Quotes About Debt

Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.

Bad karma is the spiritual debt one has accumulated for one's mistakes from all previous lives and this life. It includes killing, harming, taking advantage, cheating, stealing, and more. On Mother Earth, when you buy a house, you take out a mortgage from a bank. This mortgage is your debt to the bank. You pay every month for fifteen, twenty, or thirty years to clear your financial debt. In the spiritual realm, if you have bad karma, you may have to pay for many lifetimes to clear your spiritual debt.

Hudson Taylor and Charles Spurgeon believed that Romans prohibits debt altogether. However, if going into debt is always sin, it's difficult to understand why Scripture gives guidelines about lending and even encourages lending under certain circumstances. Proverbs says "the borrower is servant to the lender." It doesn't absolutely forbid debt, but it's certainly a strong warning.

Our national debt after all is an internal debt owed not only by the Nation but to the Nation. If our children have to pay interest on it they will pay that interest to themselves. A reasonable internal debt will not impoverish our children or put the Nation into bankruptcy.

If you have a sane economy, and by sane economy I mean one which is not addicted to debt, not a Ponzi economy, then the change in debt each year should contribute a minor amount to demand. Therefore, if you tried to correlate debt to the level of unemployment you would not find much of a correlation. Unfortunately that is not the economy we live in.

Get out of debt. In a world of stagnant incomes and rising core expenses like mortgage and health care costs, that's a lot easier said than done. The middle class is under enormous pressure. But families can stop the bleeding by reducing their reliance on debt wherever they can. They can also start fighting back by taking a hard look at whom they do business with and rethinking whether they want tricks-and-traps banks to hold their money. They can also demand that public officials take the side of families over the side of banks.

The banks themselves were doing business on capitals three-fourths of which were fictitious. This fictitious capital... is now to be lost, and to fall on somebody; it must take on those who have property to meet it, and probably on the less cautious part, who, not aware of the impending catastrophe, have suffered themselves to contract, or to be in debt, and must now sacrifice their property of a value many times the amount of the debt. We have been truly sowing the wind, and are now reaping the whirlwind.

A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money.

There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.

Many more people could ride out the storm-tossed waves in their economic lives if they had their year's supply of food…and were debt-free. Today we find that many have followed this counsel in reverse: they have at least a year's supply of debt and are food-free.

No one can obtain felicity by pursuit. This explains why one of the elements of being happy is the feeling that a debt of gratitude is owed, a debt impossible to pay. Now, we do not owe gratitude to ourselves. To be conscious of gratitude is to acknowledge a gift.

When you don't have as much debt as we do, we don't have to worry about having this debt ceiling fight every single year. And I really think people are getting sick of having this news cycle every single year from Congress, from the Washington bubble.

We have to have an aggressive, long-term plan to tackle our nation’s debt, but attempting to balance the budget on the backs of veterans who have risked life and limb in service of our country is unacceptable. I believe we can and should work together to find reasonable and common-sense cuts that will reduce our debt, but as a generation of warriors returns from two wars, our most solemn responsibility is to make sure they have the care and benefits they have earned.

If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook for a large percentage of your debt - in many cases, up to 50% will be written off.

Not only has the debt (of our sins) been fully paid, there is no possibility of ever going into debt again.

Increasing America’s debt weakens us domestically and internationally. Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.

I've found that when you can quickly knock out debt you get motivated because you see progress. Then you attack the other debt so fast that even if it's at a higher interest rate, you don't end up paying much more because you've gotten rid of it.

Consider in Washington, around the country today we are talking about balanced budgets, paying down our national debt, getting the economy going, defending ourselves, activist judges. Newt Gingrich did all those things when he was speaker. We got tax relief. We got balanced budgets. We got, you know, job creation. We paid down our national debt.

We can have tax cuts, but when we have tax cuts and do not have a surplus, the amount of the tax cut goes straight to the bottom line, adds to the deficit, and the deficit adds to the national debt, and sooner or later, the debt has to be paid.

Our middle class majority, deeply in personal debt, elects political leaders who increase our benefits. Then we vote them out because we dislike the soaring national debt.

If a good person does you wrong, act as though you had not noticed it. They will make note of this and not remain in your debt long.

I hope we will never again see such a depression. But I am troubled by the huge consumer installment debt which hangs over the people of the nation, including our own people.

When Hume and Adam Smith prophesied that a little increase of national debt beyond the then amount of it, would probably occasion bankruptcy; the main cause of their error was the natural one, of not being able to see the vast increase of productive power to which the nation would subsequently obtain.

America pays its bills. It always has. It always will. The fact that Washington is now debating whether to honor its debts and obligations, then, should come as a surprise. But playing political football with a necessary vote to raise the nation's debt ceiling has become as predictable as a Twitter rant from Charlie Sheen.

The iPad was my first splurge after I got my first paychecks. I paid off the debt, and I now bring the iPad with me to auditions.

For the first time in living memory, the whole class of graduates faces a future of crushing debt, and a high probability, almost the certainty, of ad hoc, temporary, insecure and part-time work and unpaid 'trainee' pseudo-jobs deceitfully rebranded as 'practices' - all considerably below the skills they have acquired and eons below the level of their expectations.

Credit and debt keep us fixated on the past and the future.

Hillary Clinton and Bernie Sanders talked about free public higher education going forward, but not dealing with this burden of debt, which has really locked a generation into kind of a hopeless future right now.

Seek the Lord and give God the opportunity to provide through other means before you take out debt.

Every professional athlete owes a debt of gratitude to the fans and management, and pays an installment every time he plays. He should never miss a payment.

Men seem to be born with a debt they can never pay no matter how hard they try.

One of the reasons I think people are increasingly nervous about U.S. debt is because they think that we are not actually digging ourselves out of the hole, but instead are digging ourselves into a deeper and deeper hole and will not be able to pay it back because we're not actually creating the new technologies that will enable us to pay back and the money somehow is not really being invested in the future or in progress.

Our ministry is debt free and we have not had to beg or plead for finances.

Face the fact that there's only one sure-fire way to erase credit card debt. By picking up a big, shiny pair of scissors and cutting your wife in half.

The fore horse of this frightful team is public debt. Taxation follow that, and in its turn wretchedness and oppression.

In the great depression, things could only be set right by causing the idle plant to work again . . . Roosevelt . . . spent billions of public money and created a huge public debt, but by so doing he revived production and brought his country out of the depression. Businessmen, who in spite of such a sharp lesson continued to believe in old-fashioned economics, were infinitely shocked, and although Roosevelt saved them from ruin, they continued to curse him and to speak of him as 'the madman in the White House.' . . . [It's one more] striking example of inability to learn from experience.

If you have debt I'm willing to bet that general clutter is a problem for you too.

Worrying is the interest paid on a debt you may not owe.

A national debt, if it is not excessive, will be to us a national blessing.

You'll feel better when you get all that debt off your back.

At a time when the average student is graduating from a four-year college $27,000 in debt, when hundreds of thousands of capable young people no longer see college as an option because of high costs and when the U.S. is falling further and further behind our economic competitors in terms of the percentage of young people graduating from college, no agreement should be passed which, over a period of years, makes a bad situation worse and will make college even less affordable than it is today.

America going into this huge, costly, never-ending war created huge debt, which became a huge problem in Congress and led to it stalling many times, putting a halt to different kinds of social progress.

I think everybody benefitted from what I am calling a bubble finance system, a bubble economy and if we're ever going to right the system, we're going to have to stop this explosion of the federal debt. We need huge spending cuts, OK? Don't get me wrong, we need to raise regular taxes too but even beyond that it's not going to hurt if we want to reset the system to ask those who have benefitted disproportionately - remember, we got $60 trillion of net worth in the household sector. $45 trillion of that belongs to the top 5 percent.

Obama did inherit a deficit when he came into office. Why this fact justifies racking up vastly more debt and bigger deficits is a logical mystery.

For many of us gratitude to others comes with a sense of debt that can never be fully paid and therefore the things we are thankful for are never really ours.

To me, there is no greater threat than our debt. I'm the only fiscal conservative on the stage because I'm willing to hold the line on all spending.

I will never forget the debt we owe to those who have fought to keep America safe.

Nowadays this is the way everyone loves himself; people wish to live with God in consolations and repose, in wealth and power, and to share the fruition of his glory. We all indeed wish to be God with God, but God knows there are few of us who want to live as men with his Humanity, or want to carry his cross with him, or want to hang on the cross with him and pay humanity's debt to the full.