Financial literacy

[Shane Mage]

>----- Original Message -----
>From: Doug Henwood <dhenwood at panix.com>
>To: <lbo-talk at lists.panix.com>
>Sent: Thursday, May 16, 2002 12:48 PM
>Subject: Re: Financial literacy
>
>
>>  pms quoted:
>>
>>  >Paige and Treasury Secretary Paul O'Neill decried trends of rising
>>  >credit-card debt and bankruptcy among college students and other young
>>  >adults. O'Neill said that financial education was an essential part of
>>  >helping children and young adults prepare for the future.
>>
>>  Hey, running up the credit cards and then filing for bankruptcy is a
>>  pretty sensible strategy I'd say.
>>
>>  Doug
>
>
>Hey Doug.  I've been wondering if you're really serious about this.  If you
>wouldn't mind discussing it further, contact me off list?  Wiping out this
>debt could really tilt me towards a decent self-stuctured retirement.  Would
>it hurt?

Hi Pam:

  Went through this in '97.  It hurt not a bit, compared to the
alternatives.  Main downside-a virtually noninterest-yielding
deposit for a secured credit card, refundable only after at
least two years.  But a decent interval between maxing out
and filing is absolutely essential.  And a good bankruptcy lawyer.

Shane