Solution to Delinquent Credit Card Debt, by Sophia Garcia

 

 

Golden Financial Services offers an annual scholarship for students. To win the scholarship; the student must submit a video, image or essay on their — proposed solution to delinquent credit card debt in America. The public and a panel of judges at Golden Financial Services will then have — 60 days — to vote for the winner. The student with the most votes wins!

The Essay, by Sophia Elena Garcia:

The accumulation of debt is a problem for many Americans as they continue to try to keep up with the rapid, materialistic pace and mindset.  The desire to buy more useless stuff seems to be an epidemic that plagues our Society.  The first step to reverse this downward spiral is to change the rhetoric that is constantly broadcast in the media, in schools, and through social interactions.  People need to start taking a stand that enough is enough and too much is simply too much!  If you can’t afford it, don’t buy it but instead live within your means.  There seems to be a trend in this direction with the “Tiny House” popularity and folks wanting a simpler lifestyle.

The reduction in credit card debt can only start with a person’s intentional effort to buy less stuff.  One could then start to chip away at paying off old debts each month and start to achieve credit relief.  It’s difficult to imagine how or why companies would offer incentives to buy less in this Capitalist Society.  Also, the ever-thriving economy depends on consumers to buy more stuff to satisfy one’s soul.

There needs to be a spiritual awaking, that encourages everyone to seek out happiness with meaningful relationships, meditation, walks in the park or other creative activities.  On an individual level, a person could seek out free activities and adventures to help reduce credit card debt.

Some other options to reduce debt could focus on the act of giving to reduce your debt.  If one could document and prove that they provided charitable contributions to persons in need, credit card companies could reduce a person’s credit card debt by a percentage of the value of the gifted property.

Credit card companies could also consider reducing ones balance by a percentage if they start to pay the minimum amount due on-time for 3 consecutive months.  Incentives could also include a reduction in the debt owed if a person attends credit counseling and pays the minimum amount due for 3 consecutive months.

Student Loan balances or credit card debt could also be reduced if a person volunteers in the community a minimum number of hours each week or pursues a career in education or a social service profession that helps lower income families.

In summary, I see the path to reducing credit card debt is through educating and motivating individuals of the importance of living within one’s means.  Also, to encourage a life focused on service and giving back to others in the community rather than chasing an empty unfulfilling dream of acquiring more material possessions.

 

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