, unemployment, attending school at least half-time (i.e., graduate school!), working in certain professions, and serving in the Peace Corps or other community service jobs are some ways that you would be eligible for debt deferment or cancellation. I encourage you to investigate your options so you can make a plan that brings you peace of mind. There are many websites that will elucidate what I have summarized above.

The situation—having to choose between imposing higher retail prices and reducing investments and military spending—created a dilemma for the government: deciding between conflict with the public or with the Party economic elite. But not making a decision heightened the risk that, as the crisis developed, there would be conflict with both the public and the elite.18 The new generation of leaders clearly did not understand this. The traditional management of the economy was oriented on natural, rather than abstract, parameters. The development of cattle breeding was discussed at the highest level more frequently than the country’s budget. Industry and business leaders regarded finances as necessary but dreary bookkeeping.19 In addition, information on the real state of the budget, hard currency reserves, foreign debt, and balance of payments was available only to an extremely narrow circle of people, many of whom understood nothing about it anyway.

These crises are really a form of domestic default that governments employ in countries where financial repression is a major form of taxation. Under financial repression, banks are vehicles that allow governments to squeeze more indirect tax revenue from citizens by monopolizing the entire savings and payments system, not simply currency. Governments force local residents to save in banks by giving them few, if any, other options. They then stuff debt into the banks via reserve requirements and other devices. This allows the government to finance a part of its debt at a very low interest rate; financial repression thus constitutes a form of taxation. Citizens put money into banks because there are few other safe places for their savings. Governments, in turn, pass regulations and restrictions to force the banks to relend the money to fund public debt. Of course, in cases in which the banks are run by the government, the central government simply directs the banks to make loans to it.

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!

Recognizing how most great fortunes had been built up in predatory ways, through usury, war lending and political insider dealings to grab the Commons and carve out burdensome monopoly privileges led to a popular view of financial magnates, landlords and hereditary ruling elite as parasitic by the 19th century, epitomized by the French anarchist Proudhon’s slogan “Property as theft.” Instead of creating a mutually beneficial symbiosis with the economy of production and consumption, today’s financial parasitism siphons off income needed to invest and grow. Bankers and bondholders desiccate the host economy by extracting revenue to pay interest and dividends. Repaying a loan – amortizing or “killing” it – shrinks the host. Like the word amortization, mortgage (“dead hand” of past claims for payment) contains the root mort, “death.” A financialized economy becomes a mortuary when the host economy becomes a meal for the financial free luncher that takes interest, fees and other charges without contributing to production.

Shareholders have a residual claim on a firm’s assets and earnings, meaning they get what’s left after all other claimants—employees and their pension funds, suppliers, tax-collecting governments, debt holders, and preferred shareholders (if any exist)—are paid. The value of their shares, therefore, is the discounted value of all future cash flows minus those payments. Since the future is unknowable, potential shareholders must estimate what that cash flow will be; their collective expectations about the future determine the stock price. Any shareholders who expect that the discounted value of future equity earnings of the company will be less than the current price will sell their stock. Any potential shareholders who expect that the discounted future value will exceed the current price will buy stock. This means that shareholder value has almost nothing to do with the present. Indeed, present earnings tend to be a small fraction of the value of common shares. Over the past decade, the average yearly price-earnings multiple for the S&P 500 has been 22x, meaning that current earnings represent less than 5 percent of stock prices.

Jobs and Wozniak had no personal assets, but Wayne (who worried about a global financial Armageddon) kept gold coins hidden in his mattress. Because they had structured Apple as a simple partnership rather than a corporation, the partners would be personally liable for the debts, and Wayne was afraid potential creditors would go after him. So he returned to the Santa Clara County office just eleven days later with a “statement of withdrawal” and an amendment to the partnership agreement. “By virtue of a re-assessment of understandings by and between all parties,” it began, “Wayne shall hereinafter cease to function in the status of ‘Partner.’” It noted that in payment for his 10% of the company, he received $800, and shortly afterward $1,500 more. Had he stayed on and kept his 10% stake, at the end of 2012 it would have been worth approximately $54 billion. Instead he was then living alone in a small home in Pahrump, Nevada, where he played the penny slot machines and lived off his social security check. He later claimed he had no regrets. “I made the best decision for me at the time. Both of them were real whirlwinds, and I knew my stomach and it wasn’t ready for such a ride.

Sin and neurosis have another side: not only their unreal self-inflation in the refusal to admit creatureliness but also a penalty for intensified self-consciousness: the failure to be consoled by shared illusions. The result is that the sinner (neurotic) is hyperconscious of the very thing he tries to deny: his creatureliness, his miserableness and unworthiness.41 The neurotic is thrown back on his true perceptions of the human condition, which caused his isolation and individuation in the first place. He tried to build a glorified private inner world because of his deeper anxieties, but life takes its revenge. The more he separates and inflates himself, the more anxious he becomes. The more he artificially idealizes himself, the more exaggeratedly he criticizes himself. He alternates between the extremes of “I am everything” and “I am nothing.”42 But it is clear that if one is going to be something he has to be a secure part of something else. There is no way to avoid paying the debt of dependency and yielding to the larger meaning of the rest of nature, to the toll of suffering and the death that it demands; and there is no way to justify this payment from within oneself, no matter how mightily one tries.

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.

Johnston wrote how by 1990, “Trump’s inability to pay his debts had put him at risk of losing his casinos.”64 The rules of the New Jersey Casino Control Commission required casino owners to have enough liquidity to pay their bills or see their ownership license revoked. Trump would either get a government rescue package or declare bankruptcy. Casino regulators, Johnston wrote, documented that Trump was down to his last $1.6 million.65 He had obligations to make payments on more than $1 billion worth of bonds every ninety days on his three casinos in Atlantic City. Johnston wrote: Trump’s obvious difficulty complying with the financial stability requirements of the Casino Control Act raised a glaring question: Had regulators been monitoring Trump’s finances since he got his casino license in 1982? The answer was no. The regulators had been too busy with work they deemed more important. There was, for example, the predawn arrest of a cocktail waitress named Diane Pussehl, who was pulled from bed and charged with a felony for picking up a $500 chip on the floor of Harrah’s casino. A judge tossed the case out, so the casino regulators filed a misdemeanor charge. It also was tossed. Then they went after Pussehl’s license, arguing she was morally unfit to work in a casino. Pussehl kept her license.66

4. “National Debts Shall Not Be Contracted with a View to the External Friction of States”; This expedient of seeking aid within or without the state is above suspicion when the purpose is domestic economy (e.g., the improvement of roads, new settlements, establishment of stores against unfruitful years, etc.). But as an opposing machine in the antagonism of powers, a credit system which grows beyond sight and which is yet a safe debt for the present requirements — because all the creditors do not require payment at one time — constitutes a dangerous money power. This ingenious invention of a commercial people [England] in this century is dangerous because it is a war treasure which exceeds the treasures of all other states; it cannot be exhausted except by default of taxes (which is inevitable), though it can be long delayed by the stimulus to trade which occurs through the reaction of credit on industry and commerce. This facility in making war, together with the inclination to do so on the part of rulers—an inclination which seems inborn in human nature — is thus a great hindrance to perpetual peace. Therefore, to forbid this credit system must be a preliminary article of perpetual peace all the more because it must eventually entangle many innocent states in the inevitable bankruptcy and openly harm them. They are therefore justified in allying themselves against such a state and its measures.

If we take God’s Word seriously, we should avoid debt when possible. In those rare cases where we go into debt, we should make every effort to get out as soon as we can. We should never undertake debt without prayerful consideration and wise counsel. Our questions should be, Why go into debt? Is the risk called for? Will the benefits of becoming servants to the lender really outweigh the costs? What should we ask ourselves before going into debt? Before we incur debt, we should ask ourselves some basic spiritual questions: Is the fact that I don’t have enough resources to pay cash for something God’s way of telling me it isn’t his will for me to buy it? Or is it possible that this thing may have been God’s will but poor choices put me in a position where I can’t afford to buy it? Wouldn’t I do better to learn God’s lesson by foregoing it until—by his provision and my diligence—I save enough money to buy it? What I would call the “debt mentality” is a distorted perspective that involves invalid assumptions: • We need more than God has given us. • God doesn’t know best what our needs are. • God has failed to provide for our needs, forcing us to take matters into our own hands. • If God doesn’t come through the way we think he should, we can find another way. • Just because today’s income is sufficient to make our debt payments, tomorrow’s will be too (i.e., our circumstances won’t change). Those with convictions against borrowing will normally find ways to avoid it. Those without a firm conviction against going into debt will inevitably find the “need” to borrow. The best credit risks are those who won’t borrow in the first place. The more you’re inclined to go into debt, the more probable it is that you shouldn’t. Ask yourself, “Is the money I’ll be obligated to repay worth the value I’ll receive by getting the money or possessions now? When it comes time for me to repay my debt, what new needs will I have that my debt will keep me from meeting? Or what new wants will I have that will tempt me to go further into debt?” Consider these statements of God’s Word: • “True godliness with contentment is itself great wealth. After all, we brought nothing with us when we came into the world, and we can’t take anything with us when we leave it. So if we have enough food and clothing, let us be content” (1 Timothy 6:6-8). • “Those who love money will never have enough. How meaningless to think that wealth brings true happiness!” (Ecclesiastes 5:10). • “My child, don’t lose sight of common sense and discernment. Hang on to them, for they will refresh your soul. They are like jewels on a necklace. They keep you safe on your way, and your feet will not stumble. You can go to bed without fear; you will lie down and sleep soundly. You need not be afraid of sudden disaster or the destruction that comes upon the wicked, for the LORD is your security. He will keep your foot from being caught in a trap” (Proverbs 3:21-26). • “Don’t copy the behavior and customs of this world, but let God transform you into a new person by changing the way you think. Then you will learn to know God’s will for you, which is good and pleasing and perfect” (Romans 12:2).