Weekly Round Up – August 30, 2013

Before we get to the good reads!

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A Few Good Reads

Here are a few of my favorite reads from the past week.

1. The psychological perks of paying off debt:

Debt is a drag. Not only on your credit score, but also on your psyche. It’s a dark cloud that lurks over many corners of life, casting a shadow over your confidence, ambitions and relationships.

The stress that comes from debt “may even completely eliminate all the happiness that you can get from spending your money,” says Ryan Howell, associate professor of psychology at San Francisco State University and co-founder of Beyond the Purchase, a website that examines the psychological link between money and happiness. Open this article

2. Debt Limit to Hit Sooner Than Expected:

Treasury Secretary Jack Lew informed Congress today that the government could run out of funds as soon as the middle of October.

According to the letter, once the United States government exhausts its “extraordinary measures” the U.S. Treasury will have $50 billion in cash on hand to pay its bills. Open this article

3. Rising Debt Engulfs Colleges as Well as Students:

President Obama took aim last week at rising levels of student borrowing, but two graduate students in sociology say the real culprit for growing college debt is Wall Street.

In a report posted last week on the Web site of the Scholars Strategy Network, Charlie Eaton and Jacob Habinek, doctoral candidates at the University of California at Berkeley, assert that the expanding burden of tuition debt is “partly driven by the indebtedness universities have taken on.” Public research universities have passed along their own debt to students by raising tuition and fees by an average of 56 percent from 2002 to 2010, say the authors, who work in the branch of sociology known as financialization. Open this article

4. The debt ceiling: Is Boehner just blustering?

Uh oh. The U.S. is approaching the next debt ceiling in mid-October. Congress will have to raise the borrowing limit to avoid default, and Republican leaders are insisting yet again on spending cuts in exchange for their vote.

“I’ve made it clear that we’re not going to increase the debt limit without cuts and reforms that are greater than the increase in the debt limit,” House Speaker John Boehner said Monday at a fundraiser, according to the Idaho Statesman. “We’re going to have a whale of a fight,” he promised. Open this article

5. Debt Limit Will Hit in October:

Followers of Congress should build some flexibility into their Columbus Day travel plans.

Leadership on both sides of the Capitol said it was too early to discuss changes to the schedule, but there’s no way lawmakers would be out of town for a government default. The House and Senate are scheduled to take a regular October break the week of the Columbus Day holiday, which falls on Oct. 14. Open this article