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

jociemom asked:


We live in PA and are currently enrolled in a debt reduction program which we enrolled in Sept 08. Our credit is trashed and we still have 3 years to go with the program or longer, which means that our credit will not get any better until the program is over since we aren’t paying our credit cards in the program. The fees for the program were pretty steep and on top of that, when the company negotiates our dept down, they take an additional 10% on top.
Since our credit is already trashed and the debt hasn’t really gone down, we are considering Chapter 7 bankruptcy. Is this a good move?

Wayne

Mike M. asked:


As american citizens, do you think we have an obligation and responsibility to see about the reduction of the national debt? I mean, the government isn’t doing squat about it. So I’d like to know why we, as citizens of this country can’t see about doing it ourselves. I know it would take time, but hey, I think we need to start somewhere.

DISCLAIMER: This question is in no way what-so-ever to be misinterpreted as chatting

Alaine Mangum

Certified Asshole asked:


Small Governemt
Pro-Abortion
Pro-Gay rights
Low Taxes
Moderate military (focuses more on National Security than world policing)
Debt Reduction
Anti-Affirmative Action
Free market (No government Intervention)
Pro-Capital Punishment
Social Security reform
Health Care REFORM (not Universal Healthcare)
Pro-Farm subsidies
Tort Reform
Anti-Union
Anti-Gun Control
Harsh Illegal immigration Laws
Legalize Marijuana (Find a way to tax and treat as alcohol)

Octavio Spragins

straubcharles asked:


These Facts;
President Clinton’s Record on the Economy: In 1992, 10 million Americans were unemployed, the country faced record deficits, and poverty and welfare rolls were growing. Family incomes were losing ground to inflation and jobs were being created at the slowest rate since the Great Depression.

1.Strong Economic Growth: Since President Clinton and Vice President Gore took office, economic growth has averaged 4.0 percent per year, compared to average growth of 2.8 percent during the Reagan-Bush years.
2.Most New Jobs Ever Created Under a Single Administration: The economy has created more than 22.5 million jobs in less than eight years—the most jobs ever created under a single administration, and more than were created in the previous 12 years. Of the total new jobs, 20.7 million, or 92 percent, are in the private sector.
3.Unemployment at Its Lowest Level in More than 30 Years: Overall unemployment has dropped to the lowest level in more than 30 years, down from 6.9 percent in 1993 to just 4.0 percent in November 2000. The unemployment rate has been below 5 percent for 40 consecutive months.
4.Unemployment for African Americans: has fallen from 14.2 percent in 1992 to 7.3 percent in October 2000, the lowest rate on record. Unemployment for Hispanics has fallen from 11.8 percent in October 1992 to 5.0 percent in October 2000, also the lowest rate on record.
5.Highest Homeownership Rate on Record:
6.President Clinton’s Record on Fiscal Discipline:
7.Largest Surplus Ever: The surplus in FY 2000 is $237 billion—the third consecutive surplus and the largest surplus ever.
8.Largest Three-Year Debt Pay-Down Ever: Under Presidents Reagan and Bush, the debt held by the public quadrupled. Under the Clinton-Gore budget, we are on track to pay off the entire publicly held debt on a net basis by 2009.
9.Lower Federal Government Spending: the lowest level since 1966.
10.. Reduced Interest Payments on the Debt: , interest payments on the debt were $125 billion lower than projected.
11.Double Digit Growth in Private Investment in Equipment and Software:
12.With government no longer draining resources out of capital markets, private investment in equipment and software averaged 13.3 percent annual growth since 1993, compared to 4.7 percent during 1981 to 1992.
13.Enacted the 1993 Deficit Reduction Plan without a Single Republican Vote.
14.Negotiated the Balanced Budget Agreement of 1997.
15.Dedicated the Surplus to Save Social Security and Reduce the National Debt.
16.Opening World Markets to American Goods and Providing Leadership on Globalization
17.The Most U.S. Exports Ever.
18.1.4 Million More Jobs due to Exports:
19.Lowest Inflation since the 1960s:
20.To Create Trade Opportunities and Expand the Benefits of Globalization, President Clinton:
21.Won Ratification of the North America Free Trade Agreement (NAFTA) in 1993,
22.Won Approval of Permanent Normal Trade Relations with China.
23.Successfully Completed the Uruguay Round.
24.Fought for the First-Ever African and the Caribbean Basin Trade Bills.
25.Promoted Trade Opportunities for High Technology.
26.Secured Historic Debt Relief.
27.Dramatically Expanded U.S. Efforts to Fight Child Labor and Expand Basic Education.
28.Defused International Economic Crises.
29.Rewarding Work and Empowering Communities
30.Higher Incomes at All Levels:
31.Lowest Poverty Rate in 20 Years:
32.Lowest Poverty Rate for Single Mothers on Record:
33.Smallest Welfare Rolls Since 1969:
34.To Help All Americans Benefit from Prosperity, President Clinton:]
35.Ended Welfare as We Knew It.
36.Rewarded Work by Expanding the Earned Income Tax Credit.
37.Created Empowerment Zones.
38.Created Community Development Financial Institutions.
39.Strengthened the Community Reinvestment Act.
40.Encouraged Investment in America’s New Markets
41.Raised the Minimum Wage
42.Helped People with Disabilities Work
43.Investing in Educating and Training the American People
44.More Americans Are Enrolling in College:
45.More High School Students Are Preparing for College:
46.More Americans Are Earning College Degrees:
47.Americans Are Becoming Lifelong Learners:
48.Created the College Tax Credits, the Largest Single Investment in Higher Education since the G.I. Bill.
49.Doubled Student Financial Aid.
50.Created Direct Student Loans and Reduced Interest Rates.
51.Created New Paths to College through GEAR UP, AmeriCorps, and TRIO.
52.Strengthened Elementary and Secondary Education.
53.Passed the Workforce Investment Act of 1998.
54.Reducing Tax Burdens for Average and Hard-Pressed Working Families.
55.Lowest Federal Income Tax Burden in 35 Years:
56.Higher Incomes even after Taxes and Inflation:
57.Expanded the Earned Income Tax Credit.
58.Created the $500 per Child Tax Credit.
59.Won the Hope Scholarship Tax Credit.
60.Won the Lifetime Learning Tax Credit.
61.Established Education IRAs.
62.Created Empowerment Zones.
63.Simplified Pension Rules.
64.Simplified Tax Laws and Protected Taxpayer Rights.
65.Closed Tax Loopholes.
66.http://clinton5.nara.gov/WH/Accomplishments/eightyears-03.html
Which you are wrong it is a president that united the democratic and republican parties.
Obtuse way to point out the tings most inportant to the US. all you did with that answer is show your ignorance
Krytox If you open your eyes all the money is in the military now what is the country because of it
This question has demonstrated exactly what I thought. Those who are Obama supporters and those who are Clinton haters are blind. You can put the facts right in front of them and they will try to bash with the biggest thing that really matter. Bill got his weiner ****** and that was the downfall of America.

Dana Sklenar

Rick asked:


1.An economist who favors smaller government would recommend:
a.tax cuts during recession and reductions in government spending during inflation.
b.tax increases during recession and tax cuts during inflation.
c.tax cuts during recession and tax increases during inflation.
d.increases in government spending during recession and tax increases during inflation.

2.An appropriate fiscal policy for severe demand-pull inflation is:
a.an increase in government spending.
b.a reduction in interest rates.
c.depreciation of the dollar.
d.a tax rate increase.

3.A major advantage of the built-in or automatic stabilizers is that they:
a.simultaneously stabilize the economy and reduce the absolute size of the public debt.
b.automatically produce surpluses during recessions and deficits during inflations.
c.require no legislative action by Congress to be made effective.
d.guarantee that the Federal budget will be balanced over the course of the business cycle.

4.The standardized budget tells us:
a.that in a full-employment economy the Federal budget should be in balance.
b.that tax revenues should vary inversely with GDP.
c.what the size of the Federal budget deficit or surplus would be if the economy was at full employment.
d.the actual budget deficit or surplus realized in any given year

Fumiko Blouir

Albert is tired of Libs asked:


You say Supply-side doesn’t work, well let’s see what Clinton did.
Although President Clinton raised only the highest marginal tax rates, he did give America the largest Capital Gains Tax CUT in American History. President Clinton cut spending by 3.5% percentage of the GDP. Clinton also reduced regulations, passed welfare reform, removed the retirement earnings test for Social Security, and passed NAFTA through congress. Although Clinton passed several bills like the Federal Housing Enterprises Financial Safety and Soundness Act, which helped lead to the destruction of our economy in 2008, his economic policies are a CLEAR reminder of supply-side success.

The high income tax on the rich helped pay for the debt and deficit, while his reduction in spending helped balance the budget. To keep employment rates high, Clinton reduced Capital Gains. But we must remember that the Republican congress made sure the budget stayed balanced (Congress controls spending and budgets.). Clinton at heart was a Keynesian. But by 1994 (Second year in Clinton presidency.), a republican congress was elected. One led by a REAL conservative leader, named Newt Gingrich.

Last time supply-side economists describe supply-side to be:
1. Lower Income taxes for all classes creates incentive to buy more, spend more, and invest more.
2. Lower Income taxes helps all classes and increases employment.
3. Lower Capital Gains helps all business and increase saving rates, investments, spending, and employment.
4. Lower Corporate Income Taxes brings more companies to the U.S. thus lowering unemployment.
5. No Death Tax, since it is unnecessary. This tax hurts those who have lost a loved one.
6. Reduced Spending to balance the budget.
7. Fewer regulations on business will encourage growth and production.
8. Free Trade helps the nation as a whole, economically.
9. The Gold Standard makes it easier to balance the Federal Reserve’s money supply.
10. Taxes should only be raised to pay for deficits.

Sounds more like Clintonomics… Hmmmm… WOW, i think i just blew people’s minds away lol.
love the personal attacks. Where are the “smart” liberals?

Dalia Torrella

Albert is tired of Libs asked:


I believe Clinton was a great president. Although President Clinton raised only the highest marginal tax rates, he did give America the largest Capital Gains Tax CUT in American History. President Clinton cut spending by 3.5% percentage of the GDP. Clinton also reduced regulations, passed welfare reform, removed the retirement earnings test for Social Security, and passed NAFTA (BAD) through congress. Although Clinton passed several bills like the Federal Housing Enterprises Financial Safety and Soundness Act, which helped lead to the destruction of our economy in 2008, his economic policies are a CLEAR reminder of mostly supply-side success–or keynesian to some (Which i still don’t see how, since Clinton didn’t pass any large stimuli or price caps or regulations).

The high income tax on the rich helped pay for the debt and deficit, while his reduction in spending helped balance the budget. To keep employment rates high, Clinton reduced Capital Gains. But we must remember that the Republican congress made sure the budget stayed balanced (Congress controls spending and budgets.). Clinton at heart was a Keynesian. But by 1994 (Second year in Clinton presidency.), a republican congress was elected. One led by a REAL conservative leader, named Newt Gingrich.

I see both sides attacking both Reagan and Clinton, but both presidents gave us our greatest economies… Except for Reagan’s MASSIVE debt (Which was due to expanding our military strength–at that time the USSR was ahead in military technology.)

So do you agree?
Clinton actually increased taxes on the middle class, but not by much.

Marci Jerkin

L asked:


the plan is to save 40 billion dollars each year to pay off the debt.
assuming that we do not borrow any more money at all, it will take 300 years to pay off the debt.

Adolfo Finders

CeeCee asked:


Inflation can also cause a reduction in the real value of savings – especially if real interest rates are negative.

This means the rate of interest does not fully compensate for the increase in the general price level. In contrast, borrowers see the real value of their debt diminish. Inflation, therefore, favours borrowers at the expense of savers.

What does ‘real value of savings’ mean? How are interest rates and inflation linked…what is the relationship between them?

Thanks in advance (:

Cathie Piscitelli

MelissaS asked:


My husband and I are following the Dave Ramsey “Total Money Makeover”, but instead of paying off lowest balances we are paying off highest interest rate first. Dave suggests that you pay off all your consumer debt, fund your savings account, make sure you are funding your retirement account 15% and then pay off the mortgage.

With all of this said we will be completely debt free including the mortgage and have a funded savings account by August 2017.

The question we have is the without adding any money to our mortgage payment, we are paying PMI until we get to 85% Loan to Value of $90.67 per month until December 2016. And then the PMI gets reduced to $22.67 per month until June 2020.

We will be able to start ‘snowballing’ onto our mortgage in January 2015, which of course will get rid of the PMI ahead of schedule. But since we are getting no equity on the PMI payments, should we add a monthly mortgage principle only payment now to help get rid of the PMI sooner while mainly focusing on the other debt first?

Helaine Chow