Word of the Day!
by Erica Papillion-Posey
Eeeewwww! Doesn’t the word just sound dirty and tragic! THAT which is the source of most, if not all (in some cases) of our daily grind….
In keeping with this month’s focus on education, how many poor unsuspecting souls hock themselves in to student loan DEBT not knowing the extent to which they have just signed their lives away?
It starts out like a great marriage. First, there’s the honeymoon period, “You mean I get all these benefits now and I only have to sign my name- there? Well, of course I will/ do…. want the money/ you….” You walk through subsequent years with visions of promissory notes dancing in your head.
And as all good things come to an end that promise you made comes a callin’. Those four to five years pass and it quickly turns in to your greatest nightmare! This situation can become even more exacerbated if you’re a SUPER SENIOR. You know, those individuals whose dorm room has become there home address because they’ve been in school for so long. You’ve been ridin’ that gravy train. You were on EEEEEasy street. Now, you graduate or heaven forbid- you quit school and just like that marriage you say, “So what I was tired of school/you anyway. I am done!”
You’re done? WOE! Skrrrrrrr, pump your breaks! No, you’re not! You’re far from done. As a matter of governmental record whether it be students loans or alimony, you are about 20-30 years from being DONE. So think hard and fast before you get that student loan. Consider the long term consequences. Do you really need it or do you just want it? And sorry to tell but NO prenup can protect you from Uncle Sam!
That which is owed; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. Some companies and corporations use debt as a part of their overall corporate finance strategy.
A debt is created when a creditor agrees to lend a sum of assets to a debtor. In modern society, debt is usually granted with expected repayment; in most cases, plus interest.
The word DEBT comes from the French dette and ultimately Latin debere (to owe), from de habere (to have). The letter b in the word debt was reintroduced in the 17th century, possibly by Samuel Johnson in his Dictionary of 1755— several other words that had existed without a b had them reinserted at around that time.