I will stop debt collectors from calling you.
Deficit reduction should stop debt from growing faster than gross domestic product — and do so within the next decade.
Bowles and Simpson's original plan to cut debt has been praised by both Republicans and Democrats but failed to stop debt talks collapsing.
Without it, the government could run out of money by the end of this month and would have to stop debt auctions in December, with the economy edging toward recession.
The CFPB proposal would also make it easier for consumers to stop debt collectors from contacting them during certain hours or at a certain number, for example during work hours and at work.
Detroit will immediately stop debt payments, the city's financial manager has announced, as he set out a proposal to creditors that would see them take a drastic cut on the money they are owed.
"By knowing who's in a property, water companies will be able to identify those customers, to bill them sooner, to stop debt building up and, for those customers who are struggling to pay, to offer them payment arrangements in advance," said Barbara Leech, policy manager at the Consumer Council for Water.
The more courageous among us might opt for a debt strike, agreeing together to stop debt payments, stemming the banks' cash-flow until some demand or other is met.
Next week, regulation of the £2bn payday loans sector will be taken over by the Financial Conduct Authority, which has outlined tough new rules to reduce lending to borrowers who struggle to repay, and to stop debts spiralling out of control.
But at some point we stopped seeing debt as a simple personal relationship.
