“Any medical debt is illegitimate debt.”
"Bankruptcy," says Bob Marsh, CEO of LevelEleven, one of Detroit’s new startups, “gives me hope in what’s going to happen next. For decades, those of us living here have seen mismanagement and corruption and the same pattern: a new mayor comes in with plans on how to fix things and yet they keep getting worse. A lot of people here have wanted this to happen. It’s time to take drastic measures so the city can correct itself. Someone’s finally willing to take a pivot here.”
Here’s why filing for bankruptcy may actually signify a positive turning point for Detroit.
And here is more on Detroit:
“I think one of the things that most 21-year-old people should do is to recognize now that you can make life choices which control your expenses, and that controlling your expenses is one of the most crucial steps toward the kind of financial independence that you need in order to follow your dreams in the future. Whether it is a change of job, or an entrepreneurial dream, the less you NEED to spend each month, the easier it is to follow those dreams.”
22.6 million 18- to 34-year-olds are still living at home with mom and dad.
This campaign for Bloomberg Businessweek revolves around cards that gently nudge live-at-home millennials to get a move on.
““If you think that chipping away at the nominal debt by slashing government programs for people who earn less than 23,000 dollars is going to do a damn thing about this, then you’re delusional or ideological or both,” he tells me. “The best cure for debt is growth.” - Author Mark Blyth”