Americans are currently burdened with about 1.57 trillion dollars of student debt, and that number is climbing rapidly. For many, a lifetime of debt has become the painful reality of life in the United States. Why? What happened to make this country, and this economic system, so addicted to debt?

Why Student Debt Is So Hard to Forgive – Second Thought
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Citations and Further Reading:

Graeber
https://warwick.ac.uk/fac/arts/english/currentstudents/undergraduate/modules/fulllist/special/statesofdamage/syllabus201516/graeber-debt_the_first_5000_years.pdf
https://www.youtube.com/watch?v=CZIINXhGDcs
https://alexdanco.com/2020/05/15/debt-the-first-5000-years/
https://johnathanbi.com/book-notes-summaries/debt
https://longnow.org/ideas/02010/04/22/debt-the-first-five-thousand-years/
https://patternwhichconnects.com/blog/david-graeber-and-the-rewriting-of-monetary-history/

Lazzarato
https://doi.org/10.1177/0038038514539207
http://irep.ntu.ac.uk/id/eprint/30123/1/7885_OShaughnessy.pdf
https://www.theoryculturesociety.org/blog/review-maurizio-lazzarato-governing-by-debt

Others
https://www.youtube.com/watch?v=sDZ7aQ_umhU
https://www.jacobinmag.com/2020/09/cant-pay-wont-pay-debt-abolition
https://www.academia.edu/23770832/Debt_Underemployment_and_Capitalism_The_Rise_of_Twenty_First_Century_Serfdom
https://doi.org/10.1177/016146812112300601 https://www.researchgate.net/publication/301270586_Debt_resistance_Beyond_or_within_capitalism
https://books.google.com/books?id=swxjDwAAQBAJ&printsec=frontcover
https://doi.org/10.1177/2631309X20921567
https://marshallsteinbaum.org/assets/goldrick-rab-and-steinbaum-2020-what-is-the-problem-with-student-debt-jpam-point-.pdf

Higher Ed. & Student Loans
https://www.newyorker.com/news/news-desk/what-biden-cant-do-on-student-debt-and-what-he-wont-do
https://www.youtube.com/watch?v=R58Si78N9i4
https://educationdata.org/student-loan-debt-by-generation
https://educationdata.org/average-cost-of-college-by-year
https://youtu.be/CKbopGWJM40?list=PLnQCwElJCNf9NHOqHicDrb03RX04nNl-h
https://time.com/4276222/free-college/
https://theintercept.com/2021/08/05/student-debt-cancellation-nancy-pelosi/
https://newrepublic.com/article/159233/coronavirus-pandemic-collapse-college-universities
https://www.peoplesworld.org/article/free-college-was-once-the-norm-all-over-america/
https://www.youtube.com/watch?v=t0CyBv18A5k
https://thehill.com/opinion/education/560016-refuting-the-worst-excuses-against-student-debt-cancellation
https://jacobinmag.com/2020/11/cancel-student-loan-debt-biden

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As America’s government hits the debt ceiling, US politics has become a multi-trillion dollar game of chicken. If neither side backs down, America could default on its debts for the first time in history, sparking global economic turmoil. What is the debt ceiling, and how can this crisis be resolved?

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There is no easy escape from America’s debt-ceiling mess: https://econ.st/3I3Cyh5

Investors brace for a painful crash into America’s debt-ceiling: https://econ.st/3VZueon

What is the debt ceiling?: https://econ.st/3pytIlh

America faces a debt nightmare: https://econ.st/3BkzDx0

Republicans are right that federal budgeting is a joke: https://econ.st/3HZ0Hp2

Sue and Rich Ramirez were in their 60s with $85,000 in debt. After one of them lost their job, the reality of an overwhelming mortgage and credit card debt set in. CNBC’s Live and Learn brings the story of a late in life financial recovery.
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Couple Drowned By Debt On The Cusp Of Retirement: Live And Learn | CNBC

This hoarder has raked in $100,000 in debt from accumulating tons of trash in this clip from Season 12, “Meryl”.

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Professionals try to help people who compulsively hoard possessions.

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More than 43 million Americans owe a collective $1.7 trillion in college debt with experts calling it a student loan crisis. NBC News’ Shaquille Brewster is in Wisconsin speaking with recent graduates about how they feel about President Biden’s initial plan in supporting federal forgiveness of student loans.

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#NBCNews #StudentLoanDebt #College

Since the last economic collapse and market crash, we have witnessed the greatest corporate debt binge in U.S. history.  Corporate debt has more than doubled since then, and it is now sitting at a grand total of more than 9 trillion dollars.  Of course there have been other colossal corporate debt binges throughout our history, and they all ended badly.  In fact, the ratio of corporate debt to U.S. GDP rose above 40 percent prior to each of the last three recessions, but this time around we have found a way to top that.  According to Forbes, the ratio of nonfinancial corporate debt to U.S. GDP is now nearly 50 percent…

You can see the chart they are talking about right here and it clearly shows that each of the last three stock market crash and economic crisis coincided with the bursting of an enormous corporate debt bubble. This time around the corporate debt bubble is larger than it has ever been before, and risky corporate debt has been growing faster than any other category…
Needless to say, the stage is set for a corporate debt collapse of epic proportions.
What makes this debt bubble even worse is the way that our big corporations have been spending the money that they are borrowing. Instead of spending the money to build factories, hire workers and expand their businesses, our big corporations have been spending more money on stock buybacks than anything else.
And now this giant corporate debt bubble has reached a bursting point, and there is no way that we can avoid a huge stock market crash and economic crisis.

Meanwhile, another financial bubble of epic proportions is also getting a lot of attention these days. Nonbank lending, an industry that played a central role in the financial crisis, has been expanding rapidly and is still posing risks should credit conditions deteriorate. This kind of lending has absolutely exploded all over the globe since the last recession, and it has now become a 52 trillion dollar bubble…

Who is going to pick up the pieces when a big chunk of those debts start going bad during the next economic collapse and market crash? Never before in human history have we seen so much debt.  Government debt is at all-time record levels all over the world, corporate debt is wildly out of control and consumer debt continues to surge.

This is one of the reasons why I get so frustrated with the financially-illiterate politicians who insist that everything will be just fine if we just tweak our current system a little bit.
No, everything is not going to be just fine.  In fact, we have perfectly set the stage for the worst financial collapse in human history. At this point nobody has put forth a plan to fundamentally change the system, and there is no way out. All that is left to do is to keep this current bubble going for as long as humanly possible, and then to duck and cover when economic collapse finally strikes.

———————————————————————————

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Use the information found in these videos as a starting point for conducting your own research and conduct your own due diligence before making any significant investing decisions.

A guided meditation for when money’s tight, the stress often leaks into various other aspects of our lives. Use this 10 minute guided meditation to help ease financial stress and enter into more peaceful and accepting feelings towards money. The goal isn’t to manifest more money necessarily (although that could be a natural side-effect) but more importantly, it’s to help you feel at peace no matter what your current (temporary) financial snapshot is, while simultaneously tuning into an optimism towards the future.

Holiday spending expert Patty Morrissey offers six tips consumers can follow for a debt-free holiday.

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Martin Lewis talks about debt problems and gives solutions. Martin gives his definition of “Debt Crisis” and “Problem Debts” outlining solutions for both and where to get help. you also get a checklist for cutting the cost of repaying debt. http://www.moneysavingexpert.com/loans/debt-solutions
Problem Debts Checklist:
1. Shift debts to cheaper rates with a credit card balance transfer.
2. Check out a personal loan to get a lower rate vs. existing credit cards. This can also help with the structure of repayments (Good if you have poor discipline in sticking to credit card minimum repayments).
3. Check your credit rating. Try to improve your credit rating.
4. Do the credit card shuffle.
5. Use your savings to pay off your debts after you have moved debts to lower rates. If you have any savings, use them.
6. Remortgaging. (not a massive fan of this one as it extends the length of the loan which may cost more).
7. Secured loan. (Make sure this is suitable for you! It may cost you more if it’s not suitable!!)

Budget, Budget, Budget, Budget!

Budgeting is crucial for climbing your way out of debt!

List your income against your expenditures to see if you are living beyond your means.
Getting out of debt is difficult and will take a lot of work but its worth it at the end of the day and we can help. There are ways to save on everything!

MSE Forum Debt-Free Wannabe: http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Read the Debt Solutions guide for help: http://www.moneysavingexpert.com/loans/debt-solutions

Budget planner tool: http://www.moneysavingexpert.com/banking/Budget-planning

Improve your credit score: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Save money on everything: http://www.moneysavingexpert.com/

Non-profit debt agencies:
http://www.stepchange.org/
https://www.nationaldebtline.org/
https://www.citizensadvice.org.uk/

A detailed overview of being sued by a debt collector (debt buyer) in small claims or district court

Consumer Protection Attorney John G. Watts answers your questions about what happens when you are sued by a debt collector in district or small claims court in Alabama.

We talk about the following:

**Collection court lawsuit (complaint)
**Being served
**Advertisement letters from bankruptcy lawyers and non lawyer “mediation firm” of Ferry & Nicholas
**Time limits to answer a small claims and district court lawsuit
**How to file an answer
**When you get a trial date notice
**What to do BEFORE you go to trial
**What happens in trial
**What happens after trial if you win or lose
**Why you may have the right to sue the debt collector for false credit reporting and other violations of the law after you beat the collector in the collection trial

We hope you enjoy this video and feel free to share or comment below thanks!

John G. Watts
205-879-2447
Watts & Herring, LLC
Birmingham and Madison Alabama offices (Serving clients in all parts of Alabama)

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