The Debt Threat Rises WBNG-TV
As it gets closer to the deadline for lawmakers to reach an agreement on the nation's debt limit, many are becoming alarmed.
With federal benefits in limbo, New York could lose crucial funding.
Veterans are among those who could soon lose their benefit checks.
"I receive a monthly check from my VA for disability, I got burnt, and that supplements my social security income, actually helps pay all my real estate taxes," says veteran Ron Reece of Endicott.
"All the vets that receive their benefits and stuff now, they rely on them and that's how most of us get by. I think the government is sticking their hands into what they really owe us," says Phillip Dillenback of Endicott.
Democratic Senator Charles Schumer is pushing for a bipartisan plan that would cut 2.7 trillion in spending over the next ten years.
He says he is more concerned about a possible default than he was last week.
He is also concerned for veterans.
"Well there are hundreds of thousands of people in the Southern Tier, veterans, senior citizens who depend on the federal government for social security, vets benefits and it's playing with their lives to say I will not raise the debt ceiling unless the government does what I want," says Democratic Senator Charles Schumer.
Marc Faber on the debt threat
more Marc Faber Interviews at www.MarcFaber.tk also the blog http
Of all the problems facing the U.S., is the problem of mounting personal debt the greatest threat?
Will the party come to an end when foreign investors start to pull out their money from our economy? The subprime lending scare may be just the opening salvo across our bow.
Generally speaking, I believe that all kinds of debt coupled with easy credit is ruining our country. We've been digging this hole for many years now and we simply need to tighten up on who gets to buy on credit. Back when I bought my first house it was difficult, but I am glad it was, because they were checking thoroughly to see if I could afford the payments even if I had a minor crisis possibly.
When I bought my last house, the banker wanted to immediately give me a line of credit on my home, even though I didn't even ask for it or really even want it. But I let him run it through. I don't even have a job!!! It's amazing! (I paid cash for my house though.)
The subprime problem is just the beginning too. Personally, I'm sort of worried about where to invest my money now. The stock market is not safe anymore. As the line goes in Gone With The WInd.........Land! It's the only thing that lasts!
But that is not the greatest threat by far.
when u cant pay for your ginsu knives oon credit theres no sudden flush of knives on supply, people get kicked out of homes, it screws every1 invested in housing market
Not likely and not for long.
Reality will have to bite and bite hard.
help please bankrupt threat debt is not mine id fraud?
i keep getting letters for a bill which is for a differnet address
i have lived at my address for 24years and ive never been in debt. some one has had a argos account in my name at a differnet address. now im getting bills telling me to pay. I have phoned up and said this is not my bill they dont believe me and said its not id fraud its my bill and i have to pay or they will make me bankrupt. What can i do?
because they have put my address as there last address
the citizens advice bureau will send them a letter but you may also need to report it to the police as it is fraud as someone has used your name to obtain goods by deception.. Argos is just trying to get someone to pay up by trying to bully you and convince you that there is nothing you can do.. good luck and don't give in
Edit: In which case you should have no problems. Talk to Citizens Advice Bureau. You can prove you've lived there for 24 years, and your signature will not match that of the ID fraudster.
Edit to Marc Chase (below): Yet another useless answer from an American who thinks the world runs according to US laws. Do you have "Argos" stores in the US?
ring one of the main credit reference agencies( equifax or experian) and tel them what's happened and ask them how this has affected your credit rating.you can appeal against this erroneous account but you will need to get all the facts first and all the companies on your side as well.arm yourself with as much info as you possibly can,then go out guns blazing!! good luck - fraudsters deserve nothing better than euthanasia.
First of all, they have violated your rights under the FDCPA by threatening to make you go bankrupt.
Secondly, you have rights. You can look at this the same as a criminal court - Innocent until proven guilty.
Send them a validation of debt. Simply put, its a letter saying "prove its mine". Just because they think its yours, doesnt make it true. After they've recieved this makes collection attempts illegal until they prove it.
Make sure you pull your credit report. If somebody used your name, you could have more problems waiting to happen.
Consider filing a police report.
It's a headache, and if you're a victive of ID Theft, you could have more coming. Dont worry, facts and the law are on your side.
1) get credit reports
2) look them over very closely
3) File Theft Report
4) Put all creditors on notice of the theft, document everything you do
USA What is your personal debt VS your income is this really the biggest threat Financial Security?
Your share of the National debt today is $28,357.78 of which you had no say in! 30 year fixed mortgage three quarters of the monthly payments goes to the mortgage lender! Interest rates on other loans & financing can put people on the street! It is very difficult to find a decent job that pays enough to keep pace with the consumer retail price index.
And it's just going to get worse as long as the rich are entrenched in congress.
Is minimizing WACC by having a largely debt-based capital structure a high-risk strategy, given the threat of?
First, I recently presented a paper proving that the assumptions of the Capital Asset Pricing Model do not occur in nature and that there does not exist a circumstance where the use of the CAPM is valid a priori. This is critical to WACC, because it is the usual cost of equity component. So until someone can replace CAPM, WACC is probably dead. In fact, CAPM is not even close. I run experiments using CAPM and can show there is no relationship between CAPM calculations and outcome. It simply doesn't matter. The reason comes out of singularity theory in differential topology. The markets experience singularities with sufficient regularity as to invalidate the model.
Now, the obvious is a huge debt based capital a high risk strategy. The answer is obvious, it depends. Life insurers would tell you "no," farmers would tell you "yes."
There are bankruptcy likelihood estimators out there. If you are showing up as a high risk on the bankruptcy estimators, you are probably making a poor decision.
But in any case, depends what returns you are getting - that strategy is likely to put you out of business sooner rather than later, but you may have gotten away with extraordinary returns before that happens due to very high leverage, in which case it becomes someone else's problem (ie the debtholder)
Can a debt you have with a debt collection company be referred back to the original creditor? ?
I have had credit card debt with a large UK bank, which has now been referred to a Debt Collection Agency. If I contact the bank and negotiate a payment plan, is it possible that this debt will be taken back? I would much prefer to deal with my bank that a debt collection agency that threat CCJ and sending bailiffs to my parents house (I now live outside of the UK and have done for over a year.
When will our government start taking this threat seriously?
Our National Debt is almost $10 Trillion. We are borrowing money from China at almost $200 million per day to fund our deficit, which is at an all-time high of almost $500 Billion.
We hear nothing from either candidate on how they are going to attack and attempt to fix this problem.
I submit that the greatest threat to our National Soverignty is our debt, and our dependance on foreign investors just to stay afloat.
Why is our government continuing to ignore this? When will policies change to reflect the fact that as a Nation, we're financially bankrupt?
As long as America continues to support the TAX and SPEND BIG GOVERNMENT of the REPUBLICANS and DEMOCRATS, you will continue to see this trend.
I am not ignoring the problem. I am voting for the party who supports freedom and has had the solutions to ALL of our country's major problems all along.
Is there a way out of getting served for a credit card debt?
I have a $2500 debt with Capital One. I got in financial trouble in college and I was not able to pay it off in time. My debt has bounced around to several different law firms and the new one is trying to make me pay 400 a month until I pay it off. If I don't they said I would be served. Is this threat real and how often do they come after people this hard. I basically have nothing they could put a lien on as I am still in huge financial trouble.
they will get a judgement against you and you'll have wages garnished
What amount of overpaid salary would be pursued by debt collectors?
A friend of mine is being hounded for an overpayment of salary of £450. Employer threatening to employ 'private sector' debt collection.
Is it likely for this kind of amount, or is more likely to be a threat?
it does not matter about the amount that is owed, they will still persue it.
Your friend has to be aware if the collection company put any fees on top
What is the best way to bargain with credit card debt? With a company that way over charges on % payments.?
The credit card company advised my friend that they would lower her debt and take a pay off of a certain amount. They then return with a higher amount and % added. Now with a threat of legal action She does not know what to do. She is retired and can not make the payment.Company is mentioned on consumeraffairs under complaints.
Could she try and transfer her balance to someone who is offering an introductory 0% interest trial period? There should also be a companies watchdog that can help her.
I have credit card debt and the credit card companies are threating to take me to court. Can they do anything?
I am thanking about going bankrupt and I have talked to a lawyer and he told me not to pay anything. I was just wanting to know if they could do anything. I know they can take your wages. How long does it take for something like that to happen?
I have had a sherieff bring a paper to me, it was just saying you have 20 days to contact discover card and if you dont, they can take you to court. I know the lawyer is going to tell me that but I dont blame him, I called him and told him I want to go bankrupt. It's only about $12,000. but my income is pretty limited after paying my basic bills rent/electric things like that. I do have to little kids and I am a full time student. I was only thinking about bankrupt to get a fresh start. Its been about 10 months since I have paid anyone. Well I did send them all a letter with a small payment last month telling them I want to work something out, but no one wanted to set anything up. I think I am just going to start sending them all $15 a month next week. As long as I am showing some attempt, I know they cant do anything.
You need to tell the Credit Card Company you are planning to file a bankruptcy. Then you should get moving on the bankruptcy. It would take the credit card companies awhile before they could be garnishing your wages, and you would know it was going to happen because you would receive a summons and court date. If you are planning on filing just do it, if you don't know if you are you better make arrangements with the credit card companies.
