debt

How do you determine total debt for for debt ratio?

admin — Sat, 22 May 2010 22:34:26 +0000

There should be a line for total liabilities. Use that, not current liabilities

How far can the National Debt go before China and other countries decide to stop lending us money?

admin — Sat, 22 May 2010 22:33:26 +0000

There are already grumblings about our debt from foreign countries. Little known fact that last quarter China actually reduced their net holdings of U.S. Treasuries, the first time that has happened. That now makes Japan the largest foreign holder of U.S. debt and the fourth largest creditor behind the Federal Reserve, Social Security Trust and Medicare Trust.

Can a debt that has been charged off 8 years ago continue to be sold and put on your credit report?

admin — Sat, 22 May 2010 22:32:26 +0000

people confuse this time period with another period…the statute of limitations.

External Debt: What is the composition of America's external debt and to whom is it owed?

admin — Sat, 22 May 2010 22:31:26 +0000

The public debt (just treasury securities) is about $9 trillion. of this, only $4 trillion is held by non-US governmental entities. of the $4 trillion, about $2 trillion is held by foreign governments and foreign individuals.

http://www.fms.treas.gov/bulletin/b2007-…

This figure does not include a number of unfunded commitments such as social security.

How old does a debt have to be, before you are no longer legally bound to pay it?

admin — Sat, 22 May 2010 22:30:26 +0000

You are always repsonibile, there have even been cases where peoples social security checks were partially taken until their old student loans were repaid. of course this is extreme but possible.

Can Asset Acceptance LLC resubmit a debt to the credit agencies after statute of limitations?

admin — Sat, 22 May 2010 22:29:26 +0000

Asset Acceptance Corp has earned the distinction of one of "AMERICA'S WORST COLLECTION AGENCY'S". They lie, steal, cheat, misrepresent, file bogus claims, create phony documents and commit perjury in the court system JUST to increase their bottom line.

You should contact them and let them know that you are aware of the illegal tactics they have used and if they don't remove the item, you will seek civil action against them. Cite the following:

RE-DATING OF THE DEBT IN VIOLATION OF
[CITE: 15USC1681s-2] § 623. Responsibilities of furnishers of information to consumer reporting agencies
a) Duty of furnishers of information to provide accurate information (1) Prohibition (A) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. (B) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if– (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate.

Here is a link to find out information about them:
http://www.budhibbs.com/debtcollectorpag…

http://www.ftc.gov/bcp/menus/consumer/cr…
Download a pdf file regarding how to dispute with CRA's

LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

Does anyone know if Debt Elimination programs really work without bankruptcy?

admin — Sat, 22 May 2010 22:28:26 +0000

Many companies around are scams, so be careful. Here is a good site. www.SettleDebtForever.com. I eliminated $8,000 in debt 2 years ago. They also help with credit repair. My credit score was bad for about a year, but then it shot up pretty far in just about 30 days after I started the repair. Right now, it's 803. Just make sure you know what you're signing up for. I was happy with this company, but I was ready for what could possibly be at stake having low credit for awhile, but as long as you don't want to buy a house or car for 12 months, then it's usually ok. And with www.settledebtforever.com, you can choose either complete elimination or settlement, if you're not comfortable with one or the other. Just remember to research anyone that you sign up with! There are some legitimate companies out there, but just as many bad ones.

Source(s):

www.settledebtforever.com

What is the total budgeted federal debt of the United States government?

admin — Sat, 22 May 2010 22:27:26 +0000

Debt is not budgeted. Debt service is budgeted. For example, anticipated interest payments, amortization of bond principle, fees, etc. Good question! Should be included in the budget list.

Think tax rates will need to rise? I think so!

Source(s):

http://www.federalbudget.com/
http://en.wikipedia.org/wiki/United_Stat…

How much debt is too much when you want to apply for a home loan?

admin — Sat, 22 May 2010 22:26:26 +0000

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!

How do you determine total debt for for debt ratio?

admin — Sat, 22 May 2010 22:25:26 +0000

There should be a line for total liabilities. Use that, not current liabilities