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+--- Thread: Sallie Mae Credit Cards Poor Decision (/Thread-Sallie-Mae-Credit-Cards-Poor-Decision)
Sallie Mae Credit Cards Poor Decision - videogamesrock - 07-06-2019
(07-06-2019, 07:47 PM)armstrongsubero Wrote: @videogamesrock
If you're saying bankrupcy is the answer to debt, then you clearly have issues. Do you know what bankrupcy does to someone? A bankrupt 27 or 30 year old has just drastically eliminated their chances of owning a house and from what I inderstand, its difficult to declare bankrupcy on student loans.
I'm fully aware of how goverment borrowing works and yes it does directly impact the private sector rates, Here have a read mr 'No No No' :-D
https://www.economicshelp.org/blog/1504/economics/problems-of-government-borrowing-2/
And also basic economics, what happens if the central bank keeps printing more money?
Business debt is different than PERSONAL debt, know the difference. Thats business 101, hence the reason for LLCs and what not. If you are taking out personal debt for business purposes then you have a lot to learn about business else you may lose your house, car and alll its contents if things go south.
The job of the goverment is to manage the country and its affairs. Everyone thinks managers are useless. Google did an experiment and guess what their findings are, people need managers. A country is nothing more than a business. Without goverment intervention in many things, only chaos would exist.
We all agree the K-12 system fails. People are coming out of high school not knowing about basic math. 12 year olds don't care about financial education, its just another test to them, they'd rather play on their X-Box and forget everything they learnt. I was watching a documentry where for manufactring jobs they cant find candiates bacause K-12 system grads dont have the basic math, reading and science skills expected which has to be done via employer training after they leave school.
Well in the ebola program the people were failing to admit there was a problem, they were saying nothing is wrong with the current system of them eating bats even though it was giving them ebola. Same thing with the student debt problem that you all are saying is not one.
The systems in place you guys have are failing and no one wants to admit it.
Yes holy crap is a good phrase. I keep my stance these banks and financial institutions are like pedophiles. Preying on these kids who really dont know better. Dosent matter if the kids consent and willingly sign away their lives to the banks, these kids are ignorant and the banks are taking advantage of it.
Yes they DO ruin families.
Banks preying on kids causes them to be in debt which causes them to default giving them bad credit, meaning they cannot buy a house and start a family.
If they go into bankrupcy like you say then they will have near eternal ruined credit and cant buy a house and start a family.
If they do get married then both parties would have a mountain of student loan debt and credit card debt raking up interest. And guess what? They will never have enough money and constantly argue and get divorced. Your culture is based on 'keeping up with the Jonses' buying things you dont need with money you dont have to impress people you dont care about.
Spare me the economics readings, take a look at how goverment borrowing affects private sector interest rates, that economics 201. And we all know the problems of capatalism and what not. I study economics in my spare time cause my hero Elon Musk did....thanks for the suggestion though.
Ahhhh the full potential postulate.
Well the problem with such an economy is that it is dependent on their being a market. What happens in a case of surplus? Or with massive layoffs due to automation? Both of which will occur very soon and is already beginning.
Automation and AI means businesses can produce more with less people...which due to being unrestricted creates a surplus of goods and services which due to massive layoffs means less people can afford these goods and services, which will lead to economic stagnation and decline.
Supply and demand yeah?
Well the solution is UBI to keep the economy running which we all know is unsustainable. Giving people UBI then taxing them on it makes no sense. Of course you could eliminate tax bit how will govetment services get funded?
There needs to be regulation on businesses and trade, to ensure the economy runs. There needs to be a compromise.
Well keep dishing out loans and credit cards to 18 year olds. I know how that cookie will crumble.
Yes I do know what Bk does to people. Unlike the Monopoly board game, Bk leads to opportunity to save money for a down payment of a house. It’s not an end all like in the game.
Yes I’m familiar with corporate credit vs personal. Most is a fallacy sold through books on late night infomercials—it sounds like you own one. Unless your company generates $30 million a year in revenues you’ll pg those loans.
But while the gov polices our borrowing habits why not just have gov tell us what we can eat. Since there are so many obese people, the gov should deliver us our food and tell us what we can eat. Obviously people are too stupid to know what a balanced diet is and gov is the only answer.
The purpose of the gov is to protect its citizens through a military. We know this from the federalists papers. It was all about limited intrusion from the federal gov.
I’m not really following your thoughts on AI. It’ll just mean people will work less hours. As tech progresses people work less.
What country do you live in?
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RE: Sallie Mae Credit Cards Poor Decision - armstrongsubero - 07-06-2019
I would NEVER recommend bankrupcy to anyone, its such a bad idea. I havent played monopoly in about 15 or so years..I'll have to look up how bankrupcy works there to remember, but I have a fair idea about how it works in the real world and its not advisable to do that, especially if you can prevent if before hand by not raking up debt.
Haha not necessarily, it depends on which business you're in and well which country you do your business. Well I enjoy reading textbooks actually, havent read fiction since I had to do eng comp and before that since high school. And I avoid those types of books, I think I do own two of those books though one is 'Rich Dad Poor Dad' by Robert Kiyosaki and one is 'Everyday Millionaires' by Chris Hogan cause those two guys gave me very good advice on youtube, well not Hogan per se but Dave Ramsey did. Everything else I read is textbooks on EE, Math and CS, Business etc....I rip through like 2 or so a week...
Well because obese people dont have as great an impact on the economy as bad financial choices do. Everyone pays when an economy suffers due to poor debt management.
Its not only about protecting with military might, the federal goverment must also promote general welfare of the people, this student debt situation where lives are ruined can literally impact the welfare of students as a group because they surely aren't healthy or happy. I've seen many documentaries of people in student and credit card debt, many of them have mental issues, nervous breakdowns and additiction to cope with debt and some ended up homeless. They are frustrated and not in good shape at all. Its a serious thing.
Well my thoughts are as I said, it's not just 'AI' we have to worry about its also robotics and automation. It's more than working less hours, its will replace many jobs.
Having inside knowlege on the tech side, the aim is to replace humans completely and even achieve singularity, in the extremly short term 0-5 years, yes people will gradually work less and less hours, as AI performs more and more tasks, but within 5-10 years, the aim is to completely replace people.
General purpose AI means people wont be working, which is weird cause the only value you have to the economy is your job.
And with advances in AI coupled with advances in robotics (look at what Boston Dynamica has, a robot literally doing Kung Fu) humans will become obsolete for almost all tasks. Only the geniuses who design more AI will have work until singularity happens then we will need a sort of symbiotic uplink to the machines to be revelvant. Yay! What a good future.
AI and Automation not only replace jobs but increase the output of goods and services compared to humans giving a surplus.
The current economic model that is used assumes that there is always a shortage of goods and services, or scarcity not surplus. Surplus of goods and services coupled with increasing layoffs results in small business closing and since a lot of people wont have any money to spend due to high unemployment caused by AI and Automation, people wont have money to spend leading the smaller business to collapse, only large corporations will have the reources to weather it out and will dominate the market. If they dont limit businesses we'll see super monopoly businesses doing everything under the sun (like Amazon, Google, Microsoft and Facebook but bigger).
Though even though there will be a surplus, due to many people having their jobs automated, they wont have any monety to spend. With a lot of people in the population not having money to spend, the economy will shrink and stagnate.
UBI is the proposed solution to keep the economy running, but it also has its problems which I highlighted above in the previous post.
I'm from Trinidad and Tobago idk if you heard of us but after US and Canada we have the highest PPP and third highest GDP in the Americas (after US and Canada). Though with recent developments in Guyana, idk how long we'll keep 3rd place.
You can disagree with me if you wish, everyone thinks they're right in a debate or when there is a difference of opinion, however time will reveal all.
Sallie Mae Credit Cards Poor Decision - videogamesrock - 07-07-2019
So is this often practiced in T&T? Gov says how much you can borrow and UBI?
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RE: Sallie Mae Credit Cards Poor Decision - armstrongsubero - 07-07-2019
@videogamesrock Since the discussion is related to student loans and student debt I'll limit the discussion on borrowing to that scope.
Well student borrowing and student loans is non-existent, as we have free college thanks to government funding. If they had more online programs other than in social sciences and education I would be going that route unfortunately no online engineering, math or CS programs so anyone working has to do online UK or US programs, though UK programs are more popular due to University of London having "external" campuses here, Edinburgh Univ, Uni of Hertfordshire etc and we are of course a commonwealth country and our final court of appeal is still the Privy Council in the UK. Like 70% of our lawyers are University of London graduates so a UK education is held in higher regard, since all the "fancy" lawyers hold University of London Degrees. Of course the government pays all tuition to such programs except exam fees.
Ever since Dwayne Gibbs was hired from Canada to be our Police commissioner here and he went to California Coast University which had some scandal, plus one Minister claiming he went AMU and did not and then the Atlantic International University "Doctorate" scandal of yet another minister, and another there is some perception that online US programs are "bought", I have to defend my pursuing an online degree all the time, but it's okay cause the Big 3 are the fastest ways to complete a degree like anywhere.
All this to say that student loans aren't a thing and people don't have that kind of debt.
As for credit cards, the bank will NOT issue credit cards to you unless you have been working for 3 years minimum and have a letter stating you are permanently employed. So yeah students get free tuition and can't take out credit cards.
It's a good thing there are no student loans because here bankruptcy prevents you from holding any public office (even persons in the protective services cannot be bankrupt to join or stay) and of course ruins credit.
As for UBI, our country is still primitive in terms of tech and a has a lot of trade unions, so AI and automation won't be coming here soon, as an example Petrotrin did oil refining for us and since being founded in 1993, all the equipment remained the same until it was closed last year. All this was from the Oil Workers Trade Union (OWTU) preventing the retrenchment of workers and deliberately stopping automation, using equipment that was clearly outdated to prevent persons from being automated away.
Thankfully since we are sooo slow to automate, we can see how it plays off in the US and UK and let you all sort out all the problems, kind of like how Finland tried UBI and failed and now it always comes up whenever people discuss it.
UBI, Automation and AI is lightyears away from impacting employees here or being implemented simply because technology integration is soo slow. "ICT" is a buzzword government likes to use, and slowly we we integrating stuff, but AI and robotics wouldn't be a major threat soon, and if it is we can always rely on tourism, I mean sun, sand and surf is big business right?
The US however is facing a real problem and we can see how you all solve UBI and AI problems and when you all have a model that works we'll just copy it.
So I'm not worried, I don't plan on staying here though, I'm moving to the Philippines which is even lesser developed and has a differnt set of restrictions.
Sallie Mae Credit Cards Poor Decision - videogamesrock - 07-08-2019
So someone should go hungry because someone at the gov has a moral superiority over the borrower and lender and should intervene and deny the transaction from happening?
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