Federal Debt Relief will give you access to the same great financial products and services you enjoy at other credit unions, but with the added security of knowing that your savings are federally insured up to $250,000 by the National Credit Union Administration, a U.S. Government Agency. As the clock ticks down to the end of 2012, you might be wondering what the national government debt crisis means for you.
The federal debt has exploded and now sits at over $17 trillion. That’s more than the gross domestic product of all 50 states combined. But this massive pile of debt isn’t a new phenomenon. It’s been a part of our federal government for decades. You’re not alone if you’re worried that the national debt crisis could impact your finances. Many people believe that the nationwide debt crisis is just around the corner and want to know how it will affect them.
The U.S. government is headed toward an unprecedented federal debt crisis. This is what happens when spending exceeds revenues. It was first revealed in the 1970s by economists Stan Liebowitz and Steve Leeb. Today the U.S. spends more money than it collects in revenue and is on track to reach $20 trillion in public debt by 2023. That’s more than the entire nation’s GDP. We’ve got a serious problem.
What is federal debt Relief?
The fiscal cliff is an annual budget deadline set by Congress. The deadline is December 31, 2012. The government is set to shut down or default at midnight on that day. If no deal is reached between Congress and President Obama, the United States will default on its debt. This will lead to the loss of credit ratings, interest rates will skyrocket, and stock market prices could fall by 20%.
How long does it take to get the federal debt relief act?
The U.S. Government has no intention of tackling its debt problem. The Congressional Budget Office (CBO) estimates the federal debt will rise from $16.8 trillion at the beginning of 2011 to $20.1 trillion by the end of 2012. The CBO also says the national debt could grow to $44.4 trillion in 2040 when it would equal more than half of the entire U.S. economy. With the fiscal cliff looming, President Obama is trying to find a solution to avoid an across-the-board tax increase and spending cuts. While working on getting a deal passed, he released a statement saying, “we should be focused on reducing the deficit, not raising taxes on small businesses or seniors.”
Who is eligible to get the federal debt relief act?
There are two different types of debt relief available. The first is a deferral, which allows you to delay paying taxes for a set period. For example, if you file your taxes before April 15, you can defer paying taxes until May 15. This gives you more time to prepare your taxes and reduces your debt. Another form of debt relief is called federal income tax relief. This allows you to lower your tax bill by $2,500 per person. This is a credit that you can claim on your 2013 return. I know what you’re thinking: How does he have all this money when he’s barely making minimum wage? Well, you don’t need millions to build a big-ass library. Libraries have been around for centuries and even date back to the ancient Greeks. You don’t even need a building to house a library. You can just put up some books and call it good.
Why is federal debt relief needed?
The federal government is growing, spending more money than ever before. Unfortunately, this is causing an imbalance between revenue and expenditure. Over the last 30 years, the federal government has spent more money than it has collected in taxes. As a result, the government is running massive deficits, which are expected to continue into the next decade. The federal deficit in 2011 was about $1.5 trillion. The government can borrow money from foreign lenders and still be fiscally sound. This is known as “fiscal responsibility”. For a country to be considered fiscally responsible, it must have a balanced budget or close to one. The federal government has increased taxes and cut spending to reduce the deficit. The Obama administration is proposing additional spending cuts. However, it is unclear if the federal government can find the money needed to cut spending.
How do you pay back the federal debt relief act?
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Frequently asked questions about federal debt Relief
Q: How did you become interested in becoming a Federal Debt Relief agent?
A: After doing some research, I found out that there was a need for a program that would assist people with federal debt relief. I decided to help my community, so I joined the agency.
Q: What is the biggest misconception about being a Federal Debt Relief agent?
A: That it doesn’t work.
Q: What’s the best thing about being a Federal Debt Relief agent?
A: Getting paid well.
Q: What’s the worst thing about being a Federal Debt Relief agent?
A: Having to deal with angry clients.
Myths about federal debt Relief
1. The government doesn’t have any money.
2. If you cut spending, the economy will collapse.
3. Cutting spending will solve all our problems.
Conclusion
In case you missed it, the Fiscal Cliff is upon us. This is a really bad time to be trying to save money. You might even be hit with tax increases and fee hikes if you’re not careful. While it might seem scary, it’s not that bad. You can do a few things to prepare and stay ahead of the curve.
