http://video.google.com/vi
It illustrated the ways that credit cards and generally living beyond our means, have become a necessity in so many people's lives. Most people are not paying these debts back and part of the the current state of the economy is related to the revolving door aspects of credit cards and other similar types of debt. You spend money you don't have, you can't pay it back, people spend money trying to make you pay it back, you still can't so you borrow more, eventually you can't pay for necessities because you get sick, or have an accident or loose your job, you then get more credit and at this point you actually NEED it to survive. But you still can't pay it back, and so the bank takes your stuff that is not worth the money they loaned you and no one is going to buy it for the price they want for it because it's used anyway... and so banks get into trouble because they have loaned all this money that they are not getting back. We're broke, the banks get broker and we're all pointing fingers and waiting to be saved.
Yes, it is partially these bank's faults. They do prey on all members of society. They lead us to believe its just money, that borrowing is just the way things are. They give us money that we can't afford to pay back and then charge us extra when we miss the payments. But this bank industry spends millions lobbying congress to decrease regulations. It has only gotten easier for banks to give more high interest pay day loans etc.. If there is an activist group fighting for the rights of the consumer give them a thanks or join the squad. But really, what we can do to fight to power is to not fall for the excessively materialistic mentality that the banks are literally selling to us.
I looked at myself. I realized that I am a cheap person but I still overspend. I don't overspend on things that I need either. I go on trips that I can't afford to go on, I buy scarves, and books, and music that I really don't need. I buy gifts for people who can live without those things. Now, medical school loans notwithstanding, I have this credit card that I just whip out when i run out of funds. And with me it is just a matter of budgeting. I can live off of my loan money if I sacrifice a luxury or 5. Everyone always says, 'but you have to have a life'... who told you that, mastercard? Cause it is saturday night and i just watched a movie I got from the library for free. I talked to friends I haven't spoken to in a while. I cooked some food from scratch (cheaper). I mean I'm clearly more boring than the average 25 year old but there is cheap stuff to do even if you do like to go out. Do you need as many clothes as you have?? NEED nope. I see at least 5 things in my house that I could probably sell on craigs list right now... my tv that is collecting dust, a bag of clothes, this dvd player, numerous purse/backpacks, this printer that doesn't work with my computer but is still fully functional.... (if you want any of these items holler at me..)
So yes, I am doomed to at least 10 years of debt because of medical school. But I do not have to live excessively because Visa makes the world look so awesome. Sure I may have to reevaluate when I apply for residency... but I'm sure I can be practical about my spending there too. So friends don't be offended if I say no 90% of the time you invite me to do something that involves spending money. I'm not just broke right now. I'm broke all the time, and will be broke living off of sallie mae until I get income. You're welcome to come over to my house and watch documentaries with me, or I'll bring them to you. I'll even make dinner.
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