Forgiven is forgiven. That means the deal and any obligation is completely wiped out and gone. But chances are, Chase or MasterCard aren’t going to call you up and forgive the debt.
Car payments and the credit card debt are the same thing. They’re both debt payments, and you’re being charged interest on both of them.
A recent poll by the Pew organization showed that while those of us in Our Nation's Capital and the 2,375 people who watch cable chat shows are consumed by the looming sequester, the other 75% of Americans are just shrugging, sighing, and smiling knowingly that the world will go on after Friday.
The other day a group of us were at a restaurant. All of a sudden there was a child stomping his feet and stating he was not going to do what he was told.
Americans live in a consumer culture. We like to buy things. When we can’t afford to purchase something we really want, we turn to credit cards and loans, even though we end up paying more due to interest payments. Over half the population paid interest on credit cards in the past year. “Buy now – pay later”.
The trend in this nation is worrisome. We are looking at a European style nation where brand new wealth isn't created while older wealth is constantly attacked to the point where it's diminished along with the clout that comes with financial independence.
FICO released a new study that analyzed 10 million credit files to find trends within the student loan industry. The group concluded that the student loan industry is on an unsustainable path (but I think we knew that already).
If you thought Republican presidential hopefuls were insane to refuse to raise their hands during a 2011 primary debate when asked whether they'd support a deficit reduction deal with $10 in spending cuts to $1 in tax increases, look at Washington today.
All those Americans who hoped that in victory a magnanimous President would move toward reconciliation of a divided people were bitterly disappointed by Barack Obama’s inaugural speech.
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