Debt.
We've talk a bit about finances when dealing with identity theft. Now we touch upon the topic of debt.
It is a sad fact that our current way of life is so dependent upon borrowed money. The television advertises companies that make a living from giving you cash until pay day. College students are overwhelmed with a barrage of credit-card offers with a variety of incentives ranging from free food to discounts on initial purchases. Banks make profits by offering loans for cars, homes, and luxury items such as boats and vacation homes. Recent college graduates find themselves in an uncertain job market, with the added burden of repaying the loans taken to fund their education.
So let us start our discussion with college loans. In the New World, students who are deemed successful in their primary educational programs (preschool through grade thirteen) will be sent to college at the expense of the state. These students are expected to make significant contributions to society, and as such, it is only right that society pay for their education.
Once a student has successfully completed his secondary education, he will be guided into gainful employment. At this time, he will begin setting aside a certain percentage of his pay, which will accrue interest until he has sufficient money to purchase a vehicle or home. Thus three areas of debt are immediately eliminated.
An upright citizen has no need to borrow. However, it is understood that emergencies can arise. In such cases, it is permissible for a citizen to borrow funds from New World. Repayment of such loans will be deducted from the citizen's pay until such a time as the debt and all accrued interest are re-paid. If the borrower should become unemployed before the debt is re-paid, he or she will be relocated to a debtor's home, while the citizen's property and belongings are sold and the proceeds applied to the debt. If that is insufficient, the debtor will be given the opportunity to work at manual labor until the debt to society is re-paid.
In the event that a borrower dies before the debt is re-paid, New World will sell such family assets as are required to re-pay the loan. In this way, we will ensure that citizens will only borrow for items of absolute necessity. Individual responsibility is key to a peaceful and harmonious existence.
It is a sad fact that our current way of life is so dependent upon borrowed money. The television advertises companies that make a living from giving you cash until pay day. College students are overwhelmed with a barrage of credit-card offers with a variety of incentives ranging from free food to discounts on initial purchases. Banks make profits by offering loans for cars, homes, and luxury items such as boats and vacation homes. Recent college graduates find themselves in an uncertain job market, with the added burden of repaying the loans taken to fund their education.
So let us start our discussion with college loans. In the New World, students who are deemed successful in their primary educational programs (preschool through grade thirteen) will be sent to college at the expense of the state. These students are expected to make significant contributions to society, and as such, it is only right that society pay for their education.
Once a student has successfully completed his secondary education, he will be guided into gainful employment. At this time, he will begin setting aside a certain percentage of his pay, which will accrue interest until he has sufficient money to purchase a vehicle or home. Thus three areas of debt are immediately eliminated.
An upright citizen has no need to borrow. However, it is understood that emergencies can arise. In such cases, it is permissible for a citizen to borrow funds from New World. Repayment of such loans will be deducted from the citizen's pay until such a time as the debt and all accrued interest are re-paid. If the borrower should become unemployed before the debt is re-paid, he or she will be relocated to a debtor's home, while the citizen's property and belongings are sold and the proceeds applied to the debt. If that is insufficient, the debtor will be given the opportunity to work at manual labor until the debt to society is re-paid.
In the event that a borrower dies before the debt is re-paid, New World will sell such family assets as are required to re-pay the loan. In this way, we will ensure that citizens will only borrow for items of absolute necessity. Individual responsibility is key to a peaceful and harmonious existence.