The debt tag refers to all situations where money is owed to another party, often a bank or other financial institutions. This tag covers how to get out of debt, how much debt to carry, and other borrowing related questions.

learn more… | top users | synonyms

0
votes
1answer
31 views

Is there a name for high risk / high returns debt funds in India?

I'm looking for debt funds in India that aim to give you high returns, at the cost of high risk. Is there a name for such a category of funds? I found one example of such a fund, Franklin India ...
3
votes
2answers
92 views

Is a secured loan or mortgage considered debt? [duplicate]

Lets say you buy a home for $300k, and put down a $100k payment and take out a $200k loan. The house was purchased for a fair, properly appraised value. Does this mean that you are now $200k "in ...
3
votes
2answers
87 views

High credit utilization, some high interest - but credit score not overly bad. How to attack debt in this situation?

I presently have: Credit Card, £2250 balance, interest rate of 17.43% Credit Card, £1500 balance, interest rate of 39.9% (3.5% min payment) Credit Card, £2400, interest rate of 34% Overdraft of ...
8
votes
2answers
323 views

My Boss owes money but I am named on letter from debt collection agency (UK)

My employer has an outstanding debt with a company he aked me to speak with a couple of years ago. Now that company has my name listed as a "contact". He received a letter from a debt collection ...
1
vote
0answers
29 views

How to pass the following entry to journal? [closed]

The following entry has been confusing me regarding how to write it in the journal: "Owner purchased goods worth $99 on credit." I have understood the following about above transection: Since ...
1
vote
0answers
50 views

What happens to debt to SSA after death?

A woman in another country was married to her late husband. She notified about his death right away but SSA kept sending money from his Social Security benefits. She thought that everything was in ...
33
votes
8answers
7k views

Cash in retirement accounts to buy a house?

My husband and I are looking to buy our first home. He is 39 and I am 37. We live in a major city and house prices are terrible. We are probably looking at a 500K-600K home. We were late bloomers, ...
1
vote
0answers
69 views

What are financing conditions like in the UK at the moment? [closed]

I'm based in France, and develop renewable energy projects as a small "side business" which I invest in and run myself ; for an "equity" outlay of 5-10%, I can develop projects around 100k€ by ...
0
votes
1answer
207 views

How can I get out of the debt-trap as quickly as possible?

I have a credit card with 30% interest and a real estate loan with 11% interest. The amount of debt on my card is lower than the real estate loan. I want to redeem the instalments of the real estate ...
0
votes
1answer
42 views

How does the debt:GDP ratio affect the country's economy? [closed]

I was surpriced when I saw the debt of USA has raised to more than 100% of its GDP. But I saw other countries like Japan having over 250% of its GDP. And a lot of countries have debt near 100% of GDP. ...
1
vote
1answer
79 views

Student Loan Balance question

My wife and I have recently paid off our auto loans and are trying to tackle our pesky student loan debt next. Following the "debt snowball" pattern, we've applied our monthly car loan payment to my ...
3
votes
1answer
211 views

Returning to UK after £4000 worth of debt, could I be jailed?

I left the UK about 6 months ago to work and hope to go back home to visit family this weekend. However I have accumulated about £4000 of debt through different companies (£700 is the most amount of ...
2
votes
2answers
77 views

How to calculate multiple debt payments with additional lump sum and varying additional monthly payments

I'm attempting to create a calculator that I can use to try different debt repayment scenarios. If I have multiple debts with different rates I'm wondering what algorithm to use to figure out how long ...
29
votes
8answers
8k views

Can a person end up in prison for unpaid debt in the USA?

Many years ago I read in an article like this one about expats trying to leave the United Arab Emirates quickly whenever their job contract was cancelled. The reasons behind this behavior was that: ...
6
votes
2answers
115 views

Medical bill in collections

I am a college student that had surgery in 2014 on my gallbladder and subsequently became very ill and needed a necessary test to prove a a diagnosis my gastroenterologist suspected. He recommended ...
1
vote
5answers
129 views

Consolidate my debt? Higher APR, but what does that actually mean?

If I have a monthly payment of $804.54 and an APR of 29.8%, does that mean that, each month, 29.8% of my $804.54 goes to paying the creditor? My situation... I have 3 credit cards and am thinking ...
4
votes
1answer
105 views

What does this section about revolving balances in a credit card TAC mean?

So, I'm about to hit the end a promotional period on a credit card that I used to buy an engagement ring. I'm looking at about $3000 in interest added back onto the card, which I don't really want, so ...
2
votes
3answers
408 views

How to calculate how much house I can afford?

Let me start by saying that I've already read How big of a mortgage can I realistically afford? And How much house can I afford, waiting around 3 years or so But those questions are very ...
0
votes
1answer
40 views

What currency does inter government debt take place? [closed]

For example If japan borrows from china what currency will it borrow in ?Or if India borrows from Russia what currency will the debt take place in ?
5
votes
3answers
121 views

Extended family investment or pay debt and save

I'm 25 and my wife is 24. My extended family is about to start a new investment fund, where every member basically contributes an amount between $50-$100 (amount per person) monthly. The purpose is to ...
0
votes
0answers
47 views

Liquid fund and short term capital gain tax

In India, there is long/short term capital gain tax. For debt mutual funds, short term capital gain tax is applied if the fund is redeemed within 3 years and it is equal to investor's income tax slab. ...
30
votes
4answers
4k views

Should I invest when in debt?

I have just consolidated my debt and am thinking where I want to be in the future. My payment plan is to be debt-free in three years. It is not an extremely aggressive plan; I still want to have a ...
1
vote
2answers
184 views

Should I consolidate loans and cards, or just cards, leaving multiple loans?

I will start off by saying that I suck with credit cards. I just can't manage them, and if I have access to them, I end up impulse spending money. I should not need to; I earn great money, but I seem ...
5
votes
3answers
383 views

Paying off student loan or using that money for a downpayment on a house

I am 22 years old, I live in Atlanta, Georgia and I am a recent graduate. I approximately owe 22,000 dollars in student debt (all federal student loans at a fixed rate). My job pays me around 50,000 ...
-1
votes
2answers
80 views

Should I spend upon medication or paying my debt? [closed]

I had fever from 3 days and I am taking medicine (prescribed by my Medical Practitioner). Today I ran out of my medicine. I am feeling much better but not too good. The situation is that I got 600 ...
3
votes
1answer
82 views

Numerous large student loan balances: Pay down principal or refinance to 5-year loan

My spouse and I have almost $150k in Federal student loans. About 60k of this balance is in consolidated loans, and the remaining 90k is split between roughly 20 smaller loan balances (the smallest is ...
5
votes
3answers
370 views

Should I Pay Off my Student Loan Debts First or Invest in an Index Fund?

I am an Albertan currently about $8,000 in debt from student loans. Roughly $5,500 of this $8,000 is an Alberta Student Loan, while the rest ($2,500) is from the National Student Loans Service Centre ...
9
votes
2answers
199 views

Does the history of credit utilization affect FICO score?

Most people are aware that the debt to credit limit ratio is a vital part of the FICO score. The FICO score is updated every time new information is received by the credit bureaus. However, is it ...
3
votes
2answers
158 views

can someone else put up the collateral for a loan?

We were talking today at work and I am curious... Say an individual (Mary) is looking at a 20k bank loan. Mary has no assets to secure the loan. Could some else (Joe) (parent, friend, sibling,whoever) ...
1
vote
1answer
31 views

How does TDS on FDs work?

I know TDS happens on accrued interest. If I have a 5-year FD, the bank deducts TDS every March 31 for the interest accrued in that financial year, though I haven't received it yet. But what about ...
0
votes
1answer
48 views

Debt management lawyer?

Is there such a thing as a debt management lawyer? I've got delinquent debts. I've got more than enough money to pay off all debts. I want to systematically look over each debt statement (fees, etc) ...
4
votes
1answer
579 views

How to maximise savings?

I am in my late 20s, living in the UK, and in my third year of professional work (one year industrial placement, two years since graduating from University). I have very little in the way of monthly ...
0
votes
1answer
84 views

What has been the worst return ultra-short-term funds have delivered?

What's the worst performance any investor has seen? A 1% drop in value? 2%? I know that liquid funds have seen as much as a 0.4% drop in value in a single day. Since ultra-short-term funds are ...
1
vote
0answers
53 views

How safe are liquid funds?

This question pertains to India. Have liquid funds ever suspended or limited redemptions? Or, worse, gone bankrupt? What has been the worst fall in value any investor in a liquid fund has faced? ...
2
votes
2answers
113 views

Starting a new job. Help me with retirement/debt planning please!

For context: I am about to be 27 (M) and am starting a job later this month. I have been considering various different methods to attack my debts, which are below: Student Loan - $24,288.77 @ 5.75% ...
0
votes
1answer
120 views

Paying credit card debt with student loans

First of all let me say that my financial future is looking pretty scary as of right now. I just started graduate school in August and I came in with about 63k in debt from undergrad. Fortunately my ...
1
vote
2answers
134 views

I inherited cash and am deciding whether to save, pay off debt or invest

I have $30,000 I recently inherited and am trying to figure out the smart thing to do with it - pay down mortgage, pay off a HELOC, save for education (2 kids who will be starting college in 1 and 3 ...
1
vote
2answers
161 views

hardship withdrawal

I am single and have one income. I live in Denver and the rents have gotten crazy here. My rent is now the same as one out of my two bring-home paychecks in a month. I have great credit. I have 25K in ...
0
votes
3answers
401 views

Should I buy ~$2200 of a hot stock or invest elsewhere?

Right now I'm 23, decent job ($50k/yr), about $6k in the bank, and about $50k in debt (car loan, student loan, no credit card debt or other 'high interest' debt). I'm about to start putting roughly ...
0
votes
1answer
47 views

advice for which debt to pay off first [duplicate]

some quick back ground: I recently sold my shares in a company I started to accept a great position with a large company. It was a cross country move for me and my family. Once my property sells ...
15
votes
8answers
2k views

60% Downpayment on house?

My fiancee and I are shopping for a house, and very fortunate to have the assets to allow us to make a healthy downpayment. We both like the idea of a lower monthly mortgage payment, specifically the ...
1
vote
2answers
157 views

Selling recently acquired personal items in order to pay down debt?

I was checking my credit cards statements the other day (I have 4), which they amount to ~$2000 USD, plus a car credit. Recently, my car credit bill went up due to my bank automatically renewing my ...
8
votes
1answer
202 views

How can I resolve the IRS letter about owing tax on cancelled debt when I did make credit card payments on a payment plan?

My wife had defaulted on her credit cards in late 2012/early 2013 due to financial circumstances. In mid-2013, we setup payments with issuer and that was that. We filed taxes for 2013 and didn't ...
4
votes
4answers
388 views

At what point should I go into credit card debt?

This may be a stupid question, but I will ask anyway. At what point should I stop using up my cash savings and start accumulating debt on a credit card? When I try to Google for advice about going ...
1
vote
1answer
196 views

Using IRA to pay off federal parent plus student loans

I have $165,000 in my IRA which I'm really wanting to avoid using, but am seriously considering withdrawing or taking it all from this IRA to pay down my parent plus student loans. I am 58 yrs old I ...
11
votes
2answers
3k views

Why don't companies buy back their own (cut-price) debt?

A thought occurred to me today. Glencore's debt is trading at about 70% of face-value. If you're Glencore, what's to stop you buying that debt yourself and pocketing the difference? In particular, ...
2
votes
1answer
132 views

Credit card company forgot to reflect a returned payment in my balance. It only showed up after I closed the account. Am I obligated to pay?

I made a payment about 9 months ago to pay off the balance of my credit card. For some reason the payment never went through. I didn't notice. The credit card company also didn't notice that the funds ...
1
vote
0answers
105 views

Already Spent Most of the Settlement [closed]

I was in an accident and had medical bills of 5500.00. The check was sent to me and I spent most of it catching up bills ran up during my recuperation time. I went to the hospital and told them ...
12
votes
3answers
2k views

Why is it good to borrow money to buy a house?

In most cases of purchases the general advice is to save the money and then make the purchase. Paying cash for a car is recommended over paying credit for example. For a house, getting a mortgage is ...
-1
votes
2answers
200 views

Taking a loan from yourself

In general everyone is, for good reason, against having credit card debt. In a scenario where someone is paid a certain sum each month, and wants to spend only a certain amount each month, can he ...