Quotes About Debt

Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It’s a trap for the rest of your life because the laws are designed so that you can’t get out of it. If a business, say, gets in too much debt it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.

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.

I don't understand how the Republican party is the party with the reputation for fiscal conservatism and fiscal sanity, when they're the ones who run up the debt. It was Reagan who ran up the debt and now Bush is doing it again, and in between, Clinton and Bush's father, I must say, worked so hard to get that deficit and that debt down.

I'm not a fan of debt consolidation. In my experience, many people "clear" credit cards and other debt to get the one payment and never change what they need to change to prevent getting into debt again.

Live within your means, never be in debt, and by husbanding your money you can always lay it out well. But when you get in debt you become a slave. Therefore I say to you never involve yourself in debt, and become no man's surety.

The biggest debt is always the government debt; it's always debt that government has run up on your behalf.

There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans.

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.

I don't need debt. And if I need debt, if I want debt, I can get it from banks in New York City very easily.

My mother was being hounded by a debt collector over a debt that she didn't owe, and she eventually just paid it because she wanted the calls to stop. I was very surprised. It sounded so strange. I started poking around on the internet and found this was extremely common. There was this world where these debts were sold off by the banks for pennies on the dollar and bought and sold.

But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years.

The Citizen's Petition reflects Vermont's spirit of pragmatism and across-the-board cooperation. I applaud the 'Campaign to Fix the Debt' for calling attention to one of the country's most pressing problems, our ballooning national debt, and for urging policymakers to find practical solutions.

The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's ability to carry this debt. [...] The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.

Student debt is structured to be a burden for life. The indebted cannot declare bankruptcy, unlike Donald Trump. Current student debt is estimated to be over $1.45 trillion. There are ample resources for that simply from waste, including the bloated military and the enormous concentrated private wealth that has accumulated in the financial and general corporate sector under neoliberal policies. There is no economic reason why free education cannot flourish from schools through colleges and university. The barriers are not economic but rather political decisions.

Once again, the 90/10 rule of money applies - 10% of the borrowers in the world use debt to get richer - 90% use debt to get poorer.

I'll bet you there are a lot of Donald Trump people out there who say, "If he has to work with Democrats to get what he wants done, then so be it. Even when Trump did the first deal with Chuck Schumer and Nancy Pelosi on expanding the debt limit - and he talked about extending the debt limit forever 'cause it was such a good thing, Trump did." I had people saying, "You know what? I love it!" I'm talking about rock-ribbed, lifetime Republicans who said to me, "I love Trump sticking it to Mitch McConnell and Paul Ryan, but I not sure I like it being done this way."

Pay off your debt first. Freedom from debt is worth more than any amount you can earn.

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.

The first task of the Federal Reserve system would be to finance the World War. The European nations were already bankrupt, because they had maintained large standing armies for almost fifty years, a situation created by their own central banks, and therefore they could not finance a war. A central bank always imposes a tremendous burden on the nation for "rearmament" and "defense", in order to create inextinguishable debt, simultaneously creating a military dictatorship and enslaving the people to pay the "interest" on the debt which the bankers have artificially created.

If you put Canada into $1.5 trillion in debt and interest rates go up just 200 basis points, you cannot provide the services to 36 million people that were guaranteed to them in the social contract they have with Canada. That's a very, very scary prospect. You can't burden this economy with that much debt. The risk you take on is insurmountable. You have to assume for the next 50 years that rates don't go up? That's insane. That's irresponsible. That's stupid.

The Catholic community, with many others, has long worked for this new commitment on global health and debt relief (President George W. Bushs proposed $15 billion Global AIDS initiative). I hope that Congress will now appropriate the money needed to make this legislation a reality, and that the U.S. government will press for strengthening the debt relief program along the lines proposed by this legislation.

Mr. Obama denounced the $2.3 trillion added to the national debt on Mr. Bush's watch as 'deficits as far as the eye can see.' But Mr. Obama's budget adds $9.3 trillion to the debt over the next 10 years. What happened to Obama the deficit hawk?

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

Who does his task from day to day and meets whatever comes his way, Believing God has willed it so, has found real greatness here below. Who guards his post, no matter where, believing God must need him there, Although but lowly toil it be, has risen to nobility. For great and low there's just one test, 'tis that each man shall do his best, Who works with all the strength he can, shall never die in debt to man.

I don't know how you feel, but I'm pretty sick of church people. You know what they ought to do with churches? Tax them. If holy people are so interested in politics, government, and public policy, let them pay the price of admission like everybody else. The Catholic Church alone could wipe out the national debt if all you did was tax their real estate.

Too many of us never understand what we owe to our dear ones until there remains no further opportunity of paying love's debt.

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.

My dad taught me that to be a writer is a decision and a habit. It's not anything lofty, and it doesn't have that much to do with inspiration. You have to develop the habit of being a certain way with yourself. You do it at the debt of honor.

In the United States we have the great Harvard Business School, but America is the country with the greatest debt in the world.

The folks I read as a kid really set me up. I owe a huge debt to Ray Bradbury and Madeleine L'Engle.

If you raise taxes on millionaires and billionaires, you'll do nothing to address the debt and the deficit. And the thing you might do is you might finally put this economy over another cliff. These millionaires and billionaires are the folks that try to create jobs and help grow the 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.

The idea that somebody is going to come in and make your debt go away and all be well for the future is really a fantasy.

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

If I was trying to destroy this country, what I would do is find a way to drive wedges between all the people, drive the debt to an unsustainable level, and then step off the stage as a world leader and let our enemies increase while we decreased our capacity as a military person. And that's what [Hillary Clinton] doing.

It is day after day in this institution, borrow money, run up the debt, run up the deficits and then with a straight face say, we are going to repeal a tax that affects 1 percent of the American people, just 1 percent of the American people.

In America, we tax work, investment, employment, savings, and production, while we subsidize non-work, consumption, and debt. It's time we reverse this trend.

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

It's President [Barack] Obama sounding the alarm, scaring the crap out of the American people. Saying if you don't raise the debt feeling, we're going to default.

History tells us that the threat to prosperity is not debt but socialism.

Currently, the United States has troops in dozens of countries and is actively fighting in Iraq, Syria, Libya, and Yemen (with the occasional drone strike in Pakistan). In addition, the United States is pledged to defend 28 countries in NATO. It is unwise to expand the monetary and military obligations of the United States given the burden of our $20 trillion debt.

You'll have to have the governments sell off all of their public domains; sell off their railroads, sell off their public land. You'll essentially have to introduce neo-feudalism. You'll have to roll the clock of history back a thousand years, and reduce the European population to debt slavery. It's as simple a solution as the Eurozone has imposed on Greece. And it's a solution that the leaders and the banks are urging for responsible economists to promote for the population at large.

Uganda's budget is 40 percent aid-dependent. Ghana's budget is 50 percent aid-dependent. Even if you cancel the debt, you don't eliminate that aid dependency. This is what I mean by getting to the fundamental root causes of the problem. Government, the state sectors in many African countries need to be slashed so that, you know, you put a greater deal of reliance on the private sector. The private sector is the engine of growth. Africa's economy needs to grow but they're not growing.

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.

In different countries the basis of resistance takes different forms, but it comes chiefly from the conservative groups. Hence it becomes increasingly difficult to go on spending in the presence of persisting deficits and rising debt. Some form of spending must be found that will command the support of the conservative groups. Political leaders, embarrassed by their subsidies to the poor, soon learned that one of the easiest ways to spend money is on military establishments and armaments, because it commands the support of the groups most opposed to spending.

If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent of your paycheck for the FICA for Social Security wage withholding. You have to pay medical care, you have to pay the banks for your credit card debt, student loans. Then you only have about twenty-five or thirty-five percent, maybe one-third of your salary to buy goods and services. That's all.

The Canadian debt-to-GDP ratio will continue to decrease every year, including the first three years under the Liberal government. That is what we're focused on. We know we need to invest in the kind of long-term growth and short-term job creation that Canadians expect, and Liberals the only party offering to do that.

According to an analysis by the Tax Policy Center, Donald Trump`s tax plan is going to increase the national debt by more than 50 percent over ten years.