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  1. #33
    cookderosa is offline Resident Chef
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    Quote Originally Posted by Ted Heiks View Post
    How can one be older than their incurred debt?
    it's tongue in cheek. In the story, the debtor's advanced age seemed to be used as a reason she shouldn't have to pay. The fact is that we all get old, and just because you get old-er doesn't mean you should get a free pass.
    Jennifer
    MS Applied Nutrition, Canisius College
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    The placebo effect should be kicking in any minute.

  2. #34
    Life Long Learning is offline Registered User
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    It was beneath my University (BS Business) to teach personal fiancé back in my day. Fact, not any of my University business classes were worth much (300-400).

    I took "personal finance" at the local community college and it was my second most useful business class ever.

    Years later, I took another class called "Real Estate Investing" at that same local community college and it was personal finance on steroids. We completed a 12-page portfolio for a grade; personal net worth statements, insurance statements, balance sheets, and lastly investment options. 20-years later I still use this.

  3. #35
    SteveFoerster is offline Resident Gadfly
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    Quote Originally Posted by Davewill View Post
    Where did you get that idea? The reason people don't get turned down (much) is because the credit card companies have figured out that the cost of writing off debt is cheaper than forgoing the business from all the people with mediocre or no credit. As others have said, people with REALLY bad credit do get turned down. That's why bankruptcy doesn't have as much of a stigma as it used to. People figure the credit companies deserve what they get when they insist on extending credit to people they shouldn't.
    Sounds reasonable.

    As far as student loan debt goes, I don't think there's a way to tweak the current system...we need to come up with a better system all around. The current system of helping to finance private colleges just encourages tuition inflation. If we're going to publicly fund higher education, then we need to control the costs as well. Which to me means making more of our system public, and saying no to high administrator salaries, expensive sports complexes and buildings. Let the private sector figure out how to fund that stuff (not the public and NOT the students) if they really want it.
    This... not so much. It makes it sound like you think the key to efficiency is to bring more of higher education into the public sector. That's pretty much the opposite of what economics tells us.
    BS, Info Sys concentration, Charter Oak State College
    MA in Educational Tech, George Washington University
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  5. #36
    me again is offline Registered User
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    Quote Originally Posted by Davewill View Post
    The reason people don't get turned down (much) is because the credit card companies have figured out that the cost of writing off debt is cheaper than forgoing the business from all the people with mediocre or no credit. People with REALLY bad credit do get turned down. People figure the credit companies deserve what they get when they insist on extending credit to people they shouldn't.
    Credit card companies can also give a risky person a new credit card with a $200 credit limit. It won't buy much, but it can quickly ascertain of the person will live up to his credit obligations.
    MA, Franciscan University of Steubenville, Theology: in-progress online
    Info: http://www.franciscan.edu/academics/graduate-programs/
    Favorite scriptures: Rev. 11:15 & Luke 24:45

  6. #37
    SteveFoerster is offline Resident Gadfly
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    Quote Originally Posted by me again View Post
    Credit card companies can also give a risky person a new credit card with a $200 credit limit. It won't buy much, but it can quickly ascertain of the person will live up to his credit obligations.
    Yes, a low limit or a ghastly interest rate. Or both.
    BS, Info Sys concentration, Charter Oak State College
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  7. #38
    Ted Heiks is offline Moderator and Distinguished Senior Member
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    Quote Originally Posted by Ted Heiks View Post
    How can one be older than their incurred debt?
    My bad here. When I read that comment about being older than one's debts, I misread it, thinking that it said the incurred debt was older than the person.
    Theo the Educated Derelict
    BA, History/Political Science, Western State College of Colorado, 1984
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    MBA, Marketing, City University of Seattle, 1993

    Politics is made from two words: "poly" meaning "many" and "ticks" meaning "blood-sucking insects."

  8. #39
    Ted Heiks is offline Moderator and Distinguished Senior Member
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    Quote Originally Posted by Davewill View Post
    I'm trying to figure out how anyone could be YOUNGER than their incurred debt. I'm comfortably older than all my debts...always have been.
    I don't know. Is it possible to inherit debts?
    Theo the Educated Derelict
    BA, History/Political Science, Western State College of Colorado, 1984
    MBA, Entrepreneurship, City University of Seattle, 1992
    MBA, Marketing, City University of Seattle, 1993

    Politics is made from two words: "poly" meaning "many" and "ticks" meaning "blood-sucking insects."

  9. #40
    SteveFoerster is offline Resident Gadfly
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    Quote Originally Posted by Ted Heiks View Post
    I don't know. Is it possible to inherit debts?
    No. You can end up responsible for debt you co-signed if the debtor dies, but that's not the same thing.
    BS, Info Sys concentration, Charter Oak State College
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  10. #41
    Johann is offline Registered User
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    Quote Originally Posted by Ted Heiks View Post
    I don't know. Is it possible to inherit debts?
    I wish! I'd go out and incur a whole bunch, just to leave them to certain people, if I could!

    It used to be possible, a couple of centuries ago in some European countries. I think Germany and Austria had hundred-year-plus mortgages on houses -- often paid off by descendants of the original mortgagors.

    "Say, Wolfgang - I'm thinking of a re-fi on my duplex in Salzburg. What's your best rate on a 160-year fixed?"

    J.
    Last edited by Johann; 01-09-2017 at 02:35 PM.

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