No. 118 (essentialsaltes) wrote,
No. 118
essentialsaltes

Why do people put things they can't afford on their credit cards?

"Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments. Instead, CABs allow districts to defer payments well into the future — by which time lots of interest has accrued.

Perhaps the best example of the CAB issue is suburban San Diego's Poway Unified School District, which borrowed a little more than $100 million. But 'debt service will be almost $1 billion,' Lockyer says."
Tags: california, math, money, politics
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