Trillions in Debt, Can the Middle Class Hang On? »

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  zana

  April 3, 2007, 9:53 a.m.

  General agreement on the topic is that these high levels of debt are bad. I agree.

  With credit cards for example - one of easiest ways for a person to get the CC debt in line is take control of his/her money. I know, easy said but not easy done.

  I have been in the situation personally and with some discipline I can assure you it's possible. In order for the whole country to be fixed individuals must take action on their own accounts.

  I have started by using budgeting software - you keep track of your earning, expenses etc. This gives you a first level of control over the money. Once you have done this diligently for few pay-cycles you can start saving and paying your debt off.

  I use personal finance software by Parcus Group. You can get it for about US$25 on http://www.parcusgroup.com/index.html

  That is not enough on it's own but it's a start & remember you must have discipline.
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  cfinke

  April 3, 2007, 10:59 a.m.

  Here's a simple way to avoid "predatory" lending practices: Don't spend more than you earn, and don't put more on a credit card than you can pay off in a month. Don't blame credit card companies when the real issue is self-control and money management.
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  misanoel

  April 3, 2007, 12:21 p.m.

  The conclusion we're to draw from this? Lenders, lawyers, institutions of higher learning, the government and by extrapolation, the medical profession, agribiz, big oil, the media--basically anyone making substantial profit--must be sticking it to the average American. The moral seems to be that we must all be constantly paranoid and suspicious of everyone and everything or we will wind up homeless, hungry and/or in some sort of detention center or prison. Yet this system is supposed to be the world's shining example of democracy and free enterprise at it's best? Am I to tell my 20-year-old son that he better find a way to screw a bunch of people out of their money or he won't be able to support himself? Is this the American Dream or the American Nightmare?
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  worthlesswhiteman

  April 3, 2007, 3:24 p.m.

  So a person must be strong willed and take responsibility yet the predatory lenders with questionable practices are not responsible? You all disgust me with your sanctimonious attitude. Always blaim the little guy with less education and excuse the rich sophisticate who preys upon them. Get a life. (can't wait til you find yourselves in the same position and want to hear your hypocracy then.)
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  keinkampf

  April 3, 2007, 5:19 p.m.

  1. The predatory business model can't be stopped. The predators own the banks, the media, Congress and the White House.

  2. This ownership is shown by the course of bankruptcy "reform" in recent years. The profits of the credit industry as a whole have not actually been seriously threatened by bankruptcies in years. Even when the bankruptcy rate reaches is peaks, the credit card companies' profits grow. Yet they continually clamor for stricter laws to bleed the turnip, as it were. I wonder when the proposal will be made to simply replace personal bankruptcy for ordinary people with debtor's prison or peonage to credit card companies. (Bankruptcy will always be a necessary and acceptable option for corporations and rich people).

  3. Proverbs says "the borrower is the lender's slave." It's coming!
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  SteNn

  Sept. 5, 2007, 8:44 a.m.

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  SteNn

  Sept. 5, 2007, 11:38 a.m.

  Peter Griffin
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  ttttttttt

  Oct. 13, 2007, 3:01 p.m.

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