Spin: How Much Debt Do You Have?

[MikelArteta]

do you all KNOW.. that ALLL STUDEN LOANS are through the US GOVT?

ALL STUDENt LOANS are through the US GOVT


so everyone with student loan debt is in DEBT TO THE US GOVT

SLAVES






this aint like no collection agency blowing up yur phone.... they will do EVRYTHING AND ANYTHING to get that $$$$$$$$

Yup student loans even if you declare bankruptcy you gotta pay

I have none thankfully

 

[winb83]

lol at slaves. You are approaching "real housewives" level of drama.

But for reference, I would pose this question to slaves working in cotton fields in the 1600's.

Would you rather be where you are now, chains around your ankles, family covered in scars from rape and abuse, working in hellish conditions for 12+ hours a day, or live in a 4 bedroom house but have a negative account balance in a computer somewhere?

as the video says physical slavery requires you to feed and house the slaves economic slavery requires people to feed and house themselves.

watch that video. if you wanna live you have to incur debt because you have to pay for the space you live in. if you take out a mortgage the money you borrow to buy the house doesn't even exist. the bank creates it out of thin air and you sign a note to pay it back plus interest. basically they give you nothing and you take that nothing and buy a house and pay them back money for it.

the federal reserve system only requires the bank to have 10% of the money in your account on hand. in actuality only 3% on all the money in circulation exist the rest of it is nothing created out of promissory notes and loans.

basically the video contends if everyone in the united states including the government paid back all their debts society would collapse because only 3% of the money actually physically exist and none of the interest charged on that money exist so we'd run out of physical money because of a society wide bank run.

you work to pay back debt of which is created from nothing.

 

[BlvdBrawler]

as the video says physical slavery requires you to feed and house the slaves economic slavery requires people to feed and house themselves.

watch that video. if you wanna live you have to incur debt because you have to pay for the space you live in. if you take out a mortgage the money you borrow to buy the house doesn't even exist. the bank creates it out of thin air and you sign a note to pay it back plus interest. basically they give you nothing and you take that nothing and buy a house and pay them back money for it.

the federal reserve system only requires the bank to have 10% of the money in your account on hand. in actuality only 3% on all the money in circulation exist the rest of it is nothing created out of promissory notes and loans.

basically the video contends if everyone in the united states including the government paid back all their debts society would collapse because only 3% of the money actually physically exist and none of the interest charged on that money exist so we'd run out of physical money because of a society wide bank run.

you work to pay back debt of which is created from nothing.

at the bolded.

How does a bank create money out of thin air my man? If they could do that, why not just poof billions of dollars into existence and pay off all their creditors? The only institution in the US that can create currency is the govt itself.

 

[winb83]

at the bolded.

How does a bank create money out of thin air my man? If they could do that, why not just poof billions of dollars into existence and pay off all their creditors? The only institution in the US that can create currency is the govt itself.

the US government requires the bank only has a fraction of the money it circulates its not even creating money out of thin are its creating money now with key strokes at a computer terminal.

most of what we call money is actually credit at a bank. it does not physically exist. now if you have $800 dollars in credit at Chase bank and you ask for the $800 Chase can give you $800 out of their fractional reserves but the truth is Chase probably never actually had your $800 they just had enough in reserves to cover $800 in general if somebody requested it. you did so they gave it to you.

if everybody in the country at the same time went to their banks and asked for all their money the banks would deplete their reserves and there would be a staggering amount of money owed out that doesn't exist because it's just bank credit and not real money. what's even worse is credit cards. pieces of plastic that you swipe that have nothing really backing them and you pay interest on.

banks are making money by giving you monopoly money that's spendable but nothing backs it but a fraction of what they hand out. its mind blowing.

 

[Gus Money]

About 6k on my car loan and that's it. Thankfully I have no credit card debt or school loans.

 

[winb83]

this explains money very well

its a long ass watch

 

[NormanConnors]

If you total everything that I have it would add up to about $55,000. Now if you include my wife and everything we have together, it would add up to a little under $180,000. But that includes everything, mortgage, cars, (which I owe $4,000 on mine), her student loans (I paid mine off 8 years ago), other lines of credit, and the IRS (which I now owe $40,000), so if I was to hit the lotto for about $250,000 that would be enough to pay everything off and have money left over to invest.

whats is your plan to pay off the IRS debt? payment plan? Just asking out of curiosity, not trying to rake on you or nothing like that. I can use the info to help someone (and no it's not me lol)

 

[PrnzHakeem]

She better have been studying at med school or trying to become an engineer.

Good luck paying that off breh. At least if she's employed it will be easier than if it was just all on you.

Ivy League Med School + Ivy League Business School

AT THE SAME DAMN TIME.

She'll be able to pay it herself, we good.

 

[Lil' Kartwheel]

14K student loans.

 

[Petty Crocker]

Debt free
I got tuition reimbursement in college through my job
My car is paid for
Credit score in the high 700s

 

[ThumpDaddy]

whats is your plan to pay off the IRS debt? payment plan? Just asking out of curiosity, not trying to rake on you or nothing like that. I can use the info to help someone (and no it's not me lol)

Well, with the amount that I owed, I called one of those law firms you see on TV all the time. They really helped me out. The way it's set up they are taking the money out of my payroll check. It sucks but they agreed to an amount that was "alright" but the shyt still hurts. I have to work every weekend to make up for it but It's going to get paid off eventually. It just suxs to see that taken out of my check every pay period. I'm looking at my check and going I don't know how much he owes but depending on what it is he can try to set up a payment plan with them and if it's a lot, he needs to get some type of representation.

 

[Danie84]

0

 

[patscorpio]

about 55K (student loan, car, credit card debt)

 

[User Name:]

 

[Soundbwoy]

around 8k(student loan and cc)