How common is debt slavery now as the economy worsens?

Question

For myself with 3000 on credit card at 20%. It almost seems plausible to have a rich person pays it off and you do a bit of work and pay it off at like 5%. Scary idea with the amount of ppl needing help.

Answer 1

What do you mean?Debt IS slavery.And there is no way in h**l I would take out a loan with a 20% interest rate,which is essentially what you've done.I would cut up that card emmediately.

I wonder how many of these people that you say "need" help have cable tv and cell phones,not to mention habits like smoking or drinking.Cause you must have been drunk to borrow $3,000 at 20% interest!!!

Answer 2

I am part of a growing number who have said good bye to the world of credit cards.I pay cash for every thing.I have everything I need. I Recently purchased a new laptop,I saved for four months to buy.gee that was hard.recenlty a good friend of mine.lost everything He was up to his neck in debt.Paying for his home,boat, truck. And his wifes new car.

He lost his job Boat went first then the truck,the car lost his house six months ago.now he is in my basement living for free.I just got him on at were I work,doing mainteance,for 12.00 bucks an hour. He was making 29.00 an hour.

but.If i lost my job tomorrow.no big woo.I own my home saved ten years to buy it. been here for five. I save money every month.And i make 13.50 an hour.,what your problem.

Answer 3

In 1833 the United States reduced the practice of imprisonment for debts at the federal level. Most states followed suit. It is still possible, however, to be incarcerated for debt: debts of fraud, child-support, alimony, or release fines can land a citizen in jail or prison, or prevent one’s release. In the state of Tennessee, the Tennessee State Constitution forbids civil imprisonment for debts.

However, while it's true there is no more debtors prison in this country (with the exceptions above), it is also true that anyone working to pay interest on debt IS a slave to debt.  

In fact, if we work for money, then we are slaves to money as well.

Let's not fool ourselves.

I think your question is asking how common it is for people to go to another person, privately, to get a private loan at a lower interest rate to pay off high interest credit card debt.

Is this correct?

Helping thousands of people get out of debt for over seven years, I've seen it to be quite common for folks to go to their parents, grandparents, rich aunts or uncles, etc for money to pay off their debts.

Sometimes this can greatly improve your situation.  

One question I often ask people who come to me for help that cannot afford any way out of debt other than bankruptcy is this:

"Is there anyone in your life right now who would be upset if they found out you filed bankruptcy without asking them for help?"

Many of us have people in our lives with the means to help, who want to help if they can,

BUT BEWARE!!

...Think about the reality of the deal... and who you are dealing with.  Sometimes it may not be worthwhile if such a low interest loan comes with a high price tag of guilt, shame or other emotional consequences of dealing with particular individuals.

If you are in debt, paying interest, then you're already a slave to debt.

The real question is this:

What's YOUR best choice to get out of debt?

Hope this helps!

Answer 4

We don't have anything like debt slavery in this country. Debtors' prisons were abolished centuries ago. You will not be put in to prison or sold into slavery for your debts.