Where was YOUR Financial Bailout?

Plastic is a dangerous thing in some hands.

Now there are some great financial gurus out there giving advice on killing debt, and staying out of it. I’m all for that, don’t get me wrong.

However, most chastise you for getting there in the first place. You shouldn’t have gotten that far in over your head, why didn’t you live within your means, etc, etc.

Shoulda, woulda, coulda, right?

Hindsight is 20/20. You may know all that now. But what good does it do to harp on what you should have done back then, when you are where you are right now?

So what can you do about it?

Well, there are mechanisms out there to help you, but most I will contend, will kick you when you’re down.

Debt settlement- sure sounds great, but whatever they forgive, gets added to you as income for the year, so yes, you owe less, but you’ll be taxed for it. And the institution you owe the debt to, will in most cases, make sure they let your credit report know that you didn’t part ways on the best of terms.

Debt consolidation- better than bankruptcy, but not by much. May not be enough to get you where your need to go. Definitely better than not paying at all, and letting things go into collection…

Bankruptcy- Makes me shudder just thinking about it. A word that haunts you for the rest of your life.

Don’t you need a bailout to get back on track?

Start fresh and new with your new found distaste for going where you’ve gone?

By now you have probably heard that banks received YOUR hard earned tax dollars from the government to help them out. Gee, wasn’t that nice of us?

In all fairness, some of them have paid it back. Good for them.Most of them have not.

I won’t get into naming names here. You can see the list for yourself if you care to do so. CLICK HERE for a pretty decent list of them.

One such company receiving these benefits reported, in their annual report of course, that “Commission and Incentive Compensation” went from $671 Million at the end of 2008 to $2.08 BILLION at the end of 2009.

Just because they paid “US” back, means that they can almost TRIPLE their bonus amounts?

Do you get bonuses like that? I sure don’t.

Where does some of that bonus money come from?

Excessive interest rates. Most likely ones that you’re paying. And you’ll keep paying, and paying, and paying.

Financing some executive’s life of luxury.

All on your dime.

Is that fair? Of course not, but life isn’t fair for the most part.

If you agree with the late Harvard professor Robert Nozick’s theory of economic justice, then that a profit is morally justified, if the profit is obtained fairly (Shaw, 2010)

I contend that a 15% to 25% (and beyond in some cases) interest rate compounded daily is not fair.

That is nothing short of legal robbery designed to create financial indentured servants.

Think about it. At that kind of interest rate, and you continue to pay it like you ought to, you will become a financial slave.

I say we should change things up a bit.

Create a movement to formulate a grass-roots fostered bailout plan for our lawmakers.

I took the time to formulate a plan for us to fight this greed.

Help you get back on your feet.

Give you that bailout.

I just need your help to promote it.

It is what I call Credit Reform 10.

You’ll find out more about it when you CLICK HERE

References