Quotes & Sayings About Credit And Debt

In the distance, I see a frightful storm brewing in the form of un-tethered government debt. I choose the words -frightful storm' - deliberately to avoid hyperbole. Unless we take steps to deal with it, the long-term fiscal situation of the federal government will be unimaginably more devastating to our economic prosperity than the subprime debacle and the recent debauching of credit markets that we are working right now so hard to correct. — Richard W. Fisher

The bank wanted me to sell those customers that debt, because the system needs you to buy that new car, that holiday to Barbados, that latest iPhone or that new extension you've always been dreaming off. The banks are happy to let you do it with their high interest credit products, and they want me to be the guy that sells the idea to you. I was serving the machine that was enslaving me. — K.A. Hill

If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent. — Richard Thaler

I'm very interested in the more grass-roots consequences of the economic meltdown: issues related to mortgage foreclosures, debt collection, and the practices of credit card companies and others who hold a lot of consumer debt. — Eric Schneiderman

God's dream is that you have an abundance, that you be totally out of debt, pay your house off, pay your credit cards off, and have so much overflow that you can be a blessing to everyone around you! — Joel Osteen

Nobody had a credit card when I was a kid. No one had credit card debt. But these big companies and banks wanted to know how to get more money out of people - get them charging things. — Michael Moore

Misner walked away from the pulpit, to the rear wall of the church. There he stretched, reaching up until he was able to unhook the cross that hung there. He carried it then, past the empty choir stall, past the organ where Kate sat, the chair where Pulliam was, on to the podium and held it before him for all to see - if only they would ... Without this sign, the believer's life was confined to praising God and taking the hits. The praise was credit; the hits were interest due on a debt that could never be paid ... But with it, in the religion in which this sign was paramount and foundational, well, life was a whole other matter. — Toni Morrison

On any measure, Spain's bank rescue has been a disaster. A hundred million euros have been added to the national debt, ten-year bonds are at a record high and the country's credit rating has been downgraded three notches. — Daniel Hannan

There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans. — Michael Hudson

Sharecropping is the dirty little secret at the root of America's wealth - along with slavery itself. The immense profits generated by the industrious yet impoverished Black "sharecroppers" and "tenant farmers" financed Europe's and America's Industrial Revolution, including the building of their railroads, factories, mills, and their entire infrastructure. It is truthfully asserted that the major cities of America and the Western world were "built with bricks of cotton." Today the debt traps designed to ensnare the working poor and middle class in a lifelong cycle of debt - the high-cost installment loans that charge usurious interest rates of 100% or more, the "payday" loans that charge 400% interest, the extortionate credit card multi-charges, the subprime mortgages with ballooning interest rates, and the home equity loan swindles - are the bastard children of the sharecropping American South. It — Reclamation Project

Just looking at her mother made Cami think about how having another mouth to feed in the house would be a huge burden. She was working her butt off at two jobs already as a registered nurse and a waitress. With a mortgage payment, student loan debt, credit card debt, and loads of other bills that she once did not think about twice, her mother was forced to work longer hours after her now ex-husband abandoned his family for another woman. — Valenciya Lyons

Americanesia Expressaphobia, n 1. Financial affliction, first diagnosed in late twentieth century, where the sufferer forgets the amount charged on a credit card but is terribly afraid that it's way too much. Closely related to Visago, n, where a high level of debt prompts feelings of nausea and dizziness. — Gary Belsky

A year earlier, no company had been accorded more faith than Enron; by late November, none was trusted less. And so, a gasping gurgle, a desperate SOS: Enron, the emblem of free markets, the champion of deregulation, reached into its depleted treasury and forked over $100,000 to each of the major political parties' campaign war chests. Then, it shuttered its online trading unit - its erstwhile gem. On November 28, Standard & Poor's downgraded Enron to junk-bond level - which triggered provisions in Enron's debt requiring it to immediately repay billions of its obligations. This it could not do. Its stock was seventy cents and falling, and, now, no gatekeepers and no credit remained. Accordingly, in the first week of December, Enron, the archetype of shareholder value, availed itself of the time-honored protection for those who have lost their credit: bankruptcy. — Roger Lowenstein

A credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. For instance, you might pay $200,000 a year to buy a ten-year credit default swap on $100 million in General Electric bonds. The most you could lose was $2 million: $200,000 a year for ten years. The most you could make was $100 million, if General Electric defaulted on its debt any time in the next ten years and bondholders recovered nothing. It was a zero-sum bet: If you made $100 million, the guy who had sold you the credit default swap lost $100 million. It was also an asymmetric bet, like laying down money on a number in roulette. The most you could lose were the chips you put on the table; but if your number came up you made thirty, forty, even fifty times your money. — Michael Lewis

Enormous forces are affecting the world, and we can't possibly overestimate their importance. These include demographic developments, climate change, digitalization and the rise of Asia. And then there's the most important one: the end of a life lived on credit. We must finally free ourselves from debt. — Paul Achleitner

It wasn't until I stood in my truth and told everybody that I had $250,000 in credit card debt. At that point, everything turned around for me. I had to reveal the truth about what I didn't have, more than pretend about what I did. That was interesting. — Suze Orman

We're helping the consumer. Because we're taking him out of his high interest rate credit card debt and putting him into lower interest rate mortgage debt. — Michael Lewis

If you do not have at least an eight-month emergency fund, and you think there's a probability you could loose your job - and it's not just losing your job; you could be in a car accident, get sick - continue to pay the minimum on your credit card every month. Everything beyond that needs to go to establish an emergency fund. And if you have an emergency fund saved, then fund your retirement account before paying down credit card debt. — Suze Orman

But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all. — Suze Orman

Big banks churn out page after page of incomprehensible fine print to obscure the cost and risks of checking accounts, credit cards, mortgages and other financial products. The result is that consumers can't make direct product comparisons, markets aren't competitive, and costs are higher. If the playing field is leveled and the broken market fixed, a lot more money will stay in the pockets of millions of hard-working families. That's real stimulus - money to families, without increasing our national debt. — Elizabeth Warren

Britain is a textbook case of how growing inequality leads to economic crisis. The years before the crash were marked by a sharp rise in remortgaging and the growth of 0 percent balance transfer credit cards. By 2008 the UK had the highest ratio of household debt to GDP of any major economy. — Frances O'Grady

As borrowers, we may feel guilty about running up debt, anxious about making payments, and resentful of the constraints that old obligations (and old credit records) impose on our current choices. We may find it too easy to buy things we may later regret. — Virginia Postrel

By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts. — Jean Chatzky

If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt. — Suze Orman

Face the fact that there's only one sure-fire way to erase credit card debt. By picking up a big, shiny pair of scissors and cutting your wife in half. — Bill Maher

Too many people are buying things they can't afford, with money that they don't have ... to impress people that they don't like!"
Nothing to do w/ "books"
Just like the quote! — Will Smith

[Young people] can't do much with [student debt] other than try to figure out how to pay it down. They can't take jobs they want. They can't get the credit they would like to start a business. So we're going to refinance it, we're going move people into income-contingent repayment plans, we're going to have a date certain when their obligations end, and I'm not going to let the government harass kids. — Hillary Clinton

Love's an illusion. It's a dream you wake up from with an enormous hangover and net credit debt. I'd rather have cash. — Janet Fitch

If you don't have the money management skills yet, using a debit card will ensure you don't overspend and rack up debt on a credit card. — T. Harv Eker

There's also consumer debt, the credit card debt that burdens many of the working families in America. Yes, we talk about national debt, and we're paying a lot down. But you're fixing to hear me tell you part of the remedy for people who have got a lot of credit card debt is to make sure people get some of their own money back. — George W. Bush

I took a sheet of paper, divided it into debt and credit columns on the arguments for and against God and immortality. On Christmas Eve I wrote 'bankrupt' at the foot. And it was on Christmas morning 1895, after I had celebrated three Masses, while the bells of the parish church were ringing out the Christmas message of peace, that, with great pain, I found myself far out from the familiar land
homeless, aimlessly drifting. But the bells were right after all; from that hour on I have been wholly free from the nightmare of doubt that had lain on me for ten years. — Joseph McCabe

Stupid to keep cash, there was no reason for it other than his dislike of credit cards and checks and stocks and instruments of transfer, all the tempting chains that tied people to America's overwhelming and ultimately destructive debt-and-spend machine. But the cash might be his salvation. Cash could be replaced. The notebooks, over a hundred and fifty of them, could not. — Stephen King

When you take a look at the problems our country is facing, debt is No. 1. The math is downright scary and the credit markets aren't going to keep on giving us cheap rates. — Paul Ryan

What this means is that the entire business model for something like Chase's credit card business is not much more than a gigantic welfare fraud scheme. These companies borrow hundreds of billions of dollars from the Fed at rock-bottom rates, then turn around and lend it out to the world at 5, 10, 15, 20 percent, as credit cards and mortgages, boat loans and aircraft loans, and so on. If you pay it back, great, it's a 500 percent or 1,000 percent or 4,000 percent profit for the bank. If you don't pay it back, the company can put your name in the hopper to be sued. A $5,000 debt on a credit card for the now-defunct Circuit City, which was actually a Chase card, became a $13,000 or $14,000 debt by the time the bank finished applying fees and penalties. Just like a welfare application, you have to read the fine print. "They make more on lawsuits than they make on credit interest," says Linda. — Matt Taibbi

He economy favors throughput over quality and craftsmanship, and economists are terrified because the American savings rate has crept upward from about zero to almost five percent. But the mortgage crisis and the burgeoning credit card crisis are causing Americans to become wary of irresponsible debt. — Denis Hayes

The combination of these two trends - declining real wages and inflated asset prices - led the American middle class to use debt as a substitute of income. People lacked adequate earnings but felt wealthier. A generation of Americans grew accustomed to borrowing against their homes to finance consumption, and banks were more than happy to be their enablers. In my generation, second mortgages were considered highly risky for homeowners. The financial industry re-branded them as home equity loans, and they became ubiquitous. Third mortgages, even riskier, were marketed as 'home equity lines of credit. — Robert Kuttner

Our government is deeply disordered; its credit is impaired; its debt increasing; its expenditures extravagant and wasteful; its disbursements without efficient accountability; and its taxes (for duties are but taxes) enormous, unequal, and oppressive to the great producing classes of the country. — John C. Calhoun

The debt we owe our parents can never be squared, and jolly good too, because doing so would threaten to nullify all relationship, all emotional commerce between the two generations. Being in debt, just like being in credit, means an active interest applies between the two parties and, once the debt is taken care of, the interest is bound to wane. — Robert Rowland Smith

You work for the bank. After taxes, your next largest expense is usually your mortgage and credit card debt. — Robert T. Kiyosaki

Make this the year you tackle that credit card debt once and for all. — Suze Orman

Corrupt influence is itself the perennial spring of all prodigality, and of all disorder; it loads us more than millions of debt; takes away vigor from our arms, wisdom from our councils, and every shadow of authority and credit from the most venerable parts of our constitution. — Edmund Burke

He was talking about hire purchase. precredit cards. A different way of getting the poor into debt, but I think he was right. It was nice when ordinary people could take a holiday in Spain, of course, but easy credit is what started the cultural rot. Tourism depends on lots of people everywhere with loads of disposable wealth, which means all kinds of changes through a place a cultivates it. The real, messy, informative past disappears to be overlaid with bad fiction, with simplified folklore, easy answers. Memory needs to remain complex, debatable. Without those qualities it is mere nostalgic sentimentality. Commodified identity. Souls bough and sold. — Michael Moorcock

When Steve Eisman stumbled into this new, rapidly growing industry of specialty finance, the mortgage bond was about to be put to a new use: making loans that did not qualify for government guarantees. The purpose was to extend credit to less and less creditworthy homeowners, not so that they might buy a house but so that they could cash out whatever equity they had in the house they already owned. — Michael Lewis

Debt is a drag, a reality you may experience with every credit-card bill you open. But for a corporation or a government, it can be even more of a drag - on economic growth and job creation. — Mark McKinnon

Cruelty links all three primitives [pleasure, pain, and desire]: Spinoza defines it as the desire to inflict pain on someone we love or pity. Financial speaking, cruelty is analogous to a convertible bond whose debt and equity depend on three economic underliers: the stock price, the level of interest rates, and the credit worthiness of the company's debt. — Emanuel Derman

The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases. — Suze Orman

Debt is so ingrained into our culture that most Americans cannot even envision a car without a payment, a house without a mortgage, a student without a loan, and credit without a card. We — Dave Ramsey

In January we start saving money, getting out of credit card debt, funding our retirement accounts, and we're doing wonderful. Then, every single year like clockwork, starting in November, all of you fall into this trap that says, 'I have to buy this gift ... I can't show up at this party and not have something for everybody.' — Suze Orman

That took the view that every misbehavior, every cruelty perpetuated by one kid on another should be let slide in the name of letting kids be kids? (Let them be kids, really let them, and you will end up with a tribe of bulimic eugenicists with huge amounts of credit card debt.) — Karl Taro Greenfeld

No other facet of American business is more corrupt, more intoxicated with illegality, more weakly regulated, and has a greater impact on poor and working people than debt collectors; not credit card companies or subprime mortgages, not even payday lenders. — Gary Weiss

Income tax rules also made borrowing against a home's equity attractive. Because mortgage interest payments can be deducted for income tax purposes, the interest paid on home equity loans could also be deducted, although interest on credit card debt or other debt was not deductible. Therefore it often paid anyone with any other kind of debt to pay off that debt with a home equity loan, whose interest would be deductible for income tax purposes. More and more people began to do this during the housing boom. In 2003, home equity loans totaled $593 billion. Such loans soared during the housing boom, nearly doubling to $1.13 trillion in 2007. — Thomas Sowell

The baby boomers owe a big debt of gratitude to the parents and grandparents - who we haven't given enough credit to anyway - for giving us another generation. — Steven Spielberg

Congratulations on your job at the bank! Yes. You work for the bank. After taxes, your largest expense is your mortgage and credit-card debt. — Robert Kiyosaki

God sent the Egyptians ten plagues that became increasingly harder, one after the other, starting with blood, and ending with the death of the first born. Similarly, debt sometimes starts with charging just a couple of extra dollars to our credit cards when we want something we can't afford to pay cash for. Before long, it might turn into a second mortgage on our house. Debt can kill our future and take our house with it. — Celso Cukierkorn

I'm not a fan of debt consolidation. In my experience, many people "clear" credit cards and other debt to get the one payment and never change what they need to change to prevent getting into debt again. — Michelle Singletary

In the new American ghetto, the nightmare engine is bubble economics, a kind of high-tech casino scam that kills neighborhoods just like dope does, only the product is credit, not crack or heroin. It concentrates the money of the population in just a few hands with brutal efficiency, just like narco-business, and just as in narco-business the product itself, debt, steadily demoralizes the customer to the point where he's unable to prevent himself from being continually dominated. — Matt Taibbi

We can recognize and give credit where credit is due, to the debt of taste we owe Europe, but we have taste, too. — Billy Baldwin

Credit and debt keep us fixated on the past and the future. — Mark Sundeen

Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down. — Suze Orman

She planted that terror of debt so deeply in her children that even now, in a changed economic pattern where indebtedness is a part of living, I become restless when a bill is two days overdue. Olive never accepted the time-payment plan when it became popular. A thing bought on time was a thing you did not own and for which you were in debt. She saved for things she wanted, and this meant that the neighbours had new gadgets as much as two years before we did. — John Steinbeck

It is of the greatest consequence that the debt should ... be remoulded into such a shape as will bring the expenditure of the nation to a level with its income. Till this shall be accomplished, the finances of the United States will never wear proper countenance. Arrears of interest, continually accruing, will be as continual a monument, either of inability, or of ill faith and will not cease to have an evil influence on public credit. — Alexander Hamilton

The church is often called a killjoy for protesting against sexual license. But the real killing of joy comes with the grabbing of pleasure. As with credit card usage. the price tag is hidden at the start, but the physical and emotional debt incurred will take a long time to pay off. — N. T. Wright

The perils of credit and debt, especially perilous in the computer age, have long been acknowledged in pop culture, but very infrequently by TV. — Tom Shales

Today, people are having to spend so much of their money, to acquire a house and to get an education that they don't have enough to spend on goods and services, except by running into yet more debt on their credit cards and other borrowings. — Michael Hudson

Debt is always negative, no matter how positively you try to look at it. The "minus" sign in front of your bank balance is a dead giveaway, despite what you might think about leveraging or whatever. It's even worse when it's a credit card or a student loan, and you can't even remember what you've bought or learned with it. Sure, the minimum repayments will eventually cancel it out, but by that time you will most likely have dentures and be peeing anywhere you damn well please. — Ana Spoke

As a very important source of strength and security, cherish public credit. — George Washington

Environmental concern is a little like dieting or paying off credit-card debt - an episodically terrific idea that burns brightly and then seems to fade when we realize there's a reason we need to diet or pay down our debt. The reason is that it's really, really hard, and too many of us in too many spheres of life choose the easy over the hard. — Jon Meacham

They all attended Hester's church, which Dellarobia viewed as a complicated pyramid scheme of moral debt and credit resting ultimately on the shoulders of the Lord, but rife with middle managers. — Barbara Kingsolver

The town slowly wakes up around him with its foreign-made cars and its statistics and credit card debt and all its other crap. — Fredrik Backman

The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt. — David Malpass

The problem is that the way [President] Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents - number 43 added $4 trillion dollars by his lonesome - so that we now have over $9 trillion dollars of debt that we are going to have to pay back. [That's] $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic. — Barack Obama

If you fail to pay your minimums for any debt on time, your credit score will take a major hit and you run the risk of seeing the interest rate on all of your cards go up. An easy way to remind yourself to pay, is to sign up to receive your statements via e-mail. — Alexa Von Tobel

Number 198 was wonderful too. Blake had watched a good-looking and ridiculously pretentious guy hit on Livia. The fancy man dropped expensive name after name as he showed her all his accessories. When he finally pulled out his wallet to show her a "highly desirable luxury credit card" Livia had rolled her eyes in Blake's direction with smile number 198. He'd had to swallow a snicker when he heard her tell the fancy man she was debt free and didn't even have credit cards.
Blake knew that was a lie because he'd seen her pay for tickets with a card at the train station. That made number 198 a secret joke between just the two of them. — Debra Anastasia

Too many land users and too many conservationists seem to have accepted the doctrine that the availability of goods is determined by the availability of cash, or credit, and by the market. In other words, they have accepted the idea always implicit in the arguments of the land-exploiting corporations: that there can be, and that there is, a safe disconnection between economy and ecology, between human domesticity and the wild world. Industrializing farmers have too readily assumed that the nature of their land could safely be subordinated to the capability of their technology, and that conservation could safely be left to conservationists. Conservationists have too readily assumed that the integrity of the natural world could be preserved mainly by preserving tracts of wilderness, and that the nature and nurture of the economic landscapes could safely be left to agribusiness, the timber industry, debt-ridden farmers and ranchers, and migrant laborers. To — Wendell Berry

No true friendship takes account of credit and debt. It gives freely, without thought of compensation or reward. — Una McCormack

High bankruptcy rates, increased credit card debt, and identity theft make it imperative that all of us take an active role in providing financial and economic education during all stages of one's life. — Ruben Hinojosa

We feel led to caution ... against forming the bad habit of incurring debt and taking upon themselves obligations which frequently burden them heavier than they can bear, and lead to the loss of their homes and other possessions. We know it is the fashion of the age to use credit to the utmost limit ... We, therefore, repeat our counsel ... to shun debt. Be content with moderate gains, and be not misled by illusory hopes of acquiring wealth ... Let our children also be taught habits of economy, and not to indulge in tastes which they cannot gratify without running into debt. — Wilford Woodruff

It is the people who constitute the basis of Government credit. Why then cannot the people have benefit of their own gilt-edge credit by receiving non-interest bearing currency-instead of bankers receiving the benefit of the people's credit in interest-bearing bonds. If the United States Government will adopt this policy of increasing its national wealth without contributing to the interest collector-for the whole national debt is made up on interest charges-then you will see an era of progress and prosperity in this country such as could never have come otherwise. — Thomas A. Edison

The difference between the past and the present is that individual freedom and security no longer fall to be protected solely through the D vehicle of common-law maxims and presumptions which may be altered or repealed by statute, but are now protected by entrenched constitutional provisions which neither the Legislature nor the Executive may abridge. It would accordingly be improper for us to hold constitutional a system which, as Sachs J has noted, confers on creditors the power to consign the person of an impecunious debtor to prison at will and without the interposition at the crucial time of a judicial officer. — Pius Langa