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lebiez piranaj

What are some good reasons to borrow money? - The Globe and Mail - 1 views

www.theglobeandmail.com/...article4184887

tips saving money debt

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • 2. Buy a car
  • Some people pay cash for a car, but most of us borrow or lease. Always weigh the cost of borrowing against using your own savings.
  • 3. Save for education
  • ...5 more annotations...
  • Student loans are one of the cheapest forms of debt. They are also a good investment
  • Another way to finance part of your child's education is through a Registered Education Savings Plan (RESP)
  • 7. Pay off debt at a lower interest rate
  • A consolidation loan is a loan at a low rate, which you use to pay off several older loans that have higher interest rates
  • Others pay off their loans and credit cards by increasing their mortgage, which may have a low interest rate.
  • lebiez piranaj on 18 Jan 13
     
    The article talks about strategies on how to save for things like education, on saving for a car, how to pay off your debt at lower rates as well. 
S C

Household debt - Wikipedia, the free encyclopedia - 0 views

en.wikipedia.org/...Household_debt

household debt

shared by S C on 17 Jan 13 - No Cached
  • Household debt soared in the years leading up to the Great Recession
  • Twenty years ago, the average American household’s debt was 83 percent of its income; by a decade ago, that had crept up to 92 percent; but by late 2007, debts were 130 percent of income
  • All this borrowing took place both because banks had abandoned any notion of sound lending and because everyone assumed that house prices would never fall. And then the bubble burst
  • ...3 more annotations...
  • Household debt can be challenging to reduce. Major approaches include: 1) Paying down debt over time from income or accumulated savings, if available; 2) Debt write-down or refinancing via negotiation, bankruptcy or government bailout; and 3) Inflation.
  • Debt can be reduced via negotiation with creditors or a legal bankruptcy process
  • If wages increase due to inflation, but debts remain fixed, the debts can be more easily retired
  • S C on 17 Jan 13
     
    Household debt contributes to recessions and depressions, one major cause is banks lowering their lending requirements to make more money. Household debt can be reduced through income and savings, debt negotiations and inflation.
burmangabriel

Fiscal cliff: Obama, Boehner trade proposals - 1 views

www.abc15.com/...-obama-boehner-trade-proposals

Gabriel Ami trade proposals obama cliff

shared by burmangabriel on 12 Dec 12 - No Cached
  • prevent economy-damaging tax increases on the middle class at year's end, conferring by phone after a secretive exchange of proposals.
  • to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion
  • The longer the White House slow-walks this process, the closer our economy gets to the fiscal cliff," he said, declaring that Obama had yet to identify specific cuts to government benefit programs that as part of an agreement that also would raise federal tax revenue
  • ...14 more annotations...
  • attempts to avert a "fiscal cliff," across-the-board tax increases and cuts in defense and domestic programs that economists say could send the economy into recession
  • numerous proposals Obama has made to cut spending, including recommendations to cull $340 billion from Medicare over a decade and an additional $250 billion from other government benefit programs
  • Republicans "sent the White House a counteroffer that would achieve tax and entitlement reform to solve our looming debt crisis and create more American jobs
  • a deal to prevent damage to the economy,
  • Republicans struggle with Obama's demands to raise taxes, but Reid has privately told his rank and file they could soon be feeling the same distress if discussions grow serious on cuts to benefit programs
  • we need to strengthen Social Security, we need to strengthen Medicare for future generations, the current path is not sustainable because we've got an aging population and health care costs are shooting up so quickly
  • Republicans want to curtail annual cost-of-living benefits for Social Security and other government benefits, as well as raise the age of eligibility for Medicare from 65 to 67 beginning at some point in the future
  • president seems to think that if all he talks about are taxes, and that's all reporters write about, somehow the rest of us will magically forget that government spending is completely out of control and that he himself has been insisting on balance,
  • Obama's plan would raise $1.6 trillion in revenue over 10 years, in part by raising tax rates on incomes over $200,000 for individuals and $250,000 for couples. He has recommended $400 billion in spending cuts over a decade.
  • seeking extension of the Social Security payroll tax cut due to expire on Jan. 1, a continuation in long-term unemployment benefits and steps to help hard-pressed homeowners and doctors who treat Medicare patients
  • Obama last year signed legislation to cut more than $1 trillion from government programs over a decade, and was proposing $600 billion in additional savings from benefit programs.
  • health care law that Obama signed into law showed savings of $100 billion. Much or all of that funding came from Medicare, even though Obama's aides insisted during his successful campaign for re-election that he had not made any cuts in that program
  • Boehner's plan, in addition to calling for $800 billion in new revenue, envisions $600 billion in savings over a decade from Medicare, Medicaid and other government health programs as well as $300 billion from other benefit programs and another $300 billion from other domestic programs.
  • It would trim annual increases in Social Security payments to beneficiaries, and it calls for gradually raising the eligibility age for Medicare from 65 to 67, beginning in a decade
  • burmangabriel on 12 Dec 12
     
    1) Which proposal do you think is better? More cuts or more taxes 2) Do you think that going off the "cliff" is less detrimental than picking the other parties proposal?
  • Aron Joshua Tolentino on 14 Dec 12
     
    1.) More taxes because people in the lower bracket income won't get affected as much. Thus, not further hardening their way of life. 2.) No. they believe the measures negatively affect them. It would affect defense spending, domestic spending and taxes negatively. All the citizens of america will get affected. No exceptions.
  • Samson Luong on 17 Dec 12
     
    1. I believe more taxes would benefit the economy more because it would be geared more towards the higher income earners that have the foundation to deal with the taxes opposed to the lower incomes earners that already struggle. 2. Not exactly because going off the "cliff" affects several important factors such as federal tax, boarder tax, domestic spending, etc. Thus, it would seem that going off the "cliff" serves the economy and citizens more negatively than siding with the other parties' proposal.
Cristina Raileanu

Consumer Debt - 6 views

1) again this question is an individual decision, I personally would cut back on my weekly spendings on luxuries, and be happy with, especially if I have something particular I am saving for. Also,...

started by Artur Dyachenko on 27 Nov 12 2 follow-ups, last by Cristina Raileanu on 07 Dec 12
lebiez piranaj

Canadian Household Debt: Poll Finds We May Be In Debt Longer Than We Think - 1 views

www.huffingtonpost.ca/...n-household-debt_n_940426.html

canadian debt poll finds money saving tips

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • TORONTO - If experience is any indication, many Canadians could find themselves in debt years longer than they originally expected, according to a new poll issued Monday by CIBC.
  • For example, Canadians 25 to 34 on average told the pollsters they expected to be debt-free by age 44. However, the poll found that only 18 per cent of those now in the 45-to-54 age group were, in fact, debt-free.
  • "Being debt-free is a long-term financial goal for many Canadians, and this poll suggests Canadians are actively looking ahead to the stage of life they will be in when they successfully pay off all of their debt,"
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  • the poll also disclosed that many Canadians see themselves as having debt for the long term, with eight per cent of poll respondents believing they will be into their 70s before their debts are paid off and 10 per cent of respondents saying they will never be debt-free.
  • lebiez piranaj on 18 Jan 13
     
    According to a poll disclosed from CIBC, tells us that many Canadian are finding themselves in debt for longer periods of time then they had originally expected. 
S C

The Enduring Consequences of Unemployment - NYTimes.com - 0 views

economix.blogs.nytimes.com/...g-consequences-of-unemployment

consequences unemployment nytimes

shared by S C on 17 Jan 13 - No Cached
  • People who lose jobs, even if they eventually find new ones, suffer lasting damage to their earnings potential, their health and the prospects of their children
  • workers who lost jobs during the recession of the early 1980s were making 20 percent less than their peers two decades later
  • Losing a job also is literally bad for your health
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  • worker laid off at age 40 could expect to die at least a year sooner than his peers.
  • when parents lose jobs. The study followed the earnings of 39,000 Canadian fathers and sons over 30 years beginning in the late 1970s. The study found the sons of men who lost their jobs eventually earned about 9 percent less than the sons of otherwise comparable workers
  • each day without work is a day without income, a drain on savings, an increased chance of default on debts
  • people who can’t find work become more likely as time marches on to suffer from depression and other health problems
  • there is some evidence that unemployment itself makes it harder to find new work, because unused knowledge and skills tend to atrophy
  • study found that unemployed people gradually lost the ability to read
  • S C on 17 Jan 13
     
    Unemployment itself has negative effects on people besides the obvious ones of having less money. People are more likely to become depressed, less likely to retain learned skills and it may even affect their children's earnings.
Cristina Raileanu

Ontario close to eliminating coal as electric-power source, a first in North America | ... - 0 views

ca.news.yahoo.com/...er-source-first-231241695.html

canada commodities resources

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • Word that Ontario is nearing its long-promised goal of eliminating coal-fired power plants has gotten a lot of play outside the province in scientific, environmental and power industry publications.
  • by the end of this year the last two large-scale coal-fired generating plants will close, leaving only a small backup facility in Thunder Bay operating until the end of 2014.
  • "Shutting down the last coal plants in Southern Ontario will significantly reduce greenhouse gas emissions and save the province $95 million,"
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  • last year that coal, which a decade ago accounted for a quarter of Ontario's electricity, now generates only 2.8 per cent of the total. It's now exceeded by wind power, which provides three per cent. The shift "demonstrates how far we’ve come in terms of t
  • Nuclear power provides more than half (56.4 per cent) of Ontario's electricity, followed by hydro at 22.3 per cent and natural gas at 14.6 per cent, the electricity agency said.
  • "While there’s little respite from rising electricity prices no matter what the source, with renewable energy at least consumers know what they’re paying for," he wrote.
  • So far, none of the Liberal candidates vying to succeed the departing McGuinty are ready to abandon his green-energy policy.
  • Gerard Kennedy promised to review the Green Energy Act.
Cristina Raileanu

Paying down debt Canadians' main focus in 2013: poll - The Globe and Mail - 1 views

www.theglobeandmail.com/...article6841809

down paying debt

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • Managing day-to-day spending/budgeting came in third, selected by eight per cent of respondents and down from 14 per cent last year.
  • 45-64 named retirement planning as their top financial priority, which fell to just 12 per cent among that age group in this year’s survey.
  • “Even small contributions today can make it easier in future years to reach your retirement savings goals,”
  • ...1 more annotation...
  • debt management increased as a priority for that age group to 18 per cent from 14 per cent.
ShiyuandCristina SC

Rich-poor gap could spark financial crisis in Canada: Report | Money | Toronto Sun - 1 views

www.torontosun.com/...ancial-crisis-in-canada-report

income inequality gap canada shiyu luo

shared by ShiyuandCristina SC on 14 Jan 13 - No Cached
  • The gap between the rich and the poor in Canada is getting wider and could eventually lead to an economic collapse, according to a new report by a left-wing think-tank.
  • Income for middle-class Canadians has remained stagnate since the 1980s, while the income of the richest 1% has increased dramatically
  • When the rising savings of the rich are parked in the financial markets, but everyone else falls deeper into debt, a house of cards is created, producing the kind of economic instability that led to the 1929 financial sector crash and the market meltdown of 2008."
  • ...1 more annotation...
  • As a result, Canada's income inequality has reached a level not seen since the 1920s, says Canadian Centre for Policy Alternatives.
  • ShiyuandCristina SC on 14 Jan 13
     
    The problems created by income inequality in Canada could possibly lead to a financial crisis. 
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