Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

Old Man Dirt asked:


When you take into account mortgaged property, both private homes and car dealerships that will close, unemployment benefits, loss of income (due to reduction in benefits), and increased debt that noncollectable for other non mortgaged types (bank cards, credit accounts ETC)(there are other I am sure, like decreased tax income both federal and state). What is the total loss we are looking at in less the six months?
Any guesses or estimates?

Cristopher Zahourek

Cali Dude asked:


Are applicable the Statute of Limitations the ones from the State you are from or from the State where the debt is owed? See, I owe a College 11K, although I am fighting this because I was told I would not be responsible and never signed anything stating I would be. That was in New York, I however, live in California.

Also, the College website which I just checked states:

“Delinquency of outstanding balances, including those from payment plans, financial aid reductions, or third party billings, are subject to collection by the College or its designated agents. There is no statute of limitations for outstanding financial obligations to the College. Student accounts that are sent to a collection agency may be subject to additional collection costs.”

Does that mean that the College does not have to follow the Statute of Limitation laws?
Please do not answer if you have no idea what Debt Statute of Limitations are. Like Dav.
Statute of Limitations for Debt, for the people who have no idea what they are:
http://www.bankrate.com/brm/news/cc/20040116b1.asp

Isidro Forsman

Tricia asked:


Has anyone ever had good results when asking a cc company to reduce their intrest rate, or do a debt negotiation? (example: an APR of 19.99% that was reduced… or a balance of $3500 negotiated to $2900 and paid in full) If so, which company was this with? I am looking to do this, and want to know my chances of success.

Renata Racette

Wayne G asked:


that is endorsed by Obama or will they seek to pass the alternative budget that proposes $6 trillion less, reduction in taxes, reduction in future individual debt and reduction in redistribution of wealth? Which one do you think the Fools on the Hill will vote for?
ah, what’s a few thousand dollars of debt difference when it comes to redistribution of funds from we who work to those who don’t, right?

OneBigAssMistake,America

Elmer Kennett

Lovable asked:


Its not anyones but their own fault for getting themselves into debt. Now I know their are differ situations so let me explain myself correctly:

Now I understand if you had a reduction of income and now ur not able to pay back debt. But why didnt you plan for these situations in the first place. Why did you go and charge what you cannot afford? After all that is one reason us Americans are in so much debt…. living outside our means. IF YOU CANNOT AFFORD, DONT BUY!!!

Now some exceptions are understandable:

Medical reasons, lack of education in order to obtain a good job to survive, using credit for LIVING EXPENESE, and im sure many reasonable explanations.

My point is why do many people with debt complain about their creditors when they new what this debt could do to you. Especially people with fairly great incomes.

Example: A couple is making $9000/month net income. One of them loses their job so now they down to $5000/month, yet they have 35k in unseucred debt. Living a great life with a great mtg, 3 car pmts ( new vehicles) and they still complain and whine about thier debt, their creditors , the economy. That just does not make sense to me. First of all, with this income you shouldnt even hae to use credit cards, why cant people just live within their means and adjust your life style with what you can afford!!!

Im just wondering what all of you have to say. Doesnt it make you angry that you would want to have the same luxuries and priviliges and people with great jobs and incomes do not appreciate?? Many people do not even own homes or even a vehicle. Why are we Americans so selfish??

Do you agree?
I will be asking this question frequently becuase i am really interested in different opinions.

Morgan Imdieke

Julie B asked:


We have been with a debt reduction company for a few years now. There is one credit card company that will not wait and wants to garnish our bank account. If we were able to borrow $8500 the debt could be negotiated and because we would no longer have to pay the debt company, we would be able to afford to pay back the loan. We have no equity in our house and my husband has a credit score of 593.

Mike Shinoda

Walter S asked:


A freind has signed up for credit card debt reduction and had to pay a $249 up front fee which will be returned if she makes all of the paymnets over the next 18 months.

Robbie Mcguff

jakeb asked:


Both Dems and Reps ran up the debt the last 8 years, Bush signed off on Dems spending and the Dems signed off on Bushs war spending. The out of control spending is not one parties doing. We need someone commited to spending reduction. Only McCain has suggested reduced spending. Obama has suggested increased spending, on his favorites of course.

Ralph Bloomsburg

Truth B. Told (I told you so) asked:


Bernake: “Higher government spending on health-care spending will, of necessity, require reductions in other government programs, higher taxes, or larger budget deficits,” he said.

Do you really think the “evil rich” are going to pick up the tab? Guess again…

Domenic Catalani

amazed we’ve survived this l asked:


political Party? Actions like Iraq, threatening Iran, Illegal wire tapping, Patriot act, signing statements, appointing radical judges, election fraud to insure their continued control, tax reduction in the face of deficit spending, running up huge additions to the national debt, trying to spread democracy to other countries, radical disregard for health care issues, water and air pollution, climate change/global warming, approaching energy issues that will greatly change our way of life and need planning for……..
allen a – get what done, specifically.

Arianna Stepleton