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.

Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.

The companies that provide debt, what do you think their goal is? Is their goal for you to fully understand the cost of your debt? No. So they're basically creating these approaches to make you feel like it is incredibly cheap or just to think about the cost per day rather the cost per year or cost for a lifetime. So debt is very simple mistake.

A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.

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.

Once you get into debt, it’s hell to get out. Don’t let credit card debt carry over. You can’t get ahead paying eighteen percent.

I will always vote what I have promised, and always vote the Constitution, as well as I will not vote for one single penny that isn't paid for, because debt is the monster, debt is what's going to eat us up and that is why our economy is on the brink.

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.

The current U.S. and Eurozone depression isn't because of China. It's because of domestic debt deflation. Commodity prices and consumer spending are falling, mainly because consumers have to pay most of their wages to the FIRE sector for rent or mortgage payments, student loans, bank and credit card debt, plus over 15 percent FICA wage withholding for Social Security and Medicare actually, to enable the government to cut taxes on the higher income brackets, as well income and sales taxes.

Do not confuse "duty" with what other people expect of you; they are utterly different. Duty is a debt you owe to yourself to fulfill obligations you have assumed voluntarily. Paying that debt can entail anything from years of patient work to instant willingness to die. Difficult it may be, but the reward is self-respect.

From my point of view it's impossible to cut debt in a country with new debt from another country.

Mike Pence did ask this question about debt and the debt explosion on the [Donald] Trump plan is much, much bigger than anything on the [Hillary] Clinton side.

The statement, "The debt problem has become so extreme that we have no choice but to cut social spending" is presented as an objective assessment of our situation. But can you imagine a media commentator making the following assertion? "The debt problem has become so extreme that we have no choice but to raise taxes on the rich."

Posterity does not pay off anything of the national debt. Each administration adds to the debt left to it, and the promise of liquidation implied in every bond issue is a false promise.

If the prodigal quits life in debt to others, the miser quits it still deeper in debt to himself.

Counting obligations under Medicare and Social Security, the real debt of the United States is more than 10 times the reported national debt.

Worry is interest paid in advance on a debt that never comes due.

There is a debt of service due from every man to his country, proportioned to the bounties which nature and fortune have measured to him.

The truth is that the United States doesn't need, and shouldn't have, a debt ceiling. Every other democratic country, with the exception of Denmark, does fine without one.

Let us avoid debt as we would avoid a plague...Let every head of every household see to it that he has on hand enough food and clothing, and, where possible, fuel also, for at least a year ahead...Let every head of household aim to own his own home, free from mortgage. Let us again clothe ourselves with these proved and sterling virtues-honesty, truthfulness, chastity, sobriety, temperance, industry, and thrift; let us discard all covetousness and greed.

Those policies - more taxes, more regulation, more debt, more spending, more government - will make American worse. It just will, in my view.

public work brings a vicarious but assured sense of immortality. We may be poor, weak, timid, in debt to our landlady, bullied by our nieces, stiff in the joints, shortsighted and distressed; we shall perish, but the cause endures; the cause is great.

It's disrespectful to tell the French in the morning that you're going to reduce the debt, in the evening that you're not going to make any savings, and the next morning, after thinking about it, that you're going to spend more.

The Occupy Wall Street collective is confused about what it wants but it wants it now! Some of the loonier demands from its independent thinkers: Striking all existing public and private debt from the books across the "entire planet"; elimination of all international borders; free college education; a guaranteed "living wage" for all regardless of employment; an end to free trade; trillions in additional spending for infrastructure and ecological restoration; and ending the fossil fuel economy.

Without true medical liability reform, our doctors will continue to leave, and young doctors coming out of medical school $100,000 to $200,000 in debt will not be able to afford such onerous costs.

We ought to pay down the national debt, ... The American people are tired of people who make promises about cutting taxes that they cannot keep.

As the United States chains itself down with greater debt, China is building relationships across the globe to bolster its trade, its access to natural resources, and its energy consumption. In far too many cases, this means lost opportunities for America and our businesses.

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

Love is not a habit, a commitment, or a debt. It isn't what romantic songs tell us it is - love simply is.

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

I feel like that is saying to young people, "You have no chance of ever getting out of debt in your life, right?" Personally, I think that the role of the press is to ensure that the American public understands who their choices are.

As much as politicians, any politicians, Democrat or Republican, are saying they're trying to help the schools, it's hard because our country is in debt. I would like to do something for the inner-city schools because that's our future, and education is very important in helping our country continue to progress and not regress.

I can scarcely contemplate a greater calamity that could befall this country, than be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government a power to borrow at discretion, without any limitation or restriction.

I'm a true reactionary. Like all patricians, I'd like to restore the original republic, which we lost 40 years ago when Harry Truman imposed the national security state on us, which has kept us at war, hot or cold, for almost half a century, and it's got us $4 trillion into debt.

Today we have access to highly advanced technologies. But our social and economic system has not kept up with our technological capabilities that could easily create a world of abundance, free of servitude and debt.

All of the problems we're facing with debt are manmade problems. We created them. It's called fantasy economics. Fantasy economics only works in a fantasy world. It doesn't work in reality.

Solvency is maintained by means of a national debt, on the principle, "If you will not lend me the money, how can I pay you?"

The debt they ran up in the first year of the Obama administration is bigger than the last four years of the Bush combined.

Obviously, there has to be a profound change in direction. Otherwise, interest on the national debt will start eating up virtually every penny that we have.

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.

The fact that we are here today to debate raising America's debt limit is a sign of leadership failure... It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.

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

We are the most in-debt, obese, addicted and medicated adult cohort in U.S. history.

My debt to feminism is simply incalculable. Feminism allowed me to see past a 'reality' that I had once taken as a given. It helped me to pay attention to countless voices, my own included, that I had been taught 'don't count.' Feminism allows me to maintain hope.

In Mexico, a poor country, higher education is of quite good quality -- and is free. Ten years ago the government tried to impose small fees. There was a national student strike and the government backed down. High tuition is not an economic necessity, as is easy to show, but a debt trap is a good technique of indoctrination and control. And resisting this makes good sense.

It's very hard for students not to be in debt unless they've got big scholarships or rich parents. And it's called investing in your future, but like any investment it's risky because your future is an unknown quantity. However, if you don't invest in your future, you may be flipping hamburgers for the rest of your life. So it's a real dilemma.

If you'll have enough saved and nobody has to take on debt and you want to retire, shoot go for it.

We owe her a major debt of gratitude for her service to our country.