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History Forum / General / General Topics / April 2004Indentured Servanthood in the contemporary age
I think that the mass amount of people that are in debt today is a more contemporary form of "Indentured Servanthood". Any history buffs here can tell me what they think. But the way I see it, it looks like 90% of the populous will be paying back their debts most if not all of their lives. John > I think that the mass amount of people that are in debt today is a more > contemporary form of "Indentured Servanthood". Any history buffs here > can tell me what they think. But the way I see it, it looks like 90% of > the populous will be paying back their debts most if not all of their > lives. True. But so what? Folks can CHOOSE to go into debt or stay out of debt. So, even if we accept your model, it's a voluntary indenture. Moreover, it you only go into debt to secure income producing property (or income producing education) then debt is simply a business arrangement. Most credit card debt is (obviously to those with common sense) dewnright self-destructive. Debt for a modest automobile or a home is reasonable and "business like" if the debt service is less expensive than alterrnative arrangements for transportation or housing. > John > Folks can CHOOSE to go into debt or stay out of debt. > So, even if we accept your model, it's a voluntary indenture. [quoted text clipped - 4 lines] > "business like" if the debt service is less expensive than alterrnative > arrangements for transportation or housing. With the economy the way it is now, there are one hell of a lot of young people out there with out jobs that would disagree with you. 80% of the users of credit cards don't understand the trap that the card companies set for them with the minimum payment scheme either. > With the economy the way it is now, there are one hell of a lot of young > people out there with out jobs that would disagree with you. There are plenty of jobs "out there." Maybe jobs are tight in some areas but a young person willing to move can find something. In any case, there is always the military. > 80% of the users of credit cards don't understand the trap that the card > companies set for them with the minimum payment scheme either. Only making the "minimum" payment is a choice. A rational person who finds himself "short" because of an unexpected expense (e.g.: car repair) may have to pay the "minimum" for a month or two until things get back to near "normal." Moreover, young folks should seriously consider borrowing from relatives BEFORE not paying in full a credit card bill. >>With the economy the way it is now, there are one hell of a lot of young >>people out there with out jobs that would disagree with you. [quoted text clipped - 13 lines] > Moreover, young folks should seriously consider borrowing from relatives > BEFORE not paying in full a credit card bill. But young people probably should not consider avoiding credit cards altogether, at least if they ever think they'll need a mortgage. Carrying a modest balance for a few months isn't *that* egregious, but anything over a year should be reexamined carefully.  Signature-- Les Cargill It is CONNEDsumer spending that's 60% of economy. They pay interest, tax, etc. and suffer the consequence of federal deficit etc. Mean while, there's super rich that inherit things and hardly pay any tax as well as profiteer from deficite and death and destructions such as tabacco, oil, war merchants. "voluntary indenture" So is drug abuse, prostitution, gambling etc. > > I think that the mass amount of people that are in debt today is a more > > contemporary form of "Indentured Servanthood". Any history buffs here [quoted text clipped - 19 lines] > > > John > It is CONNEDsumer spending that's 60% of economy. They pay interest, tax, > etc. and suffer the consequence of federal deficit etc. 1) The CHOOSE to pay interest. Some consumers choose not to. 2) Deficits tend to help consumers who get into debt: they pay back the loans with cheaper dollars. But you knew that, didn't you. > Mean while, > there's super rich that inherit things and hardly pay any tax as well as > profiteer from deficite and death and destructions such as tabacco, oil, war > merchants. The "super rich" avoid taxes by accepting lower returns. OTOH, the tax free bonds help pay for schools, roads, etc. > "voluntary indenture" Except that with indenture the contract is binding and there is no legal way out. A consumer in debt can: 1) change his lifestyle and work his way out of debt; or 2) dismiss most/all of his debt with bankrupty and then change his lifestyle. I would recommend that any consumer who is willing to do what it takes to stop living on borrowed money consider one of the two above options. If his credit card debt exceeds six month's wages, he should became bankrupt. > So is drug abuse, prostitution, gambling etc. NO. These things are exactly what they are. |
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