Step Aside, Congress: Let the Voters Decide Barron's
Raise taxes or cut spending? JPMorgan economist David Kelly says it doesn't much matter to the economy which approach is used to reduce the deficit, and that the politicians should let the voters decide the issue next year, rather than engage in a political death match now.
Kelly suggests that the two parties simply agree on a specific pace of debt reduction if they can't iron out their differences by Aug. 2—the Treasury's deadline for default. Then, in November 2012, citizens favoring steep spending cuts could vote for the GOP presidential challenger, while those favoring higher taxes could vote for Obama. I personally would prefer Congress to earn its pay and get our fiscal house in order, but maybe I'm expecting too much of our elected officials.
Kelly is chief market strategist at JPMorgan Funds, where he provides economic analysis to financial advisors and mutual-fund managers with more than $500 billion in total assets under management. Like Federal Reserve Chairman Ben Bernanke, he feels that it's unwise for the GOP to be conditioning its decision to vote for an increase in the nation's debt ceiling on significant spending-cut concessions from the Obama administration. After all, the debt ceiling must be raised some time, he says.
SHIELD Presenter, Jose Luna, speaks on Accelerated Debt Reduction
This is an excerpt from Jose Luna's presentation on an incredible program he has found to pay off your accumulated in debt in months instead ...
Help with debt reduction companies?
Are there any good debt reduction companies out there or are they scams? I have looked at Accelerated Financial Services, Debt Reduction Services and Elite Financial Services. Are they all basically the same thing? Do they work? Are there better types of companies that work with you and your credit card company to get payments down and have a set end date that your debt will be paid off? Any help would be great.
Consumer Credit Counseling Services (CCCS) can negotiate lower payment and interest rates. This can be a good way to go. Contact your local Red Cross for a referral. CCCS does NOT negotiate settlements.
What you need to know about debt settlement firms:
Your credit card companies are not going to offer you settlements like 50%, for example, if you are current (not behind) on your payments. Basically, the only way you can get into a position to negotiate settlements is to deliberately let your accounts go into default. This is exactly what debt settlement firms do....They take a monthly amount from you and use that to build a “settlement” account, which will go towards paying the “settlement” at a certain date. Your creditors will deliberately not be paid. They will not be happy about this.
If you are current on your accounts, this process will ruin your credit rating as your accounts will all go into default. Your creditors are under no obligation whatsoever to accept settlements from any debt settlement firm you hire. Their response might be to serve you papers and take you to court.
You don’t have to pay any firm to attempt settlements. You can try this own your own. Just remember, if you currently have good credit, this process will ruin your credit and there’s no guarantee that your creditors will accept settlements. If you are currently in default on your credit cards, you can make your own settlement offers. You don’t need to pay anyone to do this for you.
In Charge debt solutions and Care One. Good luck.
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