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The Debt Trap

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One in every 60 U.S. households filed for bankruptcy in 2005. It's likely someone in your family, a neighbor down the block or a co-worker in your office is in bankruptcy court. It's not just an American problem either. Scotland has had a 33% rise in people losing there homes. For every $100 an Australian earns, they owe $130. What about you? Have you experienced difficulty paying every bill on time? Would you say that your financial house is in order? Stay tuned to Beyond Today as we discuss the problem of and the solutions to "The Debt Trap".

Channel: News & Politics
Uploaded: November 30, 1999 at 12:00 am
Author: BeyondTodayTV

Length: 28:30
Rating: 4.44
Views: 28703

Tags: advisor  America  balance  bankrupt  Bible  bills  cards  credit  debt  finances  financial  God  habits  money  pay  savings  spending  

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randy95023 (November 30, 1999 at 12:00 am)
In College my daughter ran up credit card debt, but she did it responsibly to support herself through the "starving college student" phase of the Junior/Senior year of college. When a school kid is trying to live off of about $1,000 per month $10K seems like a fortune. Now her and my son-inlaw make over $10K per month and the amount seems trivial. Used responsibly college students can wisely use cards and they are basically a Godsend. Used irresponisbly, however, they're a nightmare...
commodore256 (November 30, 1999 at 12:00 am)
It's a Trap!!!
brad111515 (November 30, 1999 at 12:00 am)
Did i hear this right... When god wrote the bible he told us to save our money?
dirtyniggeronpcp (November 30, 1999 at 12:00 am)
Well put, buddy. We're so easy to blame others when it's clear that you run your own life and make your own choices, essentially you control your own destiny. Obama is playing on that, and for that he's a Socialist weasel that must be stopped. I don't like McCain, but goddamn, he's certainly more logical than Obama and Hillary.
phredhead (November 30, 1999 at 12:00 am)
"Why did you give my son a credit card?" Why did your son accept it? That`s the problem. Obama said "people are losing their homes through no fault of their own". Huh? Whose "fault " is it? We`ve got to accept responsibilty for our actions.
fantasy86dj (November 30, 1999 at 12:00 am)
I think that this video is very informative, about ways to reduce debt and how we can change our spending habits.
machinationation (November 30, 1999 at 12:00 am)
Just turn off the T.V. , cook your own simple meals and practice financial discipline. Exercise is free , try that. Don't buy a car unless you can afford it. Simple. Math doesn't lie. Greed always has a terrible return.
cdltpx (November 30, 1999 at 12:00 am)
20/20 60 min all have done stories on these they usually pop up in religious institutions and are plied on the ignorant gOOgle the phrase and you don't have to ask me you have a wealth of information. You find a book online you can go to the library get an interlibrary loan for any book your library don't have.Some times I look up the best price and they will actually buy that book if they can't locate it I try to take as much work out as I can. Have the ISBN # and any information onbook.
dan020350 (November 30, 1999 at 12:00 am)
There is only debt when justice is not served, and if the gov't is not a just one, the debt is infinite
lexelence (November 30, 1999 at 12:00 am)
I disabled it because every time I tried to reply to comments, they wouldn't post. I don't know if I am doing something wrong. As for Walmart, the corp structure is exactly a pyramid. You move up the ranks in relation to how hard you work and how successful you are. What about Enron, World Com and a bunch of others who are publicly traded companies. They screwed tons of people out of their fortunes. Will people stop trading stocks as a result? MLM is regulated by the Direct Selling Association.

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