Reading a few recent threads about debt and bankruptcy, I realised I was uninformed about the pro-creditor nature of US bankruptcy laws. From what it looks like at first glance (wikipedia articles, general media online etc), it could be possible to quasi-enslave people by deliberately lending more than they will likely pay back, because it is then difficult for them to escape the loan. In most countries people will just declare bankruptcy or, in some places, go to prison and then the debt is wiped off. Without that option, debtors face long-term wage garnishment, liens on property, difficulty getting a mortgage, car, even renting property etc. You could effectively fuck up someone's life for a long time if you were a creditor, unless they had very low ambitions. So I was thinking, wouldn't it be possible to lend to people you wanted to control, then when they can't pay, you can easily coerce them by threatening to call in the debt? The consequences under US law at the moment seem sufficiently severe that I'm sure you could get a few hot young recent college grads to do your bidding, and you could even turn a profit on it. I don't think I'm sufficiently evil to actually do this, but I'm sure there are others with less scruples. What gives?
With gov't changing the law in 2005 it's almost as if they seen this financial crisis coming, no one was paying attention. C'mon in 2005 this country was on a roll. I agree with you though on all points.
All that's left now is for Hillary Clinton to "negotiate" with other countries and not allow US citizens to stay past 3 mos. and Americans can't get out no matter what & will forever have to repay their government guaranteed debt. Well, I guess the government could make good on everybody's bad debts, and just make *everything* not admissible in BK court. Game over!
Change your address to a commercial pob, use a Chase Bank terminal at the 7-11 for your banking and get a prepaid Visa card. End of discussion regarding collectors. Live like a pauper and trade until you have so much money that you can pay cash for everything forever.. give them the upraised middle digit while you're at it because debt is just stupid!!
It costs maybe 5 to 10K to get a college degree here in europe. For me it's very hard to grasp the notion of going 100K into debt to get a college degree in the US. Not saying this shows the supremacy of Europe's system but it doesnt gives much credit towards the US its system neither if you ask me.
Belgium. Which is basically a tiny country compared to the US and maybe in other places in europe education is very expensive as well, that I am not sure of.
Who here knows that home mortgages used to run 5 years? You were warned that anything longer term was a rip-off. Last week, just saw a proposal for 40 year home mortgages.
the banking system needs a massive overhaul, there should be a limit to size and risk,they are so large and lobby so well,that our politicians are easy prey...waiting for them to reform the banking laws is about as productive as waiting for world peace....a more useful vote would be to refuse to borrow or bank with these 5 major banks...i'm not so sure that they (5 major) are not in the process of doing the same to the smaller banks, they are unable to get funds from the fed to shore themselves up, the fed is only lending to the larger banks, this in turn slowly puts the smaller banks out of biz as they are bought up by the larger banks