Is the solution to our debt problem to spend money that we don’t have?
lordfrig-That’s a huge exaggeration lol but I see your point.
But how is it a barrier to get rid of Medicare taxation and benefits for the NEW generations that have never paid into them? They don’t pay into it, and that part of our debt vanishes with no huge dilemmas.
In our fractional reserve banking system, money that is in circulation is created by banks through the loan process.
When a person gets a loan from a bank, the bank creates new money to give to the person. The money supply (the total amount of money in circulation) expands by the loan amount. Banks can create money based on the fractional reserve ration that the private Federal Reserve banking corporation sets.
Since money is created as loans from banks and since that loan has to be paid back with interest, it means that as the money supply expands, so does debt. Debt expansion as money expands is simply an inevitable part of the system.
Paying off of debt is deflationary in our fractional reserve banking system. The less debt there is, the less money there is. Cutting of debt means cutting of existing money that is in circulation.
The reason why everyone seems to be in debt to banks at once is because money is debt and is created as debt through the loan process.
So whats the solution to the debt problem?
Ok, I am a very responsible 18 year old with a credit card debt problem. The reason I got a credit card to begin with is so I can start building my credit as I want to be in business in a year or two.
I made sure to look around at different solutions, lowest amount etc.
I got the Chase 0 max credit card.
I got the card back in around May of 08.
I made the first few payments on time and before I even got a statement. Then the economy took a hit on my single parent and required me to have to help buy food, rent for home etc. I valued this more than my credit and still sort of do because family comes first!
My single parent has recently just got a job a little over a week ago from being unemployed for over 9 months" and I am now in debt of around 0-0 "not much" however that is not the problem.
My credit, the interest, the economy and the amount I am now making "job" is the problem.
I do not wish to share the earnings however being one who still needs to contribute to my family to help stay in our home and survive I have no choice.
I only have around 0-0 right now to pay the credit card and I have to pay over 0 and Chase wont take anything less. Which means more time put off more interest and more bad credit ratings.
I have seen a lot of buzz lately about credit card debt programs for people in debt over k, however what about people in my particular situation what can I do?
I work hard and am even listing my stuff on classified ads to raise capital. "Being 18 I don’t have a lot of stuff that is worth much as having a single parent you don’t get things just handed to you" which is also good as it teaches you money management, etc.
Though I did research on the front end life happens and causes problems. If I knew this would happen I for one would have never got a credit card to begin with.
This was only to build credit.
I know I screwed up by not paying the credit card off properly. Please do not make comments that are not helpful to this situation. I am only looking for help and advice.
Thank You for your time!
This way a historic and glorious nation like Greece will solve their debt problem and they will also do a favor to humanity and erase from the map a lil country with no name and no history.
Wouldn’t that be a good solution for you guys in Greece?
Have the politicians in Washington DC EVER heard of spending CUTS??
It seems like their only "solution" to the deficit problem (and subsequent debt problem) is to borrow more money to pay off loans we already took out. Is it just me, or does this seem idiotic??
http://news.yahoo.com/s/ap/20100120/ap_on_bi_ge/us_congress_debt_limit_11
WASHINGTON – Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional .9 trillion to pay its bills, a record increase that would permit the national debt to reach .3 trillion.
The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats, who, as the party in power, hold the responsibility for passing the legislation.
It’s hardly the debate Democrats want or need in the wake of Sen.-elect Scott Brown’s victory in Massachusetts. Arguing over the debt limit provides a forum for Republicans to blame Democrats for rising deficits and spiraling debt, even though responsibility for the government’s financial straits can be shared by both political parties.
The measure came to the floor under rules requiring 60 votes to pass. That’s an unprecedented step that could mean that every Democrat, no matter how politically endangered, may have to vote for it next week before Brown takes office and Democrats lose their 60-vote majority.
phil m…………..But aren’t you always creating MORE debt, never less??
My fiance is being sued by a company he owes money for. The total is: 84,66 dollars. He called today and he offered to pay bucks a month. They told him that they would not take it. They want him to pay either 2.00 down then 5.00 a month….OR 5.00 a month!!! And the interest rate goes up a dollar a day!!! It will not freez!! What the hell?? They will not take his offer. Only their offer stands. What are we going to do?? Im desperate to find answers. I don’t want him to end up in jail……What soultions can we take that we can trust? I looked online for debt solutions…but what companys are true to their word? Why do we live in a society where you go to find help…all companys want to do is screw you over…Is this actualy legal what these people are trying to do to my fiance?? Not taking his dollar a month offer and wanting him to pay 185 or 225 per month instead?? Will he go to jail if he doesnt pay up? How can he be forced to give up money that we don’t have?
A collection agency is the cause of this particular debt problem. He owes more from other companys, but this one in particular is what’s giving us problems. This is all from 3years agao. He spent all this money on a wonam that didnt desrve it, and now its biting us in the ass…I appreciate everyones answers greatly.
A collection agency is the cause of this particular debt problem. He owes more from other companys, but this one in particular is what’s giving us problems. This is all from 3years ago. He spent all this money on a woman that didn’t desrve it, and now its biting us in the ass…I appreciate everyones’ answers greatly.