Money

 

Quote: "... The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating." - Thomas Jefferson

Opinion

• October 2009
Do we really need debt? Most financial advisors and financial institutions insist that everyone should utilize at least one credit card. Responsible use of credit, it is said, enables us to keep a good credit score and provides access to the best rates. Seems to make sense. However, as Dr. Robert Anthony put it, "Advice is everywhere. Most of it is free and not worth the price." That's not to say there are no good advisors. We should always examine carefully the advice of those who's livelihood depends on our using their suggestions.

In the long run, consumer debt is detrimental to the consumer and the overall economy. It's false growth. Everyone has a debt threshold based on their income. Once that threshold is reached, growth stops. The consumer can no longer purchase additional goods or services because their income is now going towards the payment of debt. Companies begin to lose revenue, layoffs begin and even less revenue is generated because less people can afford to even make their debt payments. The economy only improves when debt levels are reduced and people can begin purchasing again.

If instead we could use half of our debt payments to regularly purchase goods and services and regularly save or invest the other half, we would all be better off. Companies could rely on consistent revenues and financial institutions would be more stable as a result of greater deposits, which mean greater reserves.

If the bank servicing your mortgage, credit cards, auto loan, student loans and personal loans offered to reduce the amount of interest you owe by more than one hundred thousand dollars while at the same time reducing the time to pay off your loans, would you accept the offer? If so, don't hold your breath. The bank has a vested interest in keeping you indebted to them for as long as possible. The good news is, there's no reason you can't do it yourself.

First, let us tell you what the Debt Eliminator is not. It is not a debt consolidation program. There are no loans or applications and no approval process. Second, we are not a debt counseling agency. We will not collect fees or offer additional services. It is not necessary to provide the personal financial details of your life to anyone.

The Debt Eliminator is an empowering, do it yourself strategy for those of us that want to significantly reduce or totally eliminate all of our debts. In addition, you could save tens of thousands of dollars in interest payments. If you are currently able to make the minimum payments on your mortgage, credit cards, student loans, auto loan or personal loan, you are more than capable of using the Debt Eliminator to free your self from debt and enjoy greater freedom and less stress.

A simple, proven, effective strategy for reducing or eliminating all of your debts in record time. You also gain access to a proprietary calculator that tells you when you could be debt free and how much you could save. All for less than the cost of a night at the movies.

Learn the strategy by viewing a thirty minute video immediately online or by purchasing the dvd.

Don't delay!

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Debt Eliminator DVD

Below you will find links to a variety of informative articles. Check back often as we add new articles regularly.


Articles
• 10 Things your bank won't tell you • Tallying the true cost of debt • Credit cards get the Ax and blender
• The debt settlement industry is busy... • Banks make $38bn from overdraft fees • Overspending on debit cards a boon for banks
• Save in small bites • Clean up your credit and save $100k • 4 steps to achieving an all cash diet

US Income Gap Widens...
By HOPE YEN, Associated Press Writer – Mon Sep 28, 2009 3:46 pm ET

The recession has hit middle-income and poor families hardest, widening the economic gap between the richest and poorest Americans as rippling job layoffs ravaged household budgets.

The wealthiest 10 percent of Americans — those making more than $138,000 each year — earned 11.4 times the roughly $12,000 made by those living near or below the poverty line in 2008, according to newly released census figures. That ratio was an increase from 11.2 in 2007 and the previous high of 11.22 in 2003.

Household income declined across all groups, but at sharper percentage levels for middle-income and poor Americans. Median income fell last year from $52,163 to $50,303, wiping out a decade's worth of gains to hit the lowest level since 1997.

Poverty jumped sharply to 13.2 percent, an 11-year high.

"No one should be surprised at the increased disparity," said Richard Freeman, an economist at Harvard University. "Unemployment hurts normal workers who do not have the golden parachutes the folks at the top have."

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