This is the first time the nation’s credit rating has fallen below the highest level, AAA. The U.S. had held that rating since 1917.
Americans must be asking themselves: Is this the "change" Obama campaigned for?
But the President blames anything and everything on anyone and everyone.
The sad fact is should President Obama be reelected there is little doubt for him to add to the National Debt, in just 8 years, more debt than All Previous Presidents since George Washington…..COMBINED. Does anyone wonder why America lost its AAA rating!
OH!..it was the terrorist Tea Party..No NO..it was Bush..NO NO..it was..ah..Bush senior..it was someone’s fault but surely not the→ p r e s i d e n t.’s
FACT:
The first time the US lost its stellar credit rating came under….Obama.
And while the Democrats are sure to still blame Bush….even after nearly 3 years after Obama took office….it is the OBAMA Administration that has carried out virtually everything "Bush did" to an even higher level.The National Debt and Annual Deficits under Obama are way beyond anything under Bush. Obama and Bush are almost the same. The only thing different is that Obama dwarf’s Bush in the spending area.
And many make note of some of the "special powers" Obama has maintained that the Liberals complained about when Bush was president.
Any "hope and change"….was a false promise that was based on fantasies and faery tales…
Really…!
It’s almost as if he WANTs the US to go bankrupt. We spend 43 cents on every dollar just to finance the Debt.
That’s 43 cents on every dollar that does NOT go to health care, education, Social Security, or anything else.
The US economy is bound to collapse. It’s not a matter of "if" but "when" and "how soon," if Obama’s spending goes on. Do you doubt it? Creditors state that America’s now AA+ status could be even lowered more should serious spending not cease. It is not a empty warning; it is for real!
The reason for the downgrade does not require a political genius.
S & P downgraded U.S. credit rating because the debt is so high. Thanks to the liberals , the U.S.debt has grown by nearly trillion in JUST 3 years. Imagine an Obama reelection?!?
If we had a budget that reduced government spending by trillion over the next 10 years, instead of only trillion, it would have changed S & P’s rating. There is NO doubt about it.
And Obama is attempting to this time not blame Bush but the Tea Party!! IMAGINE that…!!
How audacious!
Tea Party patriots were correct all along. ….CUT THE SPENDING!!
Jotacar→TRUST me I know quite much. I have written for political candidates.
I need be on top of things.
My job demands that I do!

Technorati Tags: 3 years, 8 years, aa, aaa, credit rating, creditors, democrats, doubt, dwarf, faery tales, false promise, fantasies, george washington, health care education, liberals, national debt, presidents, sad fact, social security, tea party

Doctor sent me to hospital for out patient blood test. They tried to put of all things a catather in my kidneys!!! I would not let them. The hospital has charged me for this test and another one which I did not have done and would not allow them to do! Tried to settle this for 3 1/2 Yrs.
Now I have a collection agency calling me at least 8 times a month. Have caller ID but is still annoying. I have an excellent credit rating, never late on a bill and the hospital treats me like a criminal. I am sending a certified letter to the hospital and the collection company. I have blown air horns in the phone and called them back at least 20 times and the supervisors don’t like to be harrassed but yet they think they can harrass me. They do not take into consideration that I have excellent credit. Dr. sent me for blood test as out patient, hospital charged me for emergency room fees. I will not give them anymore money I do not owe. It is just the principal. Anyone had this?

Technorati Tags: air horns, blood test, caller id, credit rating, emergency room, kidneys, money, patient hospital, sending a certified letter

I have a ,000 school loan as well as ,000 in credit card debt. Up to this point I have stayed up-to-date on all my payments keeping my credit rating intact, but my job situation has taken a big turn for the worse. I’m trying to find if anyone has managed to settle on some of their debts recently without their credit going down the toilet. If so, how did you go about doing it and what were the results?

Technorati Tags: credit card debt, credit rating, debts, job, school loan, toilet

I want to get this Harley Davidson on a payment plan, but also to rebuild my credit rating. Can I go out now right after my recent Chapter 7 discharge of Debts and purchase this motorcycle. Will I get into any trouble with the Court, trustee or the creditors. Am I allowed to do this or I have to wait a while before I make any major purchases.

Technorati Tags: chapter 7, court trustee, credit rating, creditors, debts, harley davidson, motorcycle

I recently gotten a debt collection notice for 00 on an account I have no distinct memory of, from over 6 years ago. The debt collector stated they bought the debt from citibank, citibank says they bought it from "verizon credit card", but cant give me a number to call "verizon credit card" to try and figure out what is going on. Now, from 1999-2001 I cleared and settled all my credit card accounts one by one, and I saved all my correspondence on these issues, but all of that was lost because they were stored in New Orleans at my father’s house. So basically I have these people trying to collect a debt I have no record of, whose latest action is from 2001, and they have suddenly listed this on my credit report, as if it was a new debt, from 2007 – which I am fairly certain is illegal. Anyone know the details on this sort of stuff?
After trying to work with this collection agency, now that I am sure that this is a junk debt, I am convinced these people are scam artists and know it. I called them and explained that I wanted to work with them to track back the company that initially owned the debt, and they said they didn’t care, that I owed them money, and that since they bought the debt this month, it IS a new debt, and that they could report it as so., because I "took action on the debt simply by calling them" I told them that legal counsel has advised me otherwise, and that in the state of Texas last monetary action on the date of the debt is what matters, not phone contact, which is true, and they hung up on me. My lawyer, who isn’t in this sort of law, is sending them the certified letter, following OCT1999’s recommendations. Thanks SO much! I was about to shell out the 2500 because this has dropped my credit rating from 750 to 590, and my job is at risk b/c of it, but now I am going to fight it.

Technorati Tags: 6 years, citibank, correspondence, credit card, credit rating, credit report, debt collection, debt collector, job, lawyer, legal counsel, memory, money, new orleans, risk, scam artists, state of texas, verizon, verizon credit

I am 27 and 3 mos. behind on a total of 24k in unsecured debt. My credit score has already been negatively impacted and am left with two options: credit counseling at 0 a month for 6 years or debt settlement at 0 a month for 3 years. All the research I’ve done seems to give debt settlement a bad reputation because it makes your credit rating bad, but I don’t see how much worse mine can get anyway. Which option should I choose?

Technorati Tags: 24k, 3 years, 6 years, bad reputation, credit counseling, credit rating, credit score, Debt Settlement, unsecured debt

Wondered if it would make any difference with credit-rating if bank repossesses car after a chapter 7. This can be in exempt, however, the interest rate is phenomenal and it if valued at ,000… A friend has paying on a 15,000 loan, and they say that more than ,000 is owed after a year of paying 0.00 a month.

Technorati Tags: chapter 7, credit rating, interest rate

Alright i honestly got myself into this problem. I wasnt very smart, but i dont intend to not repay any debt i owe i just need help getting my credit cards paid off. Right now im starting to get to a point where im feeling really stretched out on my income.

I owe ,000.00 in credit card bills and i want to start getting it paid back is there any way to cancle the card and stop the interest from compounding without it destroying my credit rating?

Technorati Tags: credit card bills, credit cards, credit rating

I’ve seen commercials on tv from companies who can help people who owe the IRS thousands, settle for pennies on the dollar. I heard this can do damage to your credit rating. Is this true? I don’t owe them any money. I was just curious.

Technorati Tags: commercials, credit rating, irs, money, pennies on the dollar

Just over two years ago I had a student loan that went into collections due to missing too many consecutive payments. I did settle it with the collection agency about 6 months later. Currently, I now have no credit cards, no loans and no debt and want to start building my credit rating. I am still getting declined for credit cards – even with minimal limits. Besides waiting years for my credit report to come clean, is there anything else I can do to improve it?

Technorati Tags: collections, credit cards, credit rating, credit report, loans, student loan, waiting years

Or if it, or other companys like it are a scam… and no, i am worried about my credit rating taking a hit or being ruined by doing debt settlement or bankruptcy.

Technorati Tags: bankruptcy, credit rating, Debt Settlement

CC company have offered to reduce the tot. amt. by 1/3 and settle or pay the total amount with very low interest rate. Which is better. According to them 2nd option is better( b/c of credit rating ). But 1st option look good to me.
So either i can pay .33 cents for each dollar owed and settle or pay plus 2% interest per dollar owed and pay in full.
1st option will show "settled" for 7-10 years, while with 2nd option my credit rating will not be effected.

Technorati Tags: 10 years, cc company, credit rating, interest rate

Ugh, so embarrassing, but here goes …

Consumer Credit Counseling says I can consolidate my 00 in credit card debts into one monthly payment of 7, providing the creditors accept this arrangement. But as of today I have .55 to my name and for the first time am about to go on food stamps to help me during this rough time.

Additionally I owe about 00 on my beloved car that I’ve had for one year. But now I’m behind almost two payments and am at risk for losing my car. This is the extent of my debt. I’m college educated and doing what I can to find work, but so far nothing, and it’s been seven dry months. Last year everything was coming together beautifully, and I was so proud of myself and my hard work, and then I lost my job.

Ten years ago I filed for bankruptcy in another state. This would be my second, although the first has been removed from my record since enough time has passed. I never in a million years thought I’d be in a position of having to consider bankruptcy again and am feeling incredibly sad and ashamed of myself.

I would really welcome input. I’m in California if that helps. At this point I don’t care about my credit rating. I just want freedom from this chapter in my life and another fresh start. Berate me if you must, but I’m really need solid feedback on what I should do. There won’t be an attorney. I would be representing myself.

Thank you.
P.S. It’s my understanding that if my car gets repossessed, they’ll try selling it at a car auction. I’m responsible for paying the difference in what I owe versus what they sell it for. Does this sound right? The car loan company is reluctant to discuss this, since they understandably want me to resume payments. Also, can a car be written off on a bankruptcy? That seems like I’m asking for too much.

Technorati Tags: bankruptcy, beloved car, car auction, car loan, consumer credit counseling, credit card debts, credit rating, creditors, extent, food stamps, freedom, fresh start, job, loan company, million years, risk, rough time

I have been in DEP for some time now. I am now unemployed and have severe debt. I was suppose to leave last November for bootcamp but they said I need Lasik before hand. I got the lasik and am cleared now but I am in over my head in debt. Now entering in the NAVY, I will be an E3 but that equals out to like 1240 per month that I have to live on. Stating that my credit rating is now a 450, as low as it can go, will going bankrupt affect my going into the NAVY, (Trying for Special Ops Diver). IF so, how and what are my options?

Technorati Tags: bootcamp, credit rating, e3, last november, navy, special ops

I am confused as to what to do – my husband and I recently reconciled and between the two of us, we have ,000 in unsecured credit card debt. Although he makes very good money, approx. 00 per month, we cannot keep up on all the minimum payments for these cards, let alone trying to pay the principal.

He has a car payment and we own our house (or we will in 27 years anyway – we have not been late on the mortgage as that is our top priority. We also have 4 kids…… should we file? We figure since we have the house and vehicles that we can deal with the bad, bad credit that this will result in but are we forgetting something?

We considered a debt consolidation but we heard this is more often then not a scam and ruins your credit as much as or more then a bankruptcy. Any advice is appreciated ~ thank you.
Unfortunately all the late payments have resulted in a credit rating in the 500’s which is too low to qualify for a re-fi.

Technorati Tags: bad credit, bankruptcy, car payment, cards, credit card debt, credit rating, debt consolidation, fi, late payments, minimum payments, money, mortgage, top priority, unsecured credit card

I don’t want to file bankruptcy, but find myself drowning ! I need to buy a house in the next few years and want my credit rating to come up. I need help!

Technorati Tags: bankruptcy, credit rating

I recently received my annual bonus from work and I want to pay off one of my credit cards. What should I ask to be reported on my credit record that will help improve my credit rating? I have numerous missed payments and had gone over my limit since I could no longer pay my old debts but I want to start fresh and work on being responsible building good credit instead of being haunted by my college mistakes.
ok first let me add to the fact that I have not taken out a new line of credit in over 3 years I haven’t charged anything to my cards in the last 18 months and my goal is to put the past behind me in the most favorable light so that I can get debt free and when I need credit (to buy a car or house) I can do so with out rates that leave me a slave to my creditors. and if we can leave out bible references that would be great thanks

Technorati Tags: 3 years, bible references, bonus, credit cards, credit rating, creditors, debts, favorable light

A few months ago I took out a ,000 loan for my Father. I declined the first four times he asked. He kept on asking & it got to a point where I felt I was forced to apply & sign the documents because it was someone I had to do for him. He has poor credit & had already maxed my mother and sister out -s o I was next. It was hugely ignorant & immature of me to do so but he insisted it was for business & to "move the family ahead". I also had pressure from my mother and sister as my Dad is very convincing when he wants people to "move the family forward".

Anyway, long story short is that since then his drinking (he has a problem) has spiraled out of control over the past few months & he blew all the money whilst also making our live hell. Finally the entire family has seen the light & he will be moving out by next weekend & we will be getting on with our lives.

My mother is in 150K debt & she has no choice but to go bankrupt (see has been the one earning money over the years but unfortunately she hasn’t seen a cent & she has been forced to sign loan and credit card applications under duress). My sister is a teacher & is well paid so she’s fine. However I’m a full time student & only work 2 days a week & I can’t afford it. It was a huge gamble I took on my Dad’s character in hoping/expecting he’d do the right thing by us & it looks like it’s going to cost me more than I could afford.

Is there anything I could do so he’s accountable for the loan? (I live in Australia BTW) His credit rating is shocking so I can’t transfer it across. Legally is there anything I can do regarding signing under duress? He actually submitted the applications & made most of the phone calls himself pretending to be me (he’s my Father so he knows all my private details). It’s just without his support now the family will be very tight financially & I also have a younger brother who is still in school that needs looking after.

I’m not looking for anyone telling me how naive I was because I’m already well aware of this. However all other replies would be MASSIVELY appreciated!

Technorati Tags: australia, brother, credit card applications, credit rating, dad, do the right thing, earning money, full time, hell, light amp, mother and sister, poor credit, private details, signing under duress, time student

what are the pros and cons for a person that settles their debts with credit card companies for less than the amount owed?

(Debt settlement)

and how does this affect your credit rating afterwards?

thank you ahead of time for all responses!

Technorati Tags: credit card companies, credit rating, Debt Settlement, debts, pros and cons

I had a medical problem and couldn’t work for 2 years and really hurt my outstanding credit history. I had a ,000 Visa card debt and a ,000 Mastercard debt. I got on a payment program on both cards, offered to me by the banks. I paid both down to below the limit. The k one re-activated my account and I have continued to pay it down to k. The k account, I missed a payment, was dropped from the program and it has now climbed with late fees and penalties to 10. The bank offered to settle the whole debt by paying 10 (70%) by Sept 15th. Last I checked my FICA was 575 or so.

Here is my question? Will I have a more difficult time getting my credit rating up if I do this 70% settlement by paying 10 by the 15th or would it be better to do the following – pay roughly ,500 asap and then pay the rest off over the next 4 months? My goal is to repair my credit in the shortest time possible. I have about ,500 now and might be able to borrow 10 more but it will hurt.

Technorati Tags: 4 months, asap, banks, card debt, cards, credit history, credit rating, fica, late fees, medical problem, payment program, visa card

I have a large amount of revolving debt. I’m current on my payments, but I have little left over to live on every month.

I’m expecting a big tax return. It won’t be enough to pay off all of my debt. BUT, if I stop making payments for 2-3 months, save the amount I would have paid, and add it to my refund, I should have enough to settle with the companies and eliminate all of my debt (assuming they’ll negotiate with me on a final amount).

I realize that I’ll have to stop paying and threaten to declare bankruptcy before they’ll negotiate with me, and that it will harm my credit. I would probably be able to pay off my debt eventually, but it might take me 5-10 years, maybe longer. I feel like things I want to do will have to be postponed because of it.

Also, I’m still in college and not planning on buying a home or applying for a car loan or anything for a few more years.

Would it be better to take the hit on my credit rating and get rid of my debt now by negotiating? Or should I tough it out, keep my credit intact, and pay the full amount (which will be thousands more with interest by the time I get it all paid off).

Thanks

Technorati Tags: 10 years, bankruptcy, buying a home, car loan, credit rating, few more years, revolving debt, tax return

It has been 3 years since I stopped paying on my credit card debt, and the calls have stopped. I would now like to improve my credit rating, but feel the additional fees they had assessed are ridiculously high. I’d like to call and offer to settle the debt (of course getting it in writing from them) for about a 3rd (less if possible) of what is now being asked of me.

Technorati Tags: 3 years, credit card debt, credit rating

We are refinancing our house to pay off some credit card debt. I have heard that the debt management companies will negotiate on your behalf and either lower the interest rates or lower the amount they will accept to pay off the debt. I have also heard you can do that yourself.

Anyone have any experience with this tactic? I have also heard that trying to settle for a percentage of your balance will wreak havoc on your credit rating. Is it worth it to save a couple of thousand dollars?

Do you try and reach an agreement with the first CSR you talk with, or does it only count if you negotiate with a manager or other official? Should you get the agreement in writing, as well as any effects on the credit rating? What is an appopriate percentage to ask for (50%? 60%?), or does it depend on factors like amount owed, past payment practices, etc.? Does it help to threaten you might be filing for bankruptcy if they do not settle?

Technorati Tags: credit card debt, credit rating, csr, debt management companies, filing for bankruptcy, havoc, interest rates, payment practices, tactic, thousand dollars

I have about ,000 in debts. Mainly from credit cards dating before 2002. I used to pay my bills on time, however, in 2002 I was diagnosed with a disabling illness and fell way behind on my bills. I no longer am able to work and have been on Social Security Disability Insurance for 6 months now. Would it be worth filing for Bankruptcy? or should I just wait till the "7 year reporting period" from creditors have passed, and not file? I really want to improve my credit rating ASAP! Also, I live in California and I’m planning on moving to Texas very soon. IF I should file for BK, Should I do it in CA or TX?

Technorati Tags: bk, credit cards, credit rating, creditors, debts, filing for bankruptcy, insurance, security disability insurance, social security, social security disability, social security disability insurance