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Elimination of debt in the time of economic despair

After the recent financial upheaval, almost all individuals and families are not being able to manage the finances and pay monthly bills like groceries, utilities, credit card bills, medical expenses and others. Thus, when these bills get piled up and become impossible to be paid off, people fall into insurmountable amount of debt. According to the latest statistics from the Federal Reserve, the total amount of debt in the U.S. stands at $2.4 trillion and the figure is expected to be worked out nearly $7,800 for every man, woman and a child. If you are in a similar situation and looking for a solution to come out of it, debt consolidation is an attractive option.

As the time passes by, the country gets continually hampered by high levels of unemployment and thus, Americans are running of savings. In this context, Americans wonder, who do they owe money to? Is it fair to be charged around 28 percent interest on the credit card debt?

Now what if people get started wiping off the debt from their books? What are the recourses available to do so? Believe it or not, America is a community of people. It is a society where people live in a group. And that is the reason why there is an urge towards self-preservation. But this will not happen since millions of people are struggling with debt. Potential banks and credit card companies continue to find ways to tax low wage earners by pinching money out of their paychecks. They even try to charge small monthly fees for using their debit cards.

On the other hand, the U.S. House of Representatives passed a bill, H.R. 2117, Protecting Academic Freedom in Higher Education Act. But the bill has nothing to do with “protecting academic freedom” and has everything to do with turning out the entire education system of America into an enterprise, exploited by corporate. Thus, the cost of education is continually soaring high and compelling students to turn to student loans in order to meet their education expenses.

However, JP Morgan was paid $50 million by Florida to direct the food stamps program. U.S. Bankcorp cashed in with $37 million by providing unemployment benefit debit cards. The other similar institutions also received hundreds of millions, if not billions in taxpayer aid.

It’s not even fun for the higher class of creditors to have taken from the rest of the country. In this context, Marx states that trade is a game and nothing can be won from beggars. He also states, if one won everything from everybody for long, it would be necessary to give back the greater part of the profit voluntarily in order to begin the game again.

This is a guest post by Christina Jones, a writer & editor with a few financial communities and personal finance blogs. She has also been contributing to many personal finance blogs as a guest columnist since long.

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