Tag Archives: vote

Jumping off the debt merry-go-round

Dear Debt Adviser,

Jumping off the debt merry-go-round By Steve Bucci

I have around $15,000 in credit card debt from college. I’m approximately five to six years from my last use of these two cards, which have since been charged off. Assuming the seven-year point rolls around, what are my steps to ensuring these charges don’t follow me?

I understand the immorality of not paying a debt, but I haven’t been able to save enough to really make a substantial effort in paying it off. I fear I will get caught in a never-ending, $100-a-month payoff plan.

— Kyle

Dear Kyle,
It sounds like you need some help with your savings plan. My guess is that if you haven’t been able to save enough in five or six years to pay off your credit cards, then I’ll bet you haven’t been able to save very much at all. So, let me tackle your savings issue first, and then I’ll get to your very correct fear of a long-term, dysfunctional relationship with the collections process.

Saving money is not optional. If you want to be successful today, you can’t just save what’s left over at the end of each pay cycle. You need to have a plan to spend, a plan to save, and you need to do the saving before you spend. Low savings will force you to use credit, and in your case getting new credit may be problematic every time you hit a bump in life. A car accident, mechanical repair, illness, leaky pipe … you name it. Without savings, how do you handle it? Not well. Especially as you get older and accumulate more bumps in the road of life.

My suggestion is to immediately begin to put away a set amount each pay period based on a spending plan that includes savings. Every time you get a raise, promotion, tax refund or birthday gift of money, I want you to put half in the emergency savings fund and keep half for current expenses. Saving money that you don’t have yet is my favorite way of accumulating six months of expenses in an emergency account.

Now, on to your debt situation: The seven-year period you are referring to is the time frame for reporting your credit card accounts on your credit report. Negative information generally must be removed after seven years. But you still owe the money.

Collections businesses are big in the United States. There is a large and active market in uncollected debt that is sold and resold as the debt ages to increasingly aggressive buyers. So you can expect to hear from debt collectors for a very long time after the seven-year reporting period is over.

Another time frame you will want to be familiar with is the statute of limitations, or SOL, for collecting debt in your state. However, if your debt is beyond the SOL in your state, collectors can still call you and mail you in an attempt to collect what is owed. You can tell them you know about the statute in your state and you have no intention of paying. However, they can just resell your debt to the next collector.

As I see it, you have several choices. You can wait for the statute of limitations to run out and ignore the phone calls and collection attempts from the collectors, you can deal with the collectors on your own or through an attorney, you can file bankruptcy or you can work out a way to pay what you owe.

For complete closure on this part of your financial life, I suggest saving as much money as possible for the next six to 12 months and then contacting the creditors to explore a settlement for the amount you have saved. Be sure to get any settlement agreement in writing before you make a payment. Should you be contacted by collection companies regarding the accounts that were settled, you will need to simply forward them a copy of the settlement agreement. Whatever you do, start saving seriously and you won’t have to fear collectors ever again.

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Tips on shopping for a home equity loan

By Donna Fuscaldo • Bankrate.com

Plummeting home values and tougher lending standards make getting a home equity loan tougher than in the past. But it isn’t a lost cause if you improve your credit score and shop around cautiously.

Qualifying for a home equity loan and getting the best rate depend on several factors, including your home’s current value and your credit score. The better your credit score, the better your chance of getting a home equity loan.

To improve your credit score, avoid making late payments, pay off your credit cards and be patient. The longer you can prove you are a responsible borrower, the more faith the lender will have in you.

Don’t forget to check periodically to make sure everything on your credit report is accurate. Under the Fair Credit Reporting Act, you have the right to dispute any inaccuracies on your credit report.

Keep trying

Don’t just assume that because one bank turned you down, you’re out of luck. Try several banks. Many community banks, credit unions, and savings and loan associations also have cash and want to lend.

When looking for a home equity loan, be mindful of high-cost lenders or what the Federal Deposit Insurance Corp. calls “predatory lenders.” If the offer is unsolicited or seems too good to be true, chances are it’s not true.

Before signing a home equity loan, contact multiple lenders and rely on recommendations from family and friends. Comparison shopping is one of the best methods of protecting yourself when shopping for a home equity loan.

Create a news alert for “home equity”

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JUSTICE: Uncertainty Around DADT

10/18/2010 Nativegrl77

Last week, the Justice Department asked Judge Virginia Phillips to stay her broad injunction barring the military from enforcing the Don’t Ask, Don’t Tell policy until it has an opportunity to appeal the decision to the U.S. Ninth Circuit Court of Appeals. In the appeal notice that accompanied the stay request, the government argued that ending enforcement of the policy “before the appeal in this case has run its course will place gay and lesbian servicemembers in a position of grave uncertainty.” “If the Court’s decision were later reversed, the military would be faced with the question of whether to discharge any servicemembers who have revealed their sexual orientation in reliance on this Court’s decision and injunction,” the government wrote. “Such an injunction therefore should not be entered before appellate review has been completed.” Meanwhile, the Department of Defense has also issued new orders via email late Thursday afternoon “informing all five branches of the military that they must comply with an injunction ordered by a federal judge” until the judge grants the government’s request. The Pentagon warned gay and lesbian servicemembers against changing their behavior in the interim. “We note for servicemembers that altering their personal conduct in this legally uncertain environment may have adverse consequences for themselves or others should the court’s decision be reversed,” Under Secretary of Defense for personnel and readiness Clifford Stanley wrote on Thursday.

FRUSTRATION OVER APPEAL: DOJ‘s appeal of the decision comes after intense lobbying from House and Senate Democrats — including House Speaker Nancy Pelosi (D-CA) — to allow the recent ruling to stand. As DADT scholar Nathaniel Frank explained, “The court case, I think, is one of the more likely now, for the President to say, this actually is unconstitutional and although there is a tradition of defending standing law, it’s not obligated to defend a policy that it believes is unconstitutional.” President Obama has previously implied that DADT is constitutional and Republicans and two Democrats successfully filibustered repeal in the Senate (the measure passed the House in May). But Obama has consistently argued that he would continue to try to repeal DADT through the legislative process to accommodate the work of the Pentagon’s ongoing review. “I don’t think it’s too much to ask, to say ‘Let’s do this in an orderly way’ — to ensure, by the way, that gays and lesbians who are serving honorably in our armed forces aren’t subject to harassment and bullying and a whole bunch of other stuff once we implement the policy,” Obama told Rolling Stone magazine in late September. The appeal comes a day after Secretary of Defense Robert Gates warned that ending the ban is “an action that needs to be taken by the Congress and that it is an action that requires careful preparation, and a lot of training.” “It has enormous consequences for our troops,” Gates said, ignoring research by the Center for American Progress’ Larry Korb, Sean Duggan, and Laura Conley which has found that repeal is actually a simple process and has been completed without incident by many other countries, including some of our closest allies.

MILITARY RESISTANT TO CHANGE: Gates, along with other military leaders, has resisted and delayed changing the policy before the Pentagon releases its review of the ban during the first week of December. Following Gates’ remarks, The Palm Center established a website to track his prediction that the court’s decision to suspend the policy would have “enormous consequences,” including all reported instances of harm to unit cohesion, discipline and privacy that have arisen during this period of open gay service. “Now that the ban has been suspended, we are searching vigilantly for such consequences, and we will use the new web site as a hub for reporting what we find,” Palm Center Director Aaron Belkin said. Last week, the group also submitted a Freedom of Information Act request for all documentation of reported negative consequences of the suspension of DADT. Meanwhile, the Pentagon task force that has been studying the consequences of ending the policy, is “well along” in formulating its recommendations, and officials don’t expect ruling or the moratorium to affect its work. According to some military officials, “[t]he task force found deep resistance to the idea of repealing the law in some elements of the armed services, especially within the combat units, an officer familiar with the findings said. But the surveys also have found segments of the military who were not overly worried about allowing gays and lesbians to serve.”

ENDING THE BAN THROUGH CONGRESS: During an MTV/BET/CMT sponsored town hall on Thursday, Obama told young voters that the policy should be repealed by Congress, not through an executive order or the courts. Distinguishing himself from President Harry Truman — who desegregated the armed forces via executive order in 1948 — Obama explained that “the difference between my position right now and Harry Truman’s was that Congress explicitly passed a law that took away the power of the executive branch to end this policy unilaterally. So this is not a situation in which with a stroke of a pen I can simply end a policy.” Obama stressed that he’s been able to convince Gates and Joint Chiefs of Staff Chairman Mike Mullen to support repeal and promised that the policy would end “on my watch.” “But I do have an obligation to make sure that I’m following some of the rules,” Obama said. “I can’t simply ignore laws that are out there, I’ve got to work to make sure that they are changed.” On Thursday, White House Press Secretary Robert Gibbs promised that Obama would work to end the policy during the lame duck session of Congress, telling the Advocate’s Kerry Eleveld that the President would be “actively involved in that.” Obama should also suspend discharges using his stop loss authority, thus ending the discharges of qualified men and women during wartime.

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Temper tantrum -repost-

10/18/2010 Nativegrl77

Last month, Republican Senate candidate Joe Miller said that Republicans must have the “courage to shut down the government.” Republican Congressman Steve King recently demanded a “blood oath” from House Minority Leader John Boehner to ensure the full repeal of health care reform — even if it means shutting the government down.

And former House Speaker Newt Gingrich, mastermind of the disastrous government shutdowns of the 1990s, has been crowing about a potential shutdown for months.

For Republicans, what once seemed radical is now wholly in the mainstream.

Even worse, they are pulling in huge donations from special interests who are comfortable with a shutdown that hurts the American people — so long as it gets them what they want.

We won’t stand by and watch this happen — and that’s why we’re growing the By the People Fund.

Grassroots Democrats have given 2.9 million donations to show that our voices won’t be drowned out by special-interest donations to fuel a special-interests agenda. Now we need to keep up the pace to reach our goal of 3 million individual donations — we need 20,000 contributors this week to hit the mark.

Can you donate $5 to help us keep growing the By the People Fund today?

All around the country this fall, Republicans are trying to convince voters to hire them for a job. But they keep saying that one of the first items on their agenda would be to go on strike.

A government shutdown would cut off the programs, benefits, and services relied upon by millions of seniors, veterans, and families around the country. Veterans’ hospitals would be closed; Social Security checks would not go out.

This is the political equivalent of a temper tantrum — and it hurts those who need help the most.

With just more than 40 days until the election, it’s time for us to step up.

We’ve got organizers on the ground in all 50 states, and we’re doubling down on efforts to register new voters and turn out the supporters who’ve helped us win all across the country.

The meaningful changes we’ve fought for and won have always been built on the energy and support of people like you.

So if you’ve been wondering when might be the best time to pitch in where you’re able, the time is now. And if you’re sick and tired of the notion that simply because Republicans are yelling louder, we are willing to go quietly — then it’s time for you to raise your voice.

I know that we can win this fall — but it’s going to take all of us.

Please donate $5 or more to the By the People Fund today:

http://my.democrats.org/Shutdown

Thanks,

Governor Tim Kaine
Chairman

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From the Field Updates …a message from Jon Vogel

10/17/2010 Nativegrl77

I can’t thank you enough — because of you Democrats are surging in these final weeks.

With your help, we reached our goal of $500,000 for rapid response and wired urgent support to our campaigns for television ads for next week and to send even more on-the-ground support.

While shadowy outside GOP front groups continue to barrage our candidates with attack ads, we have planned for the final two weeks, a $40 million wave of television ads for Democratic campaigns nationwide and to continue our $20 million voter contact program.

So far, our efforts are paying off and we are seeing poll numbers move, BUT we can take nothing for granted. The margin of victory on many of these races are small and this is the time to go all in.

For the final two weeks, my strategists and I see about a $300,000 gap for what we need before Tuesday’s two weeks out deadline. Can you help us again with another generous gift? Your gift will be matched dollar-for-dollar.

Some other updates from the field:

Another Bad Week for the GOP

This week, Republican candidates have been consumed by one media firestorm after another:

First, there was news that police are investigating one of their most highly-touted candidates for an alleged sexual assault of a potential campaign volunteer.
Then, photos surfaced of one of their tea party candidates dressed as a Nazi in World War II reenactments.
Lastly, NBC News reported that GOP candidate Allen West has ties to an infamous motorcycle gang and crime syndicate, the Outlaws.The Department of Justice has said the Outlaws are a gang known for making and distributing meth, committing homicide, and prostitution. The Outlaws have a history of denigrating women and considering women property – actually branding women like cattle.

What’s worse? These are just a couple of the Republican extremists running in battleground races. Early voting has already started in many states so we have to act fast to expose the troubling records of the Republicans’ radical “Young Gun” candidates before Tuesday’s TV ad buy deadline.

Check out our GOPMisfires.com website and help us expose these Republicans’ radical records.

Early Voting and Voter Outreach Continues

Your dollars have enabled Democrats in hard-fought races to fight back with ads and launch their state-of-the-art voter contact efforts. But it’s too close for comfort with so many like these running in battleground races.

There is no margin for error and every dollar you give has an impact. We have already been on the air with over $17 million in television ads and it’s working. Our poll numbers in key districts are moving!

Early voting has started and so has our voter outreach programs. Phone banks are 7 days a week here at headquarters and voter outreach programs continue over in 75 districts across the country. It costs $28 to outfit a grassroots canvasser with the proper supplies — consider sponsoring 1 or even 2 canvassers today. Contribute today >>

Together, we can be the difference between victory and defeat for Democrats and keeping these and many other right-wing extremists out of Congress. But we must raise $300,000 before Tuesday’s deadline to wire money to the field to fund next week’s campaign activities.

Just days left: Contribute before Tuesday’s two weeks out deadline so we can raise the $300,000 we need to fund next week’s activities for Democrats in too-close-to-call races.

Onward to Victory,

Jon Vogel
DCCC Executive Director

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Mayor to Angle: Come to Dearborn (via Anderson Cooper 360)

10/12/2010 Nativegrl77

Martina Stewart AC360° Digital Producer Editor’s Note: Watch Anderson’s interview with Dearborn Mayor John O’Reilly. (CNN) – Republican Senate candidate Sharron Angle will soon receive a personal invitation to visit Dearborn, Michigan – and a bit of the history lesson in the process. Last week at a rally of Tea Party movement supporters, Angle said Dearborn and Frankford, Texas are subject to Sharia, or Islamic law. “We’re talking about a militan … Read More

via Anderson Cooper 360