nytimes.com
www.nytimes.com

A new study suggests that distressed borrowers using a simpler bankruptcy process are succeeding — and that more people like them should try.

The process which enables this was introduced during the Biden administration.

    • Ensign_Crab@lemmy.worldEnglish
      2·
      6 hours ago

      I think that people whose reaction to debt being dischargeable by bankruptcy is republican talking points are republicans.

      • TubularTittyFrog@lemmy.world
        24·
        3 hours ago

        and republicans are always wrong and bad right? and democrats are what… always good and right?

        you realize economics doesn’t care about your political affiliation?

        debts don’t magically go away. someone has to pay the piper. you are just saying you’d rather pay it off via your taxes and increased interest rates, than have the debt holders pay it off. you are simple shifting the burden from the individual debt holder to everyone else. I’m glad you are willing to pay off other people’s debts for them, but many people don’t agree with that mentality and that doesn’t make them bad people or republicans.

        I’m a socialist democrat myself. but i still believe in personal responsibility and incentives. debt dischargement doesn’t create positive incentives. a huge chunk of people who get their debt discharged will go right back and pile it up again. and most with massive debt loads… would have never had them in the first place had they bad better financial choices, like paying back their debt ASAP rather than letting it grow for years.

        • daannii@lemmy.worldEnglish
          2·
          2 hours ago

          But society personally and directly benefits from people who are scholars and scientists.

          If it wasn’t for people like me, willing to do the work and take on the debt, many of the best qualities of our lives would cease to exist.

          Do people like me , deserve to be burdened by insane debt the rest of our lives for trying to improve our country.

          Many other thriving nations realize that investing in their own citizens pays dividends.

          Higher education is free or heavily subsidized by their governments.

          But Americans would rather punish anyone trying to rise out of poverty by educating themselves.

          The American individuality mindset is , : “I shouldn’t have to pay any of my taxes to help others , even though helping them also helps me”.

          • Also you sure don’t sound socialist.

          Socialist would be in support of free education.

          • TubularTittyFrog@lemmy.world
            11·
            1 hour ago

            What society? Much of society does not benefit from any of that, and most of the part of society that does is the rich part. Hence why many people are totally on board with defunding educational institutions to which they would never have any access anyway.

            I support free education, but my country doesn’t. I prefer the Canada/European model of education, but the USA doesn’t agree. We have a fundamentally different education system from start to finish and their model tracks students from an early age in a way the USA system does not. in Europe I would have never even been allowed to apply to university… in american I was able to go to an ivy league school on a 80% scholarship from a lower income community.

            USA has a fundamentally different culture around education, which is more more deeply rooted than just the economics and politics of it all. Spend most of my life being harassed and maligned for being pro-learning and pro-scholarship. Hell here on lemmy having any scholarly neutrality towards the issues and topics being discussed gets you harassed and threatened, because it’s politics uber alles and and facts in and inconvenient truths that scholarship shows us get in the way of true belief.

            Anyway, i have been through the american edu system. I did pretty well, and I paid back my debts. I didn’t regard it as horrible, undue, or terrible. I simple lived lean and prioritized it an got it done. Alas many people I have met don’t do this, and carry around their debt actively refusing to pay it back or piling it up. I’ve had girlfriends who told me it was my ‘duty’ to pay off their debt too, because you know, sexism and all that.

            My taxes already help people. But I’m not really sure someone getting 150K of debt relief so they can teach elementary school for 40K a year is really a burden I should be paying. There are plenty of pathways to teaching that don’t require that massive amount of debt to be taken on. It’s not about punishment man, it’s about us collectively paying for other people’s stupid and selfish decisions.

            Europe also has a totally different attitude towards medical care. One of the biggest issues with the USA system is that… we are so actively unhealthy. Americans choose unhealth and then blame society for their poor habits. Should we tax people based on how overweight they are? because that would actaully be a far and equitable way of distributing medical costs.

            I’m a socialist who understands that socialism isn’t some free magical cure all to problems. It’s just a shifting of the burden and without providing the correct incentive structure it doesn’t really benefit anyone and punishes everyone.