I have good credit and so does my fiance. We just have a lot of credit. I was wondering how much debt is ok and how much would disqualify you from getting an apartment.
This would only be a factor if you were getting a mortgage to buy a house. If you have a good credit and meet their income requirements then having a large amount of debt should not affect your ability to rent.
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http://silversnowball.com/1861/
Paul Grignon’s 47-minute animated presentation of “Money as Debt” tells in very simple and effective graphic terms what money is and how it is being created. It is an entertaining way to get the message out. The Cowichan Citizens Coalition and its “Duncan Initiative” received high praise from those who previewed it. I recommend it as a painless but hard-hitting educational tool and encourage the widest distribution and use by all groups concerned with the present unsustainable monetary system in Canada and the United States.
Duration : 0:7:12
China is supposedly buying more than 1 trillion of our current debt. I am aware that we have a trade deficit but it is no where near that amount. So how are they buying our debt? Or are they?
You are confusing individual wealth with current savings behavior. Even a poor cleaning woman can add to her modest savings bit by bit each month if she restrains her spending.
It is true that, although China’s rate of economic growth has been high for two decades, the income per person is still moderate. But individual Chinese citizens and companies save much of the money they earn. They restrain their purchasing and save. After the trauma of civil wars in the 1920’s, the Japanese invasion in the 1930’s, the communist revolution the 1940’s, the "great leap forward" that led to mass starvation in the 1950’s, and the Cultural Revolution and "witch trials" of the 1960’s, all Chinese know that anything can happen and some it can be bad. Save for the rainy day.
As a result, the nation exports much more than it imports. That is especially true of manufactured goods. Like many developing countries, China imports raw materials and uses those to make consumer goods or parts for machinery like PCs and cars. Most international trade is earmarked in dollars. Even of you export the shirts to Belgium you’d prefer to be paid in US dollars. So, they must do something with that excess cash.
Fortunately, their friend across the Pacific, the USA, is filled with consumers who shop till they drop. And keep shopping with money they borrow. And the US has a government that had a surplus in the 1990’s but went way into debt to pay for Iraq even as it was cutting taxes. So, America must borrow. China will lend by buying US debt. While Chinese leaders speak of dumping dollars for another currency, there is little prospect of that. Europe doesn’t run a huge trade deficit so there aren’t that many Euros to go around. The same is true for Japan, where the interest rate China could earn is even lower than for the US. America has the world’s broadest pool of liquidity. It’s the easiest place to stash the cash. With our current level and growth of federal and state debt, we will need China’s lending and they will need our IOU’s for many years.
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Debt Bomb in Wall Street , no one dead, no one injured ,no one bothered. Drug war fuelled by high profits and stating the obvious says Hilary clinton. Peace is ‘enduring goal’ says Netanyahu: a piece of palestine lebbanon,syria etc
In the UK terror fairy tale grows and spying becomes a way of life for 1000s
Hello disparate ineffective voices, welcome to the fkn news Im fat bald and ugly here are the headlies tonight….
Duration : 0:7:39
For instance, if I owe $250 to a company like ATT, when signing up for a new contract, will 250 be the amount I owe as a deposit, or will it be the 250 for the debt, and then more for a deposit.
Usually, it’s more than the $250 for the debt (fees and interest) plus the deposit.
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Bailouts, stimulus packages, debt piled upon debt, where will it all end?
How did we get into a situation where there has never been more material wealth & productivity and yet everyone is in debt to bankers?
And now, all of a sudden, the bankers have no money and we the taxpayers, have to rescue them by going even further into debt!
Money as Debt II Explores the baffling, fraudulent and destructive arithmetic of the money system that holds us hostage to a forever growing DEBT…and how we might evolve beyond it into a new era.
http://www.moneyasdebt.net/
Duration : 0:9:56
I owe about 2 grand of debt to different debt collectors. I work and attend college like most young adults my age, but does not make a lot of money every 2 weeks. I really want to get rid of my debt but does not know the best way how. What should I do?
First you need to stop spending money that you don’t have. Please do not consolidate or use a debt reduction company . It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. Or they negotiate your debt down after telling you not to pay for awhile adding another hit to your credit score. Student loans are the only debt that can garnish your wages for non payment without taking you to court first. Just list them out on a piece of paper or a spreadsheet and follow the plan. If you work the plan, the plan will work for you.
A. Have a garage sale and sell anything that you no longer need or want.
B.Get a temporary part time job, if you have one, get another. The wife too. When my kids were small, I worked at night to bring in extra money so that I would still be there for them during the day.
Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don’t even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3:Minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
You can do it and it isn’t as hard as you think. Just follow the plan.
I have been out of work for a while and became unable to pay on a credit card debt. It has been about 90 days since my last payment and I just got a letter from a law firm stating they will be pursuing collecting the debt. I am still out of work and have no means to pay. What can I expect from this process?
You’ll be getting letters and phone calls for a while from the lawyers seeking to collect. You can try paying a little at a time, even $5 a week or something, and that might help. Ultimately, however, the lawyer will take the debt to court and get a judgement against you. You will be notified ahead of time so you could appear and state your side of the case if you want. After judgement is entered they have the ability to garnish any wages you make in the future or place a lien on any property you own. It will go on your credit rating and lower your rating a LOT. I don’t know if they can garnish any unemployment you get.
Ward Cunningham reflects on the history, motivation and common misunderstanding of the “debt metaphor” as motivation for refactoring.
Duration : 0:4:44
I would like to apply for a home loan, but I have some credit card debt. I have good credit – never missed a payment, never been late, etc. I just don’t know if having credit card debt will cause me to be declined.
The bank will add in your credit card dept along with any other loans or debts and will assess it against your income and the amount of your home loan will be estimated taking into account your ability to pay.
A bank will usually take the total amount of your credit card limit as your debt, not how much you’ve used of it. So, if you have a card limit of $30,000 but have only used up $1000 of it the bank will see it that your debt is $30,000, not the $1000. That’s the downside. Banks won’t usually decline you for a home loan just because you have a c/card. They work on your ability to pay your loan.
If possible, try and pay off your card and destroy it! Have a debit card instead, then you only have access to money that you have, not money that you don’t have!