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

cheerful charles asked:


This morning a question was asked about the current account deficit and one reply was: “It’s ok. As long as the US military rules, no one will dare to collect their debts”
The global current account deficit of the United States is now larger than it has ever been—nearing $800 billion, almost 7 percent of US GDP. To finance both the current account deficit and its own sizable foreign investments, the United States must import about $1 trillion of foreign capital every year or more than $4 billion every working day. The situation is unsustainable in both international financial and domestic political (i.e., trade policy) terms. Correcting it must be the highest priority for US foreign economic policy. The most constructive remedy in the short term is a three-part package that includes credible, sizable reductions in the US budget deficit, expansion of domestic demand in major economies outside the United States, and a gradual but substantial realignment of exchange rates
The details are taken from the Peterson Institiute
http://www.iie.com/research/topics/hottopic.cfm?HotTopicID=9

Elwood Rados

SammyCal asked:


From today’s Wall Street Journal.

“We’ve never fretted over budget deficits, at least if they finance tax cuts to promote growth or spending to win a war. But these deficit estimates are driven entirely by more domestic spending and already assume huge new tax increases. CBO predicts that debt held by the public as a share of GDP, which was 40.8% in 2008, will rise to 67.8% in 2019—and then keep climbing after that. CBO says this is “unsustainable,” but even this forecast may be optimistic.
Here’s why. Many of the current budget assumptions are laughably implausible. Both the White House and CBO predict that Congress will hold federal spending at the rate of inflation over the next decade. This is the same Democratic Congress that awarded a 47% increase in domestic discretionary spending in 2009 when counting stimulus funds. And the appropriations bills now speeding through Congress for 2010 serve up an 8% increase in domestic spending after inflation.
Another doozy is that Nancy Pelosi and friends are going to allow a one-third or more reduction in liberal priorities like Head Start, food stamps and child nutrition after 2011 when the stimulus expires. CBO actually has overall spending falling between 2009 and 2012, which is less likely than an asteroid hitting the Earth.”

These are excerpts, read the full story here.

http://online.wsj.com/article/SB10001424052970203946904574301043095303118.html

http://online.wsj.com/article/SB10001424052970203946904574301043095303118.html

Who will stop the spending?

Orville Boemer

Keen Observer asked:


it might be painful for a while but lets face it, it’s the necessary and proper thing to do

Irvin Sins

=) asked:


Fiscal conservatism for me. I’m a fiscal conservative (pro-tax cuts, pro-tree trade, pro-balanced budgets, pro-reduction of nation debt/avoidance of deficit spending) and social moderate (mix of views – pro-gun rights, anti-affirmative action and anti-illegal immigration but also pro-choice, pro-gay marriage and pro-environmental conservation) aka the true blue East Coast Republican.
*free.
*free.

Lessie Sopczak

Dave asked:


My wife and I are in the military, we left our house to move overseas and have been unable to sell our house, we bleed out the monthly payment +utilities every month. This house has been on the market since Feb 09 with multiple price reductions, even if the house sells now we have to come out of pocket 10k. We are wondering what the best approach is, I dont know much about forclosure or what happens after. Will they come after our savings account to settle the debt? Any info would be appreciated.

Dave

zelkraps asked:


While in another state, I had to be taken to the E.R. and my insurance would not cover it because it was out of state. I filled out paperwork with my correct address and never got a bill. While visiting my dad this past August, I picked up some mail that had still been sent to his house (my old address) and discovered I had been sent to collections in June! I never got a bill! Well, I wanted to do the right thing and pay it so I called the agency to work out a plan. Come to find out, NC (where I now live) is a “closed state” and they are not allowed to attempt to collect a debt. So there is no way I would have ever known had I not opened the letter. I set up a $25 a month withdrawl from my checking account. Then my boyfriend told me that was the biggest mistake I could have made, because now they have full access and could take whatever they want. I’m terrified now, I barely have an extra $25 a month. If they try and take more than I agreed on, it will likely bounce my account. I have no idea what to do. They said they don’t make any reduction deals so I have to pay it all. Can anyone please give me advice? I’ve never been sent to collections for anything. I read on another site not to pay it off with a credit card. I’m just so sick to my stomach, I don’t know what to do.
medicaid is the insurance i had (i was pregnant). does that also fall under “balance billing?”

Margarito Blancarte