Commentary: Obama's tax plan to pay off debt counts on 'rich' who aren't Sacramento Bee
Got time to answer some questions for a poll? We'd like to know which would be worse:
A president who doesn't know where John Wayne was born?
A president who thinks everybody who makes over $125,000 is a greedy plutocrat zipping to work each morning in a corporate jet?
If you're a Washington reporter, the obvious answer is apparently A. When Republican presidential candidate Michele Bachmann identified the wrong Iowa town as John Wayne's birthplace last week, it triggered a national ink shortage as the news media rushed hoo-hah-she's-an-idiot stories into print. Actual Iowans were less concerned; her polling numbers in the state quadrupled overnight.
But if you're an ordinary taxpaying citizen, it's answer B that should concern you. That one comes not from a potential president but the guy sitting in the White House right this minute. And his inability to tell you from Bill Gates is going to have serious consequences for your bank account.
Debt & Debt Consolidation : How to Pay Off Debts Fast
Paying off debts fast requires an organized plan of attack to chip away at each bill gradually. Weigh your assets, sell a car or liquidate other ...
How do your kids plan to pay off the debt they will incur due to Bush's tax cuts?
The Bush adminstration is planning another unfunded buyout of the American public in a futile bid to try t head off a recession caused by his idiotic economic policies.
He has decided to shift the burden onto your children and grandchildren and to charge them interest in the process.
How do your children plan to pay off the debt they will face as a result of the Bush tax cuts?
They can make extra money by teaching the other kids Chinese.
My much bigger concern is the billions being spent on this war. End the ill-conceived war and sending every American a check will seem like nothing.
A budget plan to pay off debt?
Hi all I am in debt big-time like so many other americans. The only problem is the government isn’t going to bail me out like those fat cats on wall street. So long story short my friends tell me I need to make a budget to help me stop spending money I don’t need to spend. Unfortunately I have no idea how to make a budget and never had to do one before. Can somebody tell me how to make a budget so I can pay off my debt?
The Microsoft Office site has some blank budget templates you can start with.
Basically write down your income, your fixed expenses (loans, CC payments, mortgage/rent) then write down your variable expeness (groceries, gas, utilities, etc....) Then with whatever is left over decide how much you can send extra to your debt and if any is left over after that, then you can play some.
Than make a budget for food per week (you can save much money of food if you cook and prepare healthy lunches and dinners at home ) for me living it is £25 per week (I live alone)
establish the amount what you need spend for cloth per month (for me £50) and for social life
regarding the petrol calculate the necessary amount for journey to work and back (you can do shopping on the way home so you save money on petrol if you do usually shopping during weekend) Think when you drive.
try to save some money from the rest for the worse time...you should have e.g. 3x mortgage repayment in your saving in case you lose your job and start to save money for Christmas since February e.g £20 per month
The most important is stick to the budget ..don't buy a coffee when it means you'll overspend you can buy it next week from from allowed budget.
I know it's hard time for all of us
GOOD LUCK
Does it make sense to borrow against my 401K to pay off a debt?
I was told that it is possible to borrow money from my pension plan to pay off debt. I was under the assumption that you could use 10K for a first time homebuyer and not be taxed or pay out penaties. Does anyone know about this sort of thing. I am also not sure if it is a 401K but it is a pension plan. Does it depend on my company?
Depends upon the type of 401K and how it is structured. Check with the administrator of whatever company holds the 401K for you and have them explain whether or not you can do that. There are restrictions for use of money withdrawn from a 401K (usually to buy a home) and there are penalties, too. In the long run it might cost you much more than the original amount of the debt.
1) BORROWING is not paying off debt. It is renaming debt.
2) The return you are currently earning on your 401(k) is probably double the rate you will pay back into the account.
3) WHEN you leave the job (you will), your 401(k) loan is payable IN FULL in 60 days. When you don't have the money (you know you won't) you are charged a 10% early withdraw penalty AND pay income taxes on the balance due.
I need help in making a plan to pay off my debt but my credit cards are all charged off!?
I have 3 credit cards that I haven't paid anything since I got it. I know, really really really bad. I had a Bank of America credit card, a Discover, and a Wachovia credit card. Total of how much I owe is about $4,000 now probably. I really have no clue though, because they are all charged off and is now in the hands of certain collection agencies. I have no idea how to contact these collection agencies and they haven't made an attempt to contact me yet. I just need to know how to go about even starting to get my finances back in order. My credit is now ruined and I just want to fix it all.
I was wondering also if I do end up paying off all my debts because it's not that high right now, how do I go about establishing good credit? Any information, links, book recommendations, etc. to help me with my situation would be a trumendous help! I already know I messed up big time. I'm only 20 years old, but I'm already in this much trouble with my credit score. I want to fix it ASAP.
Step 1. NEVER use any of the cards again.
Step 2. Get on a WRITTEN budget to control your spending and find out how much you can save up to pay of the cards.
Step 3. When you think you have enough to settle ONE of the cards, contact ONE of the companies to see where you stand. If you still have the actual cards, you can use the toll free number on the card to contact the original creditor. If they have sold the debt, they can tell you who they sold it to. You may be able to settle for less than the full amount. Just be sure you have a written settlement agreement in hand before sending any money. Then pay by Cashiers Check or Money Order. There is no point in giving them anything with your bank account number on it.
Step 4. Repeat step 3 as necessary.
Don't wake them all up at once. Put them down one at a time.
Next set yourself up a budget and stick to it.
Don't they teach this in school anymore?
What is the republican plan for paying off the debt?
I don't understand, Republicans are always saying how democrats will raise taxes and how evil that is. So how are we going to pay off this trillion dollar debt that bush has run up? Or do you not mind that a growing percentage of our tax dollars is going to pay off the interest on the debt? Is there some magical republican trick for making more money while cutting taxes Like Gulliani says?
Don't bother to say by cutting welfare or something like that, If the republicans were going to do that I think they would have done it by now......
actually GOPer, call me crazy but it seems to me that if the government takes in more money (higher taxes) then they will have more money to spend (pay off the debt)
Billy, this government ran for over 100 years with no debt. It is possible.
By cutting off programs for Children and having more wars.
Thats really how they want to do it.
Yea, I know, there is more too it, but what I am doing is pointing out what a bunch of heartless souls they really are.
Peace
Jim
.
2. Cut taxes
Tax cutting is creating more revenues because of higher employments.
and you think Higher Taxes will solve the problems????
Good question....
But I do agree with you that it needs to be gotten under control.
What is JOhn McCain's plan to pay off the national debt? Tell me and I will vote for him.?
With the national debt at $9.4 trillion and the national debt going up $1.5 Billion per day (not a typo) this seems to be a national security issue.
I am sure being a republican he has a comprehensive plan on how to pay this off asap besides getting rid of pork (pork is less than 1% of the budget)
Can you point me to his plan?
Source for debt:
http://www.brillig.com/debt_clock/
It is in real time, just refresh the page
I asked the same about Obama
http://answers.yahoo.com/question/index?qid=20080609011532AAo9l1w&r=w
Okay guys! I have Obama's plan:
http://www.barackobama.com/issues/fiscal/
You can not tell me a democrat has a debt plan and a republican does not. I have searched McCain's website nothing.
I have Ron Paul plan (impressive)
http://www.ronpaul2008.com/Prosperity
McCain's is?
I also think this is a good question, unfortunatley the answer is not very good.
He has plans to trim the budget, but it doesn't come close to to the expense of continuing operations in Iraq. Sure he plans to cut out pork barrel stuff, and some farm subsidies, but that is a very slow start.
I'm afraid that as a whole, McCain's plan will actually increase the national debt.
His bigger plan is to take a page out of the Al Gore playbook and try to streamline government. He'll go about it differently though, instead of finding better and cheaper ways to do business, he'll just choke off the supply of funds and see what spending wasn't needed and cut it out of the budget. It's actually a plan that if successful has potential to trim the budget.
The problem is that it will deprive Americans of the services they are paying for. Say they cut off all funding to say the post office(I know this won't happen, it's just an example), stop paying for gas, paper and all that...they still have to pay salaries and and for the buildings....they have a contract... so you're still paying a lot of money but getting nothing for it. The hope is that you'll get services again next year just for less money than in previous years.
It's kinda like paying interest on the national debt, it costs alot, but you don't really get anything for your money. This is a problem. I don't always like paying for all the programs democrats want me to pay for, but I'd rather pay a lot for alot than a little less for nothing at all.
Do any of the current Presidential canidates have any plan to pay off down the national debt?
And how long would such a plan take until America is free and clear again?
NO! national debt doesn't seem to be on anyones agenda.
Sould I pay off my debt if the money comes around?
I'm in the process off receiving enough funds to consolidate my major credit card debt. My plan is to pay everything off in full. Would paying them in full be the ideal thing to do?
I've heard that keeping a small balance on credit cards is good for your credit score. Is this true?
Pay off all the high debt in full. If you are lucky to have some low rates such as under 7, you could probably hold off on paying those in full. Chances are you don't have anything under 7. If everything is double digits, pay it off. If you have store cards with no interest, don't pay those off, make your normal payments to have it payed off when the interest period is up. Also keeping a balance on them does no good. But you do want to keep the cards open and active, just pay them off each month as this will help your credit.
The IRS allows you to invest an amount of money pre-tax, can you also pay off debt pre-tax?
I was just wondering, alot of people just coming out of college have huge amount of debt and arent ready to start contributing to a IRA or a retirement plan but we have huge amounts of debt, is there a way we can divert money into a plan to help us pay off our debt faster that is tax free? similar to the way you can divert money into a tax free investment/retirement?
No.
Is it a good idea to withdraw money from a 401K plan to pay off a credit card debt?
A short answer any one can give you, but the best answer requires more questions
.Remember it is NOT illegal to think, try doing so every day for a month, you might like it.
We as a Nation are about to have a huge and strong and longer than normal RECESSION, you investments are going to decline as most fund managers are herd animals of extremely limited intelligence.
1. How much do you owe on your cards, what is the payments and the amount of other budget item moneys you have each month?
2. Oh, you forgot to make or adhere to a budget.?
3. Can you take a loan from your 401k, then pay it off each pay period.?
4. Can you control you spending by locking in a safety deposit box your credit cards? ; or freezing the limits at 50 to 75 percent below the current levels after or IF you get a plan and work to make it work?
5. Home Equity Loan?
6. How about you using two good tools that you have (a) your brain, and (b) your body?
figure out how you got in this mess, and be thankful that you behavior has not YET sent you to see a Bankruptcy attorney.
Go get a second part time job, put all of your net earning in a Savings account, after the second month take 2 weeks of deposit and pay on equally the most costly card, and the smallest balance. I do not have the space top map out the results, maybe you have the brain spine and gonads to put the results on paper and amaze yourself.
Using Bankruptcy To Pay Off All Of Your Debts
Mention the term bankruptcy and most people think it’s escape from debt responsibilities. This is not always the case. While most debtors do have some or all of their debt discharged (wiped) through bankruptcy, some debtors use the bankruptcy process to control their debt repayments and to pay off all of their debt. This is [...]
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