$600 tax credit in may - How will it effect sales?

[cwbys21]

TheBigFatJ said:

cwbys21 said:
I'm suprised no one has mentioned those fucked up commercials where you can hire a lawyer to settle your tax debt for virtually nothing. That there is just fucked up. Saw one last week were someone claimed they owed $480,000 in taxes and payed $800. If the tax system is that fucked up it is no wonder we are $9.5 trillion in debt.

They can also turn your debt into wealth with just the money you make right now. It doesn't matter how much debt you have!

You can sometimes settle debts for less than you owe because it is better for your creditors to get 60% of your debt from you, then it is for them to sell your debt at 40% of its value.

This doesn't mean it's not bad for you to do so, and it doesn't mean you can rack up a bunch of debt and get away from it. Consider it like declaring bankrupcy-lite -- you work with your creditors to restructure your debt rather than them selling your debt at a fraction of its value to a collections agency, who then pursues getting the money back from you. It will crush you credit rating, and potentially cost you thousands of dollars in future car/house loans (since you'll get less favorable rates).

And, of course, there's the whole subprime mortgage fiasco where banks are working on restructuring loans so that people can afford them, even if the bank/investors take a loss doing so. Banks can't simply take houses and dump them on the market at 90% of their value and see them get snapped up, because no one is buying houses right now. So it is in their best interests to restructure loans for people to afford, take no profit or perhaps even a smaller loss then they'd otherwise take trying to foreclose then sell the house.

I can't decide wich is better, so I guess I'll just build my PS3 library up. I get $900, by the way.

If I had to spend my stimulus money on something instead of just putting it into short-term savings, I'd probably buy a cheap camera lens. Then again, I don't currently want any cheap camera lenses.

My post was in response to the people talking about the governments debt and trying to support health care and crap on page one and then the gov goes and settles a $480,000 tax debt that someone decided not to pay for $800. The government really needs to go fix the tax system when that is happening and talk is going around now that the first three months of every year all the money people will earn is going straight to the government and you are left to make do with a years worth of bills with 9 months worth of pay.