Is Getting out of Debt the New American Dream?

Organizers with Strike Debt appear on the MSNBC program, Up With Chris Hayes, to talk about the “People’s Bailout” / “Rolling Jubilee” and suggest that today’s American Dream may be to get out of debt — to finally pay off the student loans, the mortgage, or credit card bill.

Read more and view a slide show of the event on the Bill Moyers & Co. page: “The People Bail Out the People”

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3 responses to “Is Getting out of Debt the New American Dream?

  1. I think getting out of debt is the new American Dream because you cannot possibly obtain your American Dream if you are in debt. Being in debt and not making payments on time lowers your credit score which will effect your receiving approval for a mortgage as well as car loans etc.This means you cant buy the house you want or the new car you’ve been eying. With interest rates at an overwhelming high some as high as 30% it becomes nearly impossible to pay off credit card bills and student loans especially if you can’t find a good paying job after the number of years you had spent in college. Debt can completely take over a persons life and i think that people’s dreams of a perfect life have been put on the back burner, at least until they can get the burden of debt off their shoulders.

  2. The British journalist Paul Mason (Why It’s Kicking Off Everywhere: the New Global Revolutions), who writes about today’s “graduates without a feature” says one of the defining features of our financialized economy (/neoliberalism) is how it reduces individuals to credit scores. It’s interesting to think about credit rating as an institution of *social control*…

  3. I agree that in order to get ahead and live that American dream you can’t have debt. Now a days it seems more and more people want to get out of debt, But for so many young people it is almost impossible. As a student I know that’s it isn’t easy. Debt can take such a tremendous part of your life that everything you do revolves around it. In a way you can almost never escape it. So sad but yet true. Young people especially do not seem to understand the seriousness of credit, until there in there late 20 and they wanna buy something or some kind of investment and then only then do they see the late payments, missed payments, interest haunts them. Your credit score effects your future it doesn’t just go away. In order to even have that American dream be real they will need no debt.

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