Well there is a new President in office now with a new agenda and hopefully a whole new approach and way of getting things done for our suffering economy. Obviously one of if not the biggest issue on the political plate right now is finding a way to stimulate the economy and get working on our financial debts. Naturally everyone has an opinion as to how we should proceed as a society in trying to reverse our fortunes. One of the more predominant ideas that we see in the headlines of the news is to get the banks out of trouble so they can start lending people more money.
Let’s think about that for a minute…… A massive amount of the US population is in financial distress right now. Either with a mortgage that is in danger of foreclosure or carrying too many credit cards or other outstanding debt. People in general over the last decade and even longer have gotten way to happy on the idea of living on credit and borrowing money we don’t have. We are all guilty of this to from the top companies, banks and governments to the everyday Joe on the street.
We live in a credit based society! Forgotten are the days of pay for it with cash. It’s all about lines of credit and plastic cards now a days. So now the banks are in trouble and the last line of defense basically if for our governments to “print more money” or bail everybody out. With what? More loans and lines of credit! Isn’t this the same premise that got us all in this mess in the first place?
Another solution that I see mentioned a little bit more lately is the idea of debt forgiveness for the everyday person. Since the big banks have their bailout the question now is how about some debt forgiveness for the small businesses and people in danger of foreclosure on their homes? The banks are getting bailed out on their bad loans, how about a little more debt forgiveness for the bad loans we the people have. At the very least we should be given the ability to refinance our homes based on present market value and forgiven on the remaining debt.
One Trackback
[...] The Latest Debt Relief BlogShot>>>Debt Forgiveness in a Credit Based Society Tags: debt forgiveness, Debt Relief, economy, financial mess // //]]> /* */ /* [...]