About 'sell bad debt'|...from these ads, it was sold for glamour, sex, and melodrama. The fashion tie...contemporary. You may not want to score yourself on that Bad and The Beautiful "friendship and romance" quiz, as...
Obama recently asked for a $1.2T increase of the national debt although he has now requested a delay due to Congress' Christmas vacation. This increase will bring the total indebtedness of the U.S. to more than $16 trillion. If you have trouble comprehending the number one trillion I try to explain it here. This begs the question; will we ever be able to repay the national debt? In my opinion it is highly doubtful. Allow me to illustrate this with an example. If we equate the national debt to a personal debt, using numbers from 2010, we find that · Federal revenue in 2010 was $2.162 trillion · Federal spending in 2010 was $3.5 trillion · Median household income in America is $49,445 · $16.4 trillion in national debt equates to $375,068 in personal debt. How would you, or any American, pay off $375,068 in debt when your income is $49,445? It would not be easy and it would not happen overnight. More importantly, how would you ever begin to reduce your debt when you are currently spending significantly more than you earn with no plans to reduce your spending? The answer is that you would make no progress at all toward reducing your indebtedness. It would be equivalent to financial suicide. Yet that is exactly what our elected representatives are doing at the national level. Using the example above, you would likely never pay off your debts without dramatically increasing your income. In the national case, this would equate to massive tax increases. Of course the other option would be to cut your lifestyle down to nothing. You could sell the car (or cars) which you are financing and buy an older car with cash. Then you could ditch your satellite package (you know the one with the sports package) or perhaps decide that you could return to the old dial up Internet. Then you might trade in your iPhone for a flip phone without an expensive data package, no unlimited texting plan, etc. On the national level this might be reflected in massive cuts in social spending. There is very little will in Washington to cut spending. There is hardly even any willingness on the part of our representatives to curb the rates of growth in spending! Determining how the largest pile of money in the world is spent is real power and our elected representatives are not likely to relinquish this power. At the same time, massive tax increases would only push the still fragile economy off the proverbial cliff. It would also retard American's desire to produce. Returning to the personal level, the average American would never be able to pay off such a high debt level. As a result, the credit card companies and the mortgage holders are frequently forced to write off bad debt. Perhaps someone should explain the concept of bad debt to Hu Jintao. |
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...When funds are low and the debts are high. And you want to smile, but...hit – It’s when things seem worst that you must not quit. The Prayer God, give...
...make a healthy profit from bad debt. Imagine this; you have ... still got worse, to the point where you stop...account. The creditor will now sell the debt to a debt collection...
..., the risks, the real worst-case scenario. Understand what you all agree you... there. (Heber) I just went into debt. I just don’t know how a person could do it...
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