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The moral of the TSC tale is avoid debt
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| Parent(s) |
Race
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| Contributor | Wabash |
| Last Edited | Wabash Dec 19, 2003 10:34am |
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| Category | Commentary |
| News Date | Tuesday, December 16, 2003 06:00:00 AM UTC0:0 |
| Description | Here's my story and why I've gotten involved with the Tippecanoe School Corp. remonstrance. I received my first credit card in my senior year of college. It was for gas. You couldn't even use it to buy a candy bar. Remember that? It was followed the next year by three department store cards and then finally, a Mastercard . . .
Our story is the American dream turned nightmare that many others like us have experienced. Many fare worse than we did. The bankruptcy rate continues to skyrocket.
School corporations are no different. I wish I could convince the Tippecanoe School Corp. board and superintendent that just because we are making our minimum payments doesn't mean everything is OK. TSC has maxed out its "credit card" and in fact, has gone over the legal limit. TSC is attempting to increase the "credit card" debt total from $89 million to $99 million-plus. Ten years ago it was $11 million. Now TSC pays over $11 million a year in "credit card" payments. The debt load is as high as the annual budget.
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