Every day we speak to people who are worried about how their financial situation is affecting their lives. Some are worried that they may lose their home; some people have had their debts passed on to debt collection companies and some have even had letters from the courts.
Have never heard of one bank destroying money repaid to them, not even the principal amount that was created out of thin air to make a loan. Fractional lending is how the banking sector got to grow so huge and powerful. They keep most of their past and present profits and funds offshore, and not necessarily as numbers on ledgers. It is and never was necessary to bail out banks, they are not in debt, they own the debt. Growing population necessitates an increasing amount of money in circulation, Fractional Banking was the best idea they could come up with, and at the same time They would end up owning all the debt as all money and assets eventually exist as debt.
Getting a second job, or consistently picking up an extra shift or two, is a common way for many people to pay down their debt. This doesn’t work for everyone, but if you can make it work, you could be debt free within a short number of years. For this to work, you must apply all of your extra income to debt repayment. Working the extra shifts or hours also doesn’t need to be permanent. Once your debts are paid off, you can look at scaling back again.
When I first wrote The Downward Spiral of Pay Day Loans I had no idea of the response I would get. I was expecting the odd comment from a friend here and there, but I was overwhelmingly wrong. Over 3,000 people have read my blog, and something I never expected, I have been approached by a national newspaper and a local newspaper who both want to share my story and my experience with the public.
Joe was able to pay off the remaining $90,717 of student loans in 7 months. To get it accomplished, he stopped contributing to his retirement plan, sold a car and motorcycle, temporarily stopped entertainment expenses, missed out on bachelor parties and learned how to more DIY stuff around his house. He also increased his income by taking on roommates, starting a business and attempting other odd jobs. Needless to say, Joe had a goal and went at it full force!
The latest edition of the American Psychiatric Association’s Diagnostic and Statistical Manual of Mental Disorders (DSM-5), the definitive reference manual for mental health professionals, has redefined the criteria for the condition. No longer grouped with unclassified disorders like kleptomania, gambling disorder has been realigned with substance-related addictions. The questionnaire below outlines the problems that most typically are associated with gambling disorder.
Thinking about consolidation? Bankrate’s Consolidation Calculator is awesome for seeing how that might turn out for you. Input all of the loans you want to consolidate (e.g. credit card, auto, education) and it will show you what a the new loan’s terms, interest rate, etc. could be and how long it would take to pay off in comparison to your old loans.