On Friday’s episode of The Ellen Show, DeGeneres read a letter from Muslim refugee Ekhlas Ahmed, who shared her story of coming to the U.S. unable to learn English and eventually learning the language by watching DeGeneres’ daytime show and transcribing everything she said.
DeGeneres brought a tearful Ahmed, who is now a graduate student, activist and high school English teacher, onto the stage to speak with her after reading the letter Ahmed wrote to her. Read more. (2/18/17, 1:53 PM)
Twenty-seven-year-old Omaha, Nebraska, resident Erin Duffy has never had – or even wanted – a credit card.
“I’ve been able to get along without it,” she says, attributing the choice to ambivalence and a wariness of plastic her parents fostered in her during her formative years. “I’ve liked being able to pay for things as I go, not having to worry about missing a bill.”
Duffy’s decision to live without credit cards is more common than you may think. A whopping 63 percent of millennials (ages 18 to 29) don’t have a credit card, according to a survey commissioned by Bankrate and compiled by Princeton Survey Research Associates International.
Comparatively, only 35 percent of adults 30 and over don’t have credit cards.
There are, admittedly, external factors influencing the statistics. An April 2014 Gallup poll found Americans’ reliance on credit cards, in general, has declined steadily since the Great Recession. Moreover, the Credit Card Accountability, Responsibility and Disclosure Act of 2009, or CARD Act, made it harder for anyone under 21 to get a credit card.
There’s also a more straightforward reason why a majority of millennials aren’t carrying the payment method: Many, like Duffy, just don’t want credit cards.
“I don’t really feel like there’s a need for one in the way I live my life,” says Melissa Pileiro, a 24-year-old resident of Vineland, New Jersey. “The idea with a credit card is you’re essentially putting money down that you don’t have.”
Like many members of her demographic, Pileiro is perfectly content with her debit card, a payment method whose existence has eaten into the credit card’s market share.
Millennials “grew up in a world where the economy was tanking,” says David Pommerehn, senior counsel with the Consumer Bankers Association. “There was great concern about jobs and debts and paying off bills.”
I bought 25 shares of Rexahn Pharmaceuticals Inc (RNN) at $.407 a share.
I bought 5 shares of Apricus Biosciences Inc (APRI) at $1.54 a share.
I know it’s small, but it’s my start and I’m not much of a gambler… yet. I intend on buying and selling often for a profit until I feel confident enough to invest in bigger stocks with high yield dividends.
Int the “company towns” of old days, workers bought the tools and goods they needed on credit, then were trapped indefinitely working to pay off their debts. Today this story outrages people-but what if the same scam were perpetrated by a class rather than a single corporation? Student loans ensnare young workers more effectively than any general store could have. Likewise, the only difference between debt and old fashioned indentured servitude is that now the servitude is owed to the economy in general rather than a particular individual or institution.
If we look at debt as a form of obligation, it starts to sound suspiciously familiar. Some are born with little, and can only get what they need on the condition that they pledge themselves to service; others start out with plenty and are so generous as to loan some of it out to the needy in return for this pledge. This is simply a new incarnation of the duty the poor have owed the rich since feudal times, updated to appear voluntary.
Senator Elizabeth Warren had some fighting words for the graduates at the University of Massachusetts to whom she delivered a commencement speech Friday. They were almost literally: fight Donald Trump and every other elected official not currently working to alleviate the student debt crisis.
“As a practical matter, how much you owe and who has access [to education], is set, in part, by a handful of people who, in a democracy, are supposed to answer directly to you,” Warren said in her speech, according to CNN. Read more. (5/12/17, 10:34 PM)
The goal of capitalism isn’t to set people free. The goal is to profit, as steadily as possible, off their continued neediness.
I struggle when I hear certain people decrying the poor for being ‘needy’ and appearing helpless. For what has capitalism created over the centuries, if not a system that provokes need, binds people to corporate offerings, and does its best to ensure they can never really get out from under the crushing burden of debt we saddle them with in exchange for 'allowing’ them to work for the capitalist system?
The absolute 'worst’ outcome in a capitalistic enterprise is to create something that enables people to become more self-sufficient. By fostering self-sufficiency, the business undermines its ability to continue to harvest money off its dependents.
What does former President Barack Obama, Kerry Washington and Jon Hamm all have in common? They struggled with student loans for years into their professional lives. If you have debt, you’re not alone.