Obama debt talks clouded by Geithner's future USA Today
The already-complicated negotiations on raising the debt ceiling are now clouded by the fate of Treasury Secretary Timothy Geithner .
Geithner's people have put out the word that he may leave the administration after a debt-ceiling-and-budget-cutting deal is done -- though at this point no one knows when that will be or what that might look like.
Geithner himself, at a Thursday conference organized by ex-President Bill Clinton, said: "I live for this work, it's the only work I've done, and I believe in it. I'm going to be doing it for the foreseeable future."
The immediate future involves administration efforts to raise the government's $14.3 trillion debt ceiling. Congressional Republicans say they won't support a debt ceiling increase without major budget cuts; they also oppose any tax increases, which Democrats say are needed to reduce the nation's massive debt.
Geithner's Treasury Department, meanwhile, has said the debt ceiling needs to be increased by early August, or the government could default on its debt -- an event that could plunge the country back into recession, and may well affect Geithner's plans.
In prison for debt
If owing money isn't a criminal offense anymore in America, why are so many debtors being sent to prison? People need to pay the bills, says ...
debt?????????????
i am in like over $30,000 debt. is there anyway i could make money with out really budgeting? keep in mind that i own a store, so i have to buy items for it everyweek.
oh yeah. and theres a baby in my family too. and ive previously owned another store.
I would seek a financial professional. I met with a Primerica representative and they help me get out of debt. There is no fee to see them and they gave me a free financial needs analysis. Since they don't charge clients anything, they do ask for referrals, which I had no problem with.
A spending plan (budget) will help you see if you're making enough to cover your expenses. Without it, there's no real way to know. Go to http://www.daveramsey.com and look for his simple spending plan (this is for personal expenses, not business). That will give you an idea where to start. Go to the library and check out books on accounting and small business record-keeping.
you HAVE to have a spending plan. Do it now!
How was debt and debt remission used by incoming kings to consolidate their power?
How was debt and debt remission used by incoming kings to consolidate their power? Why was this practice so important? What kinds of things do politicians promise today analogous to the practices of old? What is the 21st century "debt remission?"
lol u have western civ at cw post???
How do you settle debt with credit card companies?
I've got some debt that's currently in collections. And I got to talking to one of the debt collectors and he revealed that the average company is willing to settle for about 75% of the debt owed.
But since they're basically screwing you with outragous interest that never allows you to really pay off the principal debt, are they willing to settle for even less.
What are some useful tricks when dealing with these parasites?
Do not talk with debt collectors over the phone. No mather how smart you think you are, they are trained to get the best of you.
Instead send them a letter stating that the cannot contact you by phone anymore. Any contact has to be by US mail to an address that you specify. Send letter by certified mail and keep copies for your records.
Never reveal any personal information to a debt collector. They will use it against you. Don't appear desperate, just play the waiting game with them. Remember, that you have the power, you have the money, and they are the ones who want to get their hands on it.
If they come up with a settlement that seems fair to you, include a "pay for delete" agreement. Don't pay them a dime before they agree to delete all derogatory information they have placed in your credit files. It is very important that you get the agreement in writing first before you pay.
Good luck.
I was in debt about till about 6 months ago. I found this free E-Book that basically answered every single one of my question and helped me get totally out of debt. Its at http://www.inarinbows.com/debt .It was %100 free and within 20 seconds your emailed both ebooks. I now am able to answer the phone every time it rings and actually know for the first time in my life its not a creditor.check out http://www.inarinbows.com/debt
How old does a debt have to be, before you are no longer legally bound to pay it?
I remember hearing once that a debt after a certain amount of years, is moot. Does it depend on the state where the debt occurred or you current state of residence?
I heard that collection agencies that specialize in buying old debts, to try and collect on, HATE for people to know about these laws. Where does one look up information about this? And what exactly does one do to bring it to the attention of the collection people, that you are no longer obligated by law to pay on such an old debt?
You are always repsonibile, there have even been cases where peoples social security checks were partially taken until their old student loans were repaid. of course this is extreme but possible.
In some states, making a partial payment to a debt collector or even acknowledging that you owe the money is enough to make an old debt new again.
If this happens, the five-year statute of limitations on your debt starts all over again. A debt collector has five more years in which to sue you for payment. And a non-payment on your new-again debt could be reported on your credit report. Then the advantage transfers to debt collectors.
http://www.ftc.gov/bcp/conline/pubs/credit/fdc.shtm
Be careful, if you send a partial payment during that time, the statute starts over again. Usually collectors look for a small payment, so the clocks starts for another 4 to 6 years
After the S.O.L. expires you can not be taken to court for the debt. This doe's not mean that collection companies will not try and get you to pay, they just cant sue you if you don't.
1. Even if you are not legally bound to pay it, collectors can still trash your credit as long as the debt is less than 7 years old.
2. Each state has a statute of limitations on how long a collector may take legal action (sue you) on a debt. There's a chart on bankrate.com that I've linked to below that provides the time limit for each state.
http://www.bankrate.com/brm/news/cc/20040116b2.asp#mt.asp
Find you state and it will tell you how long you are legally required
What happens when someone pays his debt in a fractional-reserve banking system?
What happens when someone pays his debt in a fractional-reserve banking system?
Is only his past debt subtracted from the reserve or also all subsequent debts that was loaned to other people with his initial debt?
For instance, a person A borrows 100$ then it becomes part of the reserve, then a person B can borrows from his deposit 80$, then a person C 64$, given a reserve requirement of 10% for banks.
I think you have it backwards. When person A borrows $100, it does not become part of the reserve. But I understand your real question.
Say the bank gets a deposit of $100. The reserve requirement says that for each $100 it has in deposits, it can issue X dollars in loans. So a $100 deposit increases its ability to make loans by $X.
Now suppose it has already loaned out all that it is allowed to. If a borrower repays the loan, the bank has less outstanding than it is allowed to, and so can loan that money out again.
Now suppose a depositor wants his money back. Now the bank has less money and so it is not allowed to loan out as much. If it has actually loaned to its limit, it is in trouble and either has to call in some loans or get some new deposits ASAP.
To avoid this, the banks pay attention to how much money they expect depositors to withdraw each day and make sure they have enough to cover it. At the same time, they don't want their money just sitting around doing nothing and earning no interest.
That's why the banks always have some of their money out on "overnight loans". This is money they know they can get back the next day.
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6V7T-4HYMSJY-1&_user=10&_rdoc=1&_fmt=&_orig=search&_sort=d&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=22487fbd87f0f15b9f9be1abdba42d2b
http://ideas.repec.org/p/fip/fedgfe/2004-29.html
One of the problems with the current financial crisis is that banks no longer trust other banks to be able to pay back these short term loans promptly, which has raised the interest rates on these loans:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/30/AR2008093002629.html
How can I get debt consolidation with hospital bills and non credit card debt?
I have a bunch of hospital bills that really cost me in credit scores. I really want to try to consolidate it but I can't find anyone who does debt consolidation without credit card debt. Any suggestions?
Call the hospital and see if they have any programs that can help. Last month when I ended up in the ER with my gallbladder we got put on a payment plan where we only pay off $28 a month until the bill is gone. The surgeons office also worked out a plan where we actually only have to pay half of what the bill would have been (because my dingbat husband cancled our health insurance back in May *smacks head against wall*).
Can a debt continue to accrue interest after it has been sent to a collection agency?
I have a debt with a bank that went into default and is now with a collection agency. I've been told that the debt is continuing to accrue interest. Is this possible?
Yes, a collection agency legally can add interest and fees on top of your balance owed. Although, most of this is just the collection agency trying to make extra money. When your debt gets over six months old, the original creditor gives up on collecting the debt and sells it to a collection agency for pennies on the dollar. Whatever the collection agencies collect over 10 percent of the original balance is pure profit for them. It is usually possible to offer a collection agency a lump sum payment that is much less than the original balance owed. Or better yet, if you don't pay them at all and can avoid being sued until the statute of limitations in your state has past, you're home free!
What is the most debt you have eliminated in a year?
I need some motivation people! I want to commit to reducing my credit card debt this year; but, it seems a bit overwhelming. Please share stories of how you reduced your debt. Maybe that can psych me up to keep sacrificing and paying off these debts. Thanks!
YOU can do it.
I decided that I would not go out to eat lunch every day while at work
On the days that I needed to go out to eat if I could find a wendy's I could get a side salad and a bowl of chili (with plenty of FREE crackers) and a cup of water for about $2.10.
I was amazed at how much I saved by just cutting out the 'canteen' while at work. If I needed a soda, I brought it from home...
I paid my niece (age 7) to be the 'light police' ! I went to the store and got a few rolls of dimes...everytime she would catch someone leaving a room without turning off a light she would get paid...she loved doing it and since it was so annoying my son got way better about doing it.
The biggest way that I saved money was taking a list to the store....(and eating before I went). If it was not on the store I could not buy it...that way I knew before hand nearly how much I was going to spend....and it forced me to actually MAKE dinner for the week....which of course doubled as lunch the next day.....
I also sold quite a bit of stuff on ebay. If I hadn't worn in within two years....ebay was going to help me find someone who could...this was a 'double bonus' because it forced me to clean up.....
Lastly, I dedicated HALF of my income tax refund to managing debt!
Before I did ANYTHING else HALF went to pay down debt.
SInce I had two cards, I paid one of them off completely which allowed me to double up on the other
If you have small children - check out garage sales for great finds on clothing..often times you can get an entire summers worth of clothing for a 5 6 or 7 year old for less than $20.00 at a yard sale in one of the more exclusive neighborhoods in your town.
I went to one last year where everything I could fit into a bag was $2.00. i stuffed it full of jeans that he could pay in while playing at the daycare or outside....
Which brings me to 'washing clothing only twice per week'
This allows me to make sure that I have a full load of clothing
Guess that is it for now but I did want to say that YOU CAN DO THIS
and a little sacrafice now will reap you loads of happiness later
What is the difference between an overdraft and debt?
My husband has run almost £2000 overdraft and he says its not debt just an overdraft, nothing to worry about.
I am worried sick and I still see it as debt!
He had just finished paying a massive debt last year which took him over 10 years to pay off.
Now he's started a small one without telling me. I made him promise to tell me if he had any problems with money which he failed to do so.
I helped pay off a few of his urgent debts in the past.
I can't afford £2000 debt right now as things are different now we have young children and I'm unemployed.
Are you confusing debt and loan. An overdraft is definitely a debt no doubt about that. It isn't a loan. The difference between an overdraft and a loan is that a loan you pay back at an agreed monthly rate over an agreed period with an agreed rate of interest on the original borrowing. An overdraft is where your husband is dipping into the banks money and paying it back as and when he can. An overdraft is a much more expensive way to borrow money than a loan as the interest rate will usually be higher but the advantage is that you could pay it back as quickly as you wanted to. It doesn't sound to me like your husband is going to be able to pay this money back any time soon so he would be well advised to speak to the bank about converting it to a loan. Do not be fooled by what you husband is telling you (and himself no doubt) a 2000k overdraft is most definitely something to worry about and an issue that must be addressed immediately. I think you husband has a bigger problem than this overdraft though. He seems to be a spendaholic and is obviously spending money without consulting you. You need to put a stop to it now if you don't want to run into sever financial problems in the future.
When you are feeling calm and when the two of you have time to discuss the situation without distractions you need to sit him down and explain to him that a 2000k is not only a debt but it's one of the most expensive ways to borrow money that there is apart from credit cards. Sorry to say it but there is a good chance he has some of those you don't know about as well. You need to convince him that he does have a problem that is affecting the whole family and it must be resolved.
Don't be tempted by these ads of the TV for debt consolidation loans. If you want debt advice speak to your local Citizen's advice bureau, they may have debt counsellors there who can help you for nothing.
good luck
How is debt sold by our government to other countries?
How does the debt system work, what happens when the other countries buy our debt, can they sell our debt to other countries, can they force us to pay our debts at any given time, please explain how the national debt system works?
Thanks, I need lots of details and really want to understand so thanks again for your help!
Other countries buy bonds or Treasury Direct Securities from the US Treasury.
Europe eyes buoying banks to weather debt storm
DUBLIN/FRANKFURT (Reuters) - European banks may need more than 100 billion euros ($135 billion) to withstand the sovereign debt crisis, Ireland estimated on Saturday ahead of a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy to work out how to recapitalize the lenders.
debt - News
IMF, Germany Push For Lower Yield In Greek Debt Deal
BloombergBy Costas Paris LONDON (Dow Jones)--The International Monetary Fund and Germany are pushing Greece's private creditors to accept lower yields on the new bonds Athens will issue after a planned debt restructuring, people familiar with the talks said, Greek debt talks stumbleGreek debt talks hit snagGreek Debt-Swap Deal 'Coming Into Place,' IIF's Dallara Saysall 2,122 news articles »
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Holding Line on Debt Ceiling Isn't Enough
ABC NewsHolding Line on Debt Ceiling Isn't EnoughThis week, I joined my colleagues in the House in voting to disapprove of the President's request to increase our debt limit by another $1.2 trillion. But we must do much more than “disapprove” of out-of-control spending to address our debt crisis. Editorial: State of disunion: President Obama must make divided government workPrimaries have laid the road for the GOP suicide marchall 238 news articles »
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Indian casinos struggle to get out from under debt The warning from the ratings agency could not have been more direct: The parent company of the Mohegan Sun faces a "wall of debt" due early this year as the casino, struggling with rising competition and a weak economy that's hammered consumer spending and more » |
Zombie debt creeps onward in Idaho courts
Ackley sued a debt buyer in federal court after a botched attempt to collect from him. Klaas represented him in court. GETTING DEBT-COLLECTOR CALLS? FACING A LAWSUIT? HERE'S WHAT YOU SHOULD KNOW The industry group DBA International wants consumers to and more »
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Jerry Brown must win Dems' support to pay off debt
Modesto BeeJerry Brown must win Dems' support to pay off debtJerry Brown is trying to eliminate California's "wall of debt," billions of dollars of borrowing through years of budget balancing gimmicks, but first he must gain the support of fellow Democrats. Gov. Jerry Brown's plan to finally fix California's Morning letters: Release California from its debt prisonall 26 news articles »
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Debt - Wikipedia, the free encyclopedia
A debt is an obligation owed by one party (the debtor) to a second ... Debt is usually granted with expected repayment; in modern society, in most cases, of the ...
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Debt | Define Debt at Dictionary.com
Debt definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. Look it up now!
What is debt? definition and meaning
Debt can be represented by a loan note , bond , mortgage or other form stating... Debt can be represented by a loan note, bond, mortgage or other form stating repayment ...
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Get Out of Debt in 8 Steps Getting out of debt is a step-by-step process—eight steps, to be exact. ... Pay down your credit card debt, start saving and secure your ...
