Your Questions About Eliminate Your Debts

Sandy asks…

How long did it take you to pay school loans when you graduated?

I’m a nursing student who plans on graduating in May. I am hoping to start out at a minimum of $35,000 a year (I live in Ohio) and I have about $20,000 in debt. I’m assuming that the government sets up your amount that you have to pay back each month and I’m curious if anyone has an idea of how long it would take to pay it off with what percentage they’ll give you to pay. Most of my loans were subsidized. Thanks for any answers.

John answers:

Based on the amount of debt you have in loans and the repayment period ( Federal Perkins loans have upto 10 year repayment period while Direct and FFEL Stafford Loans have between 10 and 25 years).

I would suggest you try to do a Nursing Education Loan Repayment which can eliminate upto 60% of your qualifying debt.

Laura asks…

How could we start WW3 with these circumstances?

Please read this before you give an answer.
North Korea, main ally is China, has been threatening the United States and South Korea. They are declaring a preemptive strike on Washington, and as an American, North Korea is just pissing me off. I’m not a redneck that is anti-foreign, I’ve lived overseas at least twice, in-fact I’m overseas right now (military). But, in all seriousness, we have over 5000 nuclear warheads. What is stopping us from eliminating all the threats to the world? If North Korea destroys Seoul, South Korea, then WW3 would still start. WW3 is coming but we can put an end to it if we eliminate all the threats that face the world.

John answers:

Back in 1950, North Korea invaded South Korea to try and conquer it.
The United Nations intervened militarily in what history calls the Korean War.
North Korea was defeated, South Korea was liberated.
Only the war never actually ended with a peace treaty.
Instead, it halted with a UN ceasefire agreement.

If North Korea breaks the ceasefire, it’ll be right back at war with the UN again.
North Korea already knows it cannot defeat the UN.
North Korea has no desire to finish losing the Korean War.
But North Korea’s paranoid somebody might come back some day to finish them off.
So for 60 years, North Korea’s made crazy threats to scare the world into leaving them alone.

North Korea makes crazy threats for other reasons, too.
The reason North Korea’s been making crazy threats recently is because it’s made about new UN sanctions that the USA used its position as a member of the UN Security Council to pass.

As always, it’s just another North Korea temper tantrum.
They won’t attack the US or anyone else because they know it’s a war they can’t win.
North Korea’s a lot of things, but suicidal ain’t one of them.
North Korea’s government has no desire to be defeated & overthrown by the United Nations.

As for China, no it’s not North Korea’s main ally.
North Korea denounced China as traitors to communism when China chose to modernize and develop a capitalistic free market economy.
Plus China and the US are now so economically dependent on each other that a war between the two would be economic suicide for both:
Link – http://www.forbes.com/sites/gordonchang/2012/01/22/china-is-175-6-dependent-on-the-u-s/
So China won’t be helping North Korea regardless of what anyone mistakenly believes.
Plus the US owes China over a trillion dollars in debt. China won’t risk the US reneging on that.

As for why the US doesn’t nuke anyone it doesn’t like, that’s simple.
The UN Charter Treaty is international law & legally binding on all UN member nations:

“The Security Council shall determine the existence of any threat to the peace, breach of the peace, or act of aggression and shall make recommendations, or decide what measures shall be taken…”
Link – http://www.un.org/en/documents/charter/chapter7.shtml

The US Constitution states all US treaties are US law:

“This Constitution, and the laws of the United States which shall be made in pursuance thereof; and all treaties made, or which shall be made, under the authority of the United States, shall be the supreme law of the land…”
Link – http://www.law.cornell.edu/constitution/articlevi

It’d be both illegal and unconstitutional for the US to turn vigilante.
In the globalized economy of the 21st Century, the US cannot bully the world into doing what it wants when the world can end the US without firing a shot just by banning trade or demanding the US pay up what it owes in external debt.
No military can fight wars, let alone win them, when the national economy they’re dependent on to keep them paid, fed and supplied collapses.
The US would be forced to recall its troops for internal security because a civil society that’s not paid, fed or supplied also collapses.
And the US government will not allow that to ever happen. It knows better.

Additionally: WW3 is NOT coming.
When a Canadian diplomat named Escott Reid created NATO as the West’s defence against communist aggression in the early years of the Cold War, he created human history’s most powerful military alliance.
The simple fact that NATO exists and that NATO’s treaty considers any attack on a NATO country to be an act of war against the entire alliance is the reason both the Soviet Union and Red China lost the Cold War.
Both felt it was better to lose a cold war than a shooting war.

What’s changed since the Cold War?
-NATO is still the primary deterrent against a Third World War.
No country or combination of countries can stand against the West’s richest and most technologically advanced countries.
(That’s why the UN always tasks NATO with military interventions and enforcement missions.)
-NATO is actually more powerful now than it was during the Cold War because additional nations have been allowed to join the alliance.

Lastly, there’s this:
The two most important maxims of war are Know Your Enemy and Know Yourself.
Every nation expects ever soldier to do their duty.
You lacked key information necessary to know your enemy and know yourself.
Don’t make that mistake again. Your nation depends on you to get things right, not wrong.

Jenny asks…

When will liberals realize taxes are always a bad idea?

We should eliminate taxes. There is no point in having them whatsoever.

Why do liberals worship taxing people?

John answers:

I do not think we should be without Taxes however I do think we should not increase them as we do not have a Revenue problem.

No we are not always black with higher taxes, we have not had a real surplus since 1956-57. We have been Red ever since.

The much vaunted Clinton surplus is a Myth people keep hyping up, however not only did Clinton not drop the National Debt any year during his Administration, he increased the National Debt every year of his Administration. Nice try.

James asks…

Okay can somebody please tell me the pros and cons of bankrupt?

Okay the other day I came to to the conclusion I can no longer pay all my monthly bills. So I told my wife I wanted to file. She agreed. My reason is I feeel I have too much. I brought a house because I wanted to get into real estate, but in order to buy more property I need to eliminate some of my debt. I want to start all over again?

John answers:

Speak with a lawyer or trustee who specializes in bankruptcy. From your description, you may not qualify. Yes, I know it sounds strange; but you do have to qualify for bankruptcy. Only a bankruptcy specialist can help you with the decision.

Charles asks…

What to do Build a emgerncy fund or eliminate debt?

I have A 2000 ford taurus and owe $3000 on the auto
Loan @ 20% interest the original loan was for $6500 I got the loan to rebuild my credit from a bankruptcy I’ve not missed a payment it pay biweekly would it be better for me to wipe this debt off or continue to pay $288 for the car loan my plan I just pay 5 payments of $600 I’d be finish paying in 2 months instead of 11 months

John answers:

I’d go ahead and pay off the loan early if you can easily afford the additional payments. Then use that $600 payment as the amount you put into savings awhile to build up your e-fund.

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