Living beyond one's mens has become a way of life in America, one in which the status quo would seem to suggest everyone needs to have a new car (and car payment), high speed Internet access, cable television, and the latest smart phone. Those who cannot pay cash for these luxuries charge them on credit cards with astronomical interest rates, rendering repayment of the debt nearly impossible. People who have substantial consumer debt have made themselves slaves for a few trivial comforts, trophies, or novelties. Some simply try to walk away from the debt they racked up, declaring bankruptcy and leaving their bills unpaid after having already enjoyed the pleasures they never paid for. Others pay debt using borrowed money, digging the hole yet deeper. Certainly, debt is nothing anyone wants, but it is often necessary; few people, for example, have enough cash to purchase a house (though it's a great idea). What is your opinion of debt? What is acceptable debt, if there is such a thing, and what makes it acceptable? When is it OK to borrow money? When is borrowing money a poor idea? As the new writer for your local newspaper's advice column, address the question of when it is wise to incur debt. Create at least one example situation to support your argument. Be sure that you take a position on when, or if, there is a good time to borrow money.
Living beyond one's mens has become a way of life in America, one in which the status quo would seem to suggest everyone needs to have a new car (and car payment), high speed Internet access, cable television, and the latest smart phone. Those who cannot pay cash for these luxuries charge them on credit cards with astronomical interest rates, rendering repayment of the debt nearly impossible. People who have substantial consumer debt have made themselves slaves for a few trivial comforts, trophies, or novelties. Some simply try to walk away from the debt they racked up, declaring bankruptcy and leaving their bills unpaid after having already enjoyed the pleasures they never paid for. Others pay debt using borrowed money, digging the hole yet deeper. Certainly, debt is nothing anyone wants, but it is often necessary; few people, for example, have enough cash to purchase a house (though it's a great idea). What is your opinion of debt? What is acceptable debt, if there is such a thing, and what makes it acceptable? When is it OK to borrow money? When is borrowing money a poor idea? As the new writer for your local newspaper's advice column, address the question of when it is wise to incur debt. Create at least one example situation to support your argument. Be sure that you take a position on when, or if, there is a good time to borrow money.
Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter5: Probability: An Introduction To Modeling Uncertainty
Section: Chapter Questions
Problem 6P: More than 40 million Americans are estimated to have at least one outstanding student loan to help...
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Transcribed Image Text:Living beyond one's mes has become a way of life in America,
one in which the status quo would seem to suggest everyone needs to
have a new car (and car payment), high speed Internet access, cable
television, and the latest smart phone. Those who cannot pay cash for
these luxuries charge them on credit cards with astronomical interest
rates, rendering repayment of the debt nearly impossible.
People who have substantial consumer debt have made themselves
slaves for a few trivial comforts, trophies, or novelties. Some simply
try to walk away from the debt they racked up, declaring bankruptcy
and leaving their bills unpaid after having already enjoyed the
pleasures they never paid for. Others pay debt using borrowed
money, digging the hole yet deeper.
Certainly, debt is nothing anyone wants, but it is often necessary;
few people, for example, have enough cash to purchase a house
(though it's a great idea). What is your opinion of debt? What
is acceptable debt, if there is such a thing, and what makes it
acceptable? When is it OK to borrow money? When is borrowing
money a poor idea?
As the new writer for your local newspaper's advice column,
address the question of when it is wise to incur debt. Create at least
one example situation to support your argument. Be sure that you
take a position on when, or if, there is a good time to borrow money.
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