A Quote by Paul Ryan
When you take a look at the problems our country is facing, debt is No. 1. The math is downright scary and the credit markets aren't going to keep on giving us cheap rates.
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If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.
Once the settlement is completed, the credit card company will report it to the credit bureaus, which will then make a notation on your credit report that that account was paid by settlement. That's going to signal to future lenders that you left the last guy hanging. That's why, as with bankruptcy, debt settlement is an extreme option, one you shouldn't take lightly. It's not just an easy, cheap way to eliminate debt.
High bankruptcy rates, increased credit card debt, and identity theft make it imperative that all of us take an active role in providing financial and economic education during all stages of one's life.
If you put Canada into $1.5 trillion in debt and interest rates go up just 200 basis points, you cannot provide the services to 36 million people that were guaranteed to them in the social contract they have with Canada. That's a very, very scary prospect. You can't burden this economy with that much debt. The risk you take on is insurmountable. You have to assume for the next 50 years that rates don't go up? That's insane. That's irresponsible. That's stupid.
When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
Look, the president is elected to lead and to face the country's biggest challenges. The country's biggest challenge domestically speaking, no doubt about it, is a debt crisis, and I'm really hoping that he is going to give us a budget that tackles this debt crisis.
Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down.
Our biggest threat is not an asteroid about to crash into us, something we can do nothing about. Instead, all the major threats facing us today are problems entirely of our own making. And since we made the problems, we can also solve the problems.
All of us have problems. We face them every day. How grateful I am that we have difficult things to wrestle with. They keep us young, they keep us alive, they keep us going, they keep us humble. Be grateful for your problems, and know that somehow there will come a solution. Just do the best you can, but be sure it is the very best.
Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.
Credit and debt keep us fixated on the past and the future.
The things to watch are whether the country's borrowing costs are rising, whether its budgetary allotment for payments on the debt is increasing, and whether it is spending on good priorities. Those big, scary debt numbers are not as big and scary as they used to be.
For highly indebted governments, low interest rates are critical to keep debt levels sustainable and ease pressure to restructure debt and recapitalize banks. The shift to a high sovereign-debt-yield equilibrium would make it impossible to achieve fiscal balance.
When I look at what's going on in Charlotte, a city I love, a city where I have investments, when I look at what's going on throughout various parts of our country, whether it's - I mean, I can just keep naming them all day long - we need law and order in our country.
Money and prices and markets don't give us exact information about how much our suburbs, freeways, and spandex cost. Instead, everything else is giving us accurate information: our beleaguered air and watersheds, our overworked soils, our decimated inner cities. All of these provide information our prices should be giving us but do not.
You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.
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