Despite high debt, the question remains whether or not credit is a bad thing.
Nowadays, the pursuit of the American dream has dwindled to nothing more than a vain ambition. Luckily, members of Generation Y are blessed (or maybe cursed) with levels of ambition previously unheard of: we are three times as likely to want to save money, compared to our parents and grandparents. Simply caching money in an everyday savings account won’t elicit wealth, though.
From day one, Uncle Sam and Lady Liberty have borrowed to pay for the country's pricey expenditures. Now federal debt is enormous and unsustainable. How did it come to this?
Earlier this week, the White House announced changes in student loan repayment policy intended to give relief to certain college grads struggling to pay back federal loans.
Filing for bankruptcy can be a useful tool to get out of debt, but it can also carry some serious consequences.
In action movies, when the hero escapes a near-death situation by the skin of his teeth, it makes for great on-screen adventure.
In real life, such down-to-the-wire feats aren't so glamorous.
I recently watched the film version of the play A Raisin In The Sun starring Sidney Poitier. In the story, his character, Walter, dreams of pulling his family out of poverty and creating a better life for himself, and believes that investing the family’s savings into a business scheme will lead to wealth and opportunity. Though he ultimately squanders the money on a bum investment, I could relate to his desperation to make something of himself.
Wall Street has the greatest collection of crooked, two-faced, backstabbing shysters this side of an Old West saloon, and they're riding off into the sunset with stolen loot.