Submitted by randomleigh (not verified) on May 5, 2008 - 10:14pm.
If we were allowed to file bankruptcy on the student loans, those of us in default could get out from this nightmare of eternal debt.
There's an estimated $500 billion bucks in student loans out there, and another $900 billion in credit card debt. Allowing those of us drowning in debt exacerbated by predatory companies and high interest rates to escape would have a very positive effect: unable to rack up more debt, we would be forced to spend only what we made. This would help stimulate the economy.
Personally, I don't have any credit cards, but my $55,000 student debt has snowballed into a quarter of a million through interest, so-called consolidation fees, and late charges. A quarter of a million dollars? Where am I supposed to get that? Do you have any idea how much the payment on a quarter mil IS? It's insane!! I can't even get a real job because my credit rating is so bad. What's worse is, they refuse to show me the math to even verify that this HUGE amount is correct. "We got it off the computer, so it must be correct." Well, they got my name off the computer, too, and it's spelled wrong, so why can't the money be wrong too?
Put the money back into our pathetic overworked hands so we can put it back into our communities. Why bail out a couple score of huge companies who are doing just fine for themselves? Bail out the borrowers who've been thumb-screwed and give our falling dollar just a little bit of help at the same time. It's not like we're rich people trying to cheat these companies or anything, most of us are just barely eking out a wage as it is and honestly need this relief.
bail out the student borrowers instead!
If we were allowed to file bankruptcy on the student loans, those of us in default could get out from this nightmare of eternal debt.
There's an estimated $500 billion bucks in student loans out there, and another $900 billion in credit card debt. Allowing those of us drowning in debt exacerbated by predatory companies and high interest rates to escape would have a very positive effect: unable to rack up more debt, we would be forced to spend only what we made. This would help stimulate the economy.
Personally, I don't have any credit cards, but my $55,000 student debt has snowballed into a quarter of a million through interest, so-called consolidation fees, and late charges. A quarter of a million dollars? Where am I supposed to get that? Do you have any idea how much the payment on a quarter mil IS? It's insane!! I can't even get a real job because my credit rating is so bad. What's worse is, they refuse to show me the math to even verify that this HUGE amount is correct. "We got it off the computer, so it must be correct." Well, they got my name off the computer, too, and it's spelled wrong, so why can't the money be wrong too?
Put the money back into our pathetic overworked hands so we can put it back into our communities. Why bail out a couple score of huge companies who are doing just fine for themselves? Bail out the borrowers who've been thumb-screwed and give our falling dollar just a little bit of help at the same time. It's not like we're rich people trying to cheat these companies or anything, most of us are just barely eking out a wage as it is and honestly need this relief.