“A week of fighting for freedom from debt”
October 4th, 2012 - The Citizen Debt Audit Platform (PACD – www.auditoriaciudadana.net/en) joins international mobilisations against debt as part of the Global Week of Action against Debt and IFIs. This week’s fight was established in the World Social Forum at Nairobi in 2007, to denounce the injustice of foreign debt on peripheral states and the submission policies imposed by multilateral agencies like the International Monetary Fund or the World Bank. “During the last five years, this week was held in Spain without much impact, but this year is due to become one of the biggest social mobilization weeks, since foreign debt also threatens our economy and subjugates our democracy” says one of the PACD activists.
The PACD states that, “as what happened from the 80′s with the people of Latin America, Africa or Asia, debt has become, in our country and in the European periphery, the financial power’s instrument of mass domination to also subjugate European democracies. The most blatant interference of international agencies in our sovereignty occurred last year with the shameful constitutional reform to prioritize debt repayment over people’s rights, without any social consultation”.
They claim that “a new blow to our fragile democracy is being prepared by the European Stability Mechanism (ESM), which will subject us to the dictates of the International Monetary Fund and its sadly famous Structural Adjustment Programmes that devastated the economies of poor countries for decades. Theft of popular sovereignty has made clear that democracy is incompatible with capitalism”.
For this, they state that “debt is illegitimate because, as in peripheral countries, it has been induced by financial powers to subdue populations to their private interests. In addition, most of Spanish public debt has been subscribed to benefit a small elite in detriment of the majority. The clearest example is seen in the bank rescue, which has meant more than 215,000 million euros to the public treasury, to which we must add the 100,000 million bailout fund that the EU has made available for Spanish banks and which the State is the ultimate guarantor. Private debt becomes public debt and we are all made to pay, never benefiting from it, rather the contrary, for debt payment implies a huge drawdown of resources that ensure basic rights such as health, education, pensions or decent wages”.
Therefore, the PACD has started a citizen debt audit process to demonstrate the illegitimacy of public debt and private state guaranteed debt, to repudiate its payment and demand civil and criminal liability for those who generated it. They call on all people to join this process and hit the streets on the Global Week of Action against Debt, specially on October 13th, (http://www.globalnoise.net/) to defend our sovereignty and shout out loud and clear: DON’T OWE! WON’T PAY!
The activities planned for this week in different cities are available on the web: http://www.auditoriaciudadana.net/en, Facebook http://www.facebook.com/AuditoriaCiudadanaDeudaand Twitter: @AuditCiudadana
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Falling in debt is a very painful presocs of life, which practically every one falls into at one time or the other. Sometimes, you may not know what to do to get out of debt; it is in such conditions that it is better to approach a debt consolidation company for a debt consolidation loan.A debt consolidation loan is a loan that replaces multiple smaller loans wherein you make a single payment to the debt consolidation company. This loan is usually for a longer period, and at a lower interest rate. The main advantage of a low interest debt consolidation loan is that instead of having to face numerous creditors every month to make their monthly payments, this job is handled by the debt consolidation company. They will pay the individual companies their payments with the single payment you make to them.There is huge competition among debt consolidation companies, on who provides the loan at a lower rate. So to get a good deal on a debt consolidation loan, you have to first calculate all debts, and interest, incurred by you. With this, you can decide which debt consolidation loan is offering a lower interest than the interest rates of the loans you already have.It is important to place some collateral for a debt consolidation loan, like a home, car, and vehicle. However to get a low interest debt consolidation loan, it is better to offer a property with a higher collateral value. The lender is sure to offer you a lower rate with the high property placed as collateral.When the amount you borrow is lower than the collateral, the lender faces a lower risk, and will thereby be ready to offer you a low rate debt consolidation loan. Avoid borrowing more money than you need. This only increases your debt, and will bring you a higher interest rate! And try to opt for a short repayment schedule for the debt consolidation loan. Repaying a debt consolidation loan can possibly to take a long time of up to 30 years. However, the longer the period, the higher the interest!Approaching small finance companies for a debt consolidation is another strategy to employ to get a low interest debt consolidation loan. This is because as they are usually startup companies, they are always on the lookout for new clients, and are ready to quote low interest rates.Once you decide on the right debt consolidation company offering a low interest debt consolidation loan, counselors will be sent to you to access your financial position. Once they get an idea of all your loans and creditors, they will approach your creditors to negotiate for lower monthly installments and interest rates. The creditors usually oblige to this as they consider a lower payment is better than no payment at all!Some debt consolidation companies may charge a fee for these services, while some do it for free. Then once the creditors are all approached, and monthly payment set upon, you just have to pay the company and they will pay your creditors on your behalf!
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