Check out Rob's new site:
Excellent analysis. . .I've been trying to make this point for over a year. Hopefully, someone will listen!
As you all know have had major medical issues, fighting with Sallie Mae, G C Services, consolidating my loan and IRS.. To tip the iceberg, my MS is advancing so I now use a cane to walk and stable myself. Plus, have had thyroid problems over last 2 years and have really been assailing my medical Dr. that there is something wrong, yep I have hyperthyroidism and have to have surgery on March 30 to remove tumors. The surgery is a delicate one and is / has some risk. My voice may be affected and I have a job that requires constantly talk to clients( yes lucky to have a job, even if I'm too hoarse to talk it depends on recovery rate or if it's permanent??? I have done battle with my congressmen, senator and reps send Roberts proposal every time they send me news letter every month.. so I'm still battling like the rest of you. I did approved for consolidated loan waiting for it to be in mail any day now for signature, but it keeping the wolf at bay and I get my income tax refund for a change. I hope all of you are well and still marching on and saying it often and loudly, I "A Slave to Sallie Mae" Forgive my loan!! Diana
Question: What is the difference between:
A teenager/student who decided to go to an expensive school and ends up with loans that are difficult to pay.
A person that buys a house at the peak of the housing bubble and then looses more 70% of the value of that home.
A car company that makes subpar cars for decades after beginning to lose market share to foreign compitition
A bank/finance company that makes bad loans and takes incredibly bad business risks.
Answer: Only the teenager/student can not file bankruptcy and walk away from the debt.
Side note: While I have heard that it was the mean mortgage companies or real estate appraisers that led the home buyers down the road to ruin, what do you think colleges and university's have done?