Lessons Learned From U.S. Presidents With Debt Problems

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InCharge Debt Solutions

Feb 14, 2012, 02:39 ET

Celebrate this Presidents Day by following the example of some of our nation's leaders who overcame their debt problems

ORLANDO, Fla., Feb. 14, 2012 /PRNewswire-USNewswire/ -- Americans with debt problems should celebrate this Presidents Day by learning from the examples of some of our nation's leaders who overcame their own financial problems.  Don't resign yourself to live with debt, find financial freedom. If Abraham Lincoln and Harry Truman can do it, so can you!

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Many Americans are surprised to learn that Abraham Lincoln declared bankruptcy as a young lawyer. True to his moniker, "Honest Abe" spent over two decades repaying the debts he owed. "Today's consumers, regardless of type of debt, have more options," says InCharge Debt Solutions President Etta Money. "Consumers can work with a nonprofit credit counseling agency to repay their debts in three to five years, participate in free foreclosure prevention and home pre-purchase counseling programs, as well as to take the required bankruptcy pre-file and pre-discharge courses if they are filing for bankruptcy as did our sixteenth president."

Our nation's thirty-third president, Harry S. Truman, also faced overwhelming personal debt when his clothing store failed during the recession of the early 1920s. Truman spent eleven years repaying his debts, all the while living frugally, meticulously recording his expenses for groceries, bus tickets, and gasoline. "Tracking your expenses is the first step to creating a sustainable budget," adds Karen Carlson, Director of Education and Creative Programs at InCharge. "Consumers in debt need to fully understand where their money is going so they can determine where spending cuts can be made. In the long run, these habits build lasting financial stability."

A quote on financial literacy from John Adams, our second president, is as relevant today as it was 200 years ago: "All of the perplexities, confusion, and distress in America arises, not from the defects of the Constitution or Confederation… so much as from downright ignorance of the nature of coin, credit, and circulation."  To this point, InCharge offers a wide range of financial literacy material on its website free of charge, including financial video games for all ages.

Other U.S. Presidents that overcame debt problems include:

  • William McKinley declared bankruptcy during his service as governor of Ohio, and he was elected U.S. President only three years later.
  • President Ulysses S. Grant made some terrible investments in businesses and it took money from the publication of his memoirs to solve his debt problems.
  • Among the most famous cases of U.S. presidents in debt is Thomas Jefferson who owed more than $100,000 at the time of his death, that's more than $2 million in today's dollars.

InCharge Debt Solutions, a 501(c)(3) nonprofit organization, provides free bankruptcy counseling, credit counseling, and housing counseling services to consumers and servicemembers in need of financial literacy education, money management guidance, and help finding the right debt solution for their specific situation.

For more information, contact InCharge Debt Solutions:

About InCharge® Debt Solutions
InCharge® Debt Solutions is a 501(c)(3) non-profit organization specializing in personal finance education, housing counseling, bankruptcy services, and credit counseling. Founded in 1997, InCharge interacted with over 1.1 million consumers in 2011 alone.  InCharge is affiliated with InCharge® Education Foundation, Inc. (ICEF) which is dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America.  ICEF also provides financial literacy training to servicemembers and their families through MilitaryMoney.com.  InCharge is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA). 

Contact: Media Relations
InCharge® Debt Solutions
(407) 532-5599
[email protected]

SOURCE InCharge Debt Solutions

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