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

dumbbbutttholeee asked:


What do you speculate the rates will be and where will the main “culprits” come from food? energy?, or general dollar reduction via the Federal reserve monetizing debt?

Scotty Digiambattist

JM asked:


Is it just me? It seems that neither party is talking about “debt” reduction. I have yet to hear “anybody” talk about creating a “surplus” and thus chipping away at the national debt. So far, they seem to only be concerned with reducing the “rate of growth” of our yearly deficit…. This year, our deficit (i.e what we take in -vs- what we spend) will be around 1 trillion dollars. Even if we reduce our “deficit spending” by 4 to 6 trillion over the next ten years, we are still dealing with a “net increase” in our national debt of 6-8 trillion dollars. That would put us at around 20 to 24 trillion in debt by 2021 with an interest payment of close to 500 billion – about ~75% of what social security will cost us in 2021……Why is nobody talk debt reduction? See More

Lacy Arneson

Julia Richardson asked:


Obamacare contains a package of new taxes over the next few years, but no new spending. However, once the new spending kicks in, it begins to add to the deficit. At the end of 10 years, according to the CBO, it will, on net, reduce the deficit. However, if you project another few years out, it will eventually increase the deficit.

The Democrats have deliberately done this in order to be able to pretend to reduce the deficit while actually adding to it.

However, once the doctor fix is passed in a later bill by Congress, the bill will add to the deficit on net within 10 years.

Fortunately, according to the polls I’ve seen, even most Democrats recognize that this is not a deficit-reducing bill. I personally doubt that they will see as much tax revenue as they think, as the new taxes will be harmful to the economy, which will reduce tax revenues. I also suspect that the CBO is far too optimistic about the economic situation during this decade. If I am right and the CBO is overestimating the strength of the future economy, then Obamacare (although the cuts in Medicare in the bill are a very good idea, as Medicare is the biggest single liability the federal government has) will only exacerbate the debt problem we face.

How much longer until we reach the point where borrowing money from China is no longer an option and the Federal Reserve is forced to monetize the debt? If passed now and a repeal is passed in 2013 by the Republican Congress and signed by President Palin, Obamacare would be a deficit reduction bill, as only the taxes would have ever taken effect. If it is not repealed in 2013, Obamacare will eventually increase the deficit, exacerbating the debt crisis.

Alaine Mangum

Herbie Hiet asked:


shape by the year 2000. We went from deficit to surplus. America was actually on track to becoming completely debt-free, and we were prepared for the retirement of the Baby Boomers.”

Is that an accurate picture of how things stood at the turn of the century?

Crista Laday

almaciga asked:


and morals mix? I think not.If you are not a focus person with a large attention span you will not answer this question. You probably already saying “get to the point”. A while back I had a job as a tax professional working with my father who was a CPA. I was always excited when I could find some deduction for some people who needed. I used to tell my father that we could use the same loopholes and deductions but he said to me “taxes always return to us, in services for those who need it and infrastructure, and we are not going to starve without it, so if we pay a little more it does not matter our conscience will let us sleep the sleep of the just’. I find that those words were true of everybody I met. Now, I am so ashamed to be in this world, although I still think the same way and act the same way thanks to my upbringing I notice that most have traded their God given conscience for the principles of “debt reduction, fiscal n, credit ratings, financial success and identity theft.” The poor and the less fortunate is not thought of by anyone especially for those who are in the position to do so. I do not know how many people are here in YA that have an income over 250 thousands per year but If I was one of those I would say I would not starve without it. I wish the tax cuts end even for us because we would not starve without it. I wish the tax cut was only for those families who earn less than 50 thousand dollars per year. This tax cuts have been in place for more than 5 years and jobs were not created because of them. I do not know how the upper 10% of the population sleeps without a little bother of their conscience. Did their parents think the same way. Did they have different values than these country use to have? Any thoughts, please I encourage long answers my attention span is large.

Stephen Cossel

asked:


The total debt has increased over $500 billion each year since FY 2003, considering both budgeted and non-budgeted spending.[12] The annual US budget deficit declined from $318 billion in 2005 to $162 billion in 2007, but is estimated to increase to $410 billion in 2008.[13] Annual deficits add to the debt. The Congressional Budget Office projects an annual budget surplus by 2012. However, this estimate is based on current law, which assumes sizable tax reductions will expire in 2010.[14] When the U.S. Government has a surplus, it may pay down its outstanding debt by paying back the principal of the outstanding bonds redeemed for payment while not issuing new bonds. The U.S. Government could also purchase its own outstanding securities on the open market if it was searching for a way to use a surplus to reduce outstanding debt that was not due for redemption in a given year.[15][16]

The Government Accountability Office (GAO), Office of Management and Budget (OMB) and the U.S. Treasury Department have warned that debt levels will increase dramatically relative to historical levels, due primarily to mandatory expenditures for programs such as Medicare, Medicaid, Social Security and interest. Mandatory expenditures are projected to exceed federal tax revenues sometime between 2030 and 2040 if reforms are not undertaken. Further, benefits under entitlement programs will exceed government income by over $40 trillion over the next 75 years.[17]The severity of the measures necessary to address this challenge increases the longer such changes are delayed. These organizations have stated that the government’s current fiscal path is “unsustainable.” Information was obtained from Internet.

Lien Marier

Mark asked:




Kylie Marrapodi

Thomas S asked:


If Gates and Buffet, along with several concert fundraisers could provide essentially a blank check to home depot, lowes, and lumber yards all over, would you be willing to volunteer manhours rebuilding the city of New Orleans in exchange for tax relief, tax debt forgiveness, state and municipal fines reductions/payments? I am just curious if the american people would be willing to rebuild or relocate further north, if the costs were a non factor.

Thaddeus Manoi

Jeanette A asked:


What if, instead of the government doing a 700 billion dollar buyout, they gave every American a million dollars to pay off their credit and invest the money in the market? What if they gave each person an assigned financial advisor that would account for all of the money, down to the penny to be sure that it is spent towards its designated purpose? Then the government would in turn save $400 billion and the need for welfare would be obsolete, in turn saving money from that as well? The Americans who are in debt could pay their bills and there would be no need to bail the banks out of failed mortgage loans. Even if they couldn’t pay it all off there would still be a substantial reduction in debt. The money that doesn’t need to be paid in debt would go back to the economy, giving it a boost? What if it wasn’t even a million dollars, what if it was $500,000 or $100,000? Or what if they only gave enough to cover each persons debt? The debts would be paid and both creditors and debtors would be happy? And the government essentially saves money? What would happen?

Troy Therrien