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Would this work?

post #1 of 7
Thread Starter 
If the economy looks like it won't recover, do you think if Bush called for a Moratorium on Debt, that it would work?
post #2 of 7
MaryAnne; I am economically too ignorant to know exactly what that means. Could you explain it briefly or tell me where I go to understand the term Moratorium on Debt. . . . It intrigues me and I want to learn more. Thanks, Darlene
post #3 of 7
Thread Starter 
But it would really depend on the President and his council and what they would do. ie: If they declared a Moratorium on National debt,the they would forgive all the debt owed to us by other countries and limit those countries from being able to borrow more.

If they did it on an Individual basis, it would be up to them to set the limit of debt forgiven, be it only credit card debt, or mortgage debt, or whatever. They would also unless the individual affirmed the debt (meaning promised to pay on it as the person could actually afford to (thier terms versus company terms) they would limit or cut off the ability of the individual to apply for more credit until the debt was cleared.

It has been a long time since I sat in that desk in Government class...LOL and it was just a thought to get more information and more opinions from the people here
post #4 of 7
Okay, the International part of it Iam familar with. It has been used before in times of war or National Crisis to gain Allied Support. It is basically a moote gesture since most "third world" countries never repay their debts to us anyway. Case in point: we have negated Mexico's debt to us twice before and then we simply turn around and lend them more funds in the form of relief or decreased trade restrictions. . . . .As far as personal debt goes; it sounds great, but it would never fly. The major banks and credit card institutions will not sit still and take those types of losses. The best we could hope for there would be drastic interest rate reductions or the initiation of more programs similar to VHA loans or Low Income Housing Mortgages (zero down payments and 5% interest, etc. for first-time home owners)and we already have so many of those type programs functioning that it is confusing as all get out to even know if you qualify.
post #5 of 7
I agree with TLK. Also I would be really P.O.ed if they cancelled personal debt because I have worked my butt off to pay off my student loans and credit cards and now my only debt is my mortgage. I had to really cut back and deprive myself of a lot in order to do this. It would make me mad that I worked so hard to clear my credit and those who haven't tried to keep their spending under control got all their debt cancelled. (I hope that isn't too petty of me )
post #6 of 7
Thread Starter 
The reason I asked is this morning early I couldn't sleep and I was surfing the channels and found a discussion by former this and thats who worked with past presidents, and one of them suggested that Bush might consider this option, but he was brushed aside by the others and the topic changed back to terrorism....so I just wondered what all the good people on here thought of this....
post #7 of 7
Even though we hear all the time about "credit abusers" and "nere do wells" who spend above their means and then claim bankruptcy (which in my opinion is way too easy to do in this country) the majority of us are like lotsocats. We are conscienceously paying off debts such as credit cards and student loans, and many times; doing without or putting off major purchases for fear of being buried in debt. These citizens deserve to be recognized for their efforts and not slapped in the face by some Congressional Action that pats dead beats and "shop-a-holics" on the back by "sweeping their debts under the rug" of so-called Economic Compassion. Also, there would emerge from the woodwork even more "shifty" lawyers and falsly acclaimed, TV and Junk Mail heralded, Non-Profit Orgaizations willing to help us "interpret" (for a fee) these new decrees to our benefit; when the only ones who end up benefiting are the lawyers and organization employees.

Okay done preaching for today.
(maybe LOL) TLK
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