Barack Goes to College

Posted by: Meredith K. | Jan 18,2008


This is cool.  This is what Barack Obama says about his own college debt problems:

“Obama told the gathering that he no longer had credit card debt, but that was not always the case. "Five years ago, before I had spoken at the convention, before my book sales took off, etc., we were in same situation," he said.

"My wife and I borrowed to go to college and law school because we don't come from wealthy families. When I got out of law school and we got married, our combined student loan debt was higher than our mortgage," Obama said. "And so it took us 10 years to pay that off, which meant that we couldn't save."

You don’t really think about a mainstream politician having problems with money.  I figured they were all millionaires.  How else could they take the time off to raise money and campaign.  I guess this is just further evidence that college credit card debt and student loans hit everybody.  Issues regarding credit card debt are reaching critical mass.  It’s now becoming a topic that no one can ignore.  With every new article about the credit crisis, we see more coverage like the quote above, showing how so many average consumers are suffering.  

Whatever administration comes in next year, it seems the mainstream dialog is very pro-consumer.  Bush’s stimulus package revealed today is basically a Democratic plan – helping out low and middle income consumers.  Even if a Republican gets elected next year, the zeitgeist is calling out for major reforms in how the credit industry works, which is good news for anyone suffering from high debt and high rates, such as today’s college grads.  

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