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.

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0answers
28 views

How does sovereign debt impact household economy? [on hold]

How does sovereign debt impact household economy? Additionally, what happens to private loan / mortgage if the currency of that specific country is devaluated?
1
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1answer
128 views

Could one person with a card with no spending limit pay off everyone's debt? [closed]

In the season 13 South Park episode Margaritaville, Kyle uses a Platinum American Express card with no spending limit to pay off everyone else's personal debt so they're free to spend again, thus ...
2
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1answer
34 views

Student Loan Repayment

I have 3 private student loans. Outstanding Principal Balance taken 08/2011 $15,000.00 Outstanding Accrued Interest as of 08/21/15 $6,678.26 Interest Rate 11.75% Outstanding Principal Balance ...
1
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1answer
113 views

Buy house as soon as possible or wait

I was planning to buy a house next year with around 5% - 10% down, but I decided to step back a little, and instead of buying a house next year, I plan to wait paying all my outstanding debts (around ...
35
votes
7answers
6k views

Using Emergency Fund to Sell Upside-down Car

My husband and I have an upside-down car loan, which means that we owe more on the loan (about $10,000) than the car is worth (only about $7,000). We are paying a pretty substantial amount each month ...
2
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2answers
123 views

What's the best use for this money? Its only a small amount but can make a big difference to me

Around two years ago, after working and living in France for a year I came back to the UK and was £11,000 in debt due to 2 credit cards and an Apple loan for some computer equipment. On top of that, I ...
2
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0answers
74 views

Who is rightful owner? [closed]

I am the only person who appears on a car title. However, I am not the main applicant on the loan for the car. The main applicant is making the payments and driving the car, but refusing to refinance ...
2
votes
2answers
284 views

What recourse does a credit card company have upon default?

What recourse does a credit card company have if a customer defaulted and stopped making payments in the U.S.? For example, can they: Legally force him to liquidate his assets (like his home or ...
5
votes
2answers
270 views

Should I cash out some of my retirement to pay credit card debt?

I'm very recently divorced and have accumulated the following credit card debt, both during my marriage and during my separation, when I struggled to get by while paying both a mortgage and rent on my ...
2
votes
2answers
86 views

Is it possible to go to graduate school if I have debt?

I already have substantial debt in the form of personal loans ($15k). The student loans only cover the cost of tuition and living expenses, and of course does not cover existing debt. I was offered ...
1
vote
1answer
77 views

Pay Off Unsubsidized Loan with Subsidized Loan?

I'm currently sitting at about $14,000 USD in loan debt, and am still enrolled at university. I will estimate about $10,000 is unsubsidized, making the remaining $4,000 subsidized. I was fortunate ...
0
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1answer
41 views

What to consider when taking out a student loan from a bank?

I am currently in a bit of a pickle as I am taking summer classes at a University (at which I am a student), and my father was denied the parent PLUS loan which I was depending on to pay rent and buy ...
3
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3answers
472 views

Will I be chased for debt if I move out of the UK?

I am an International Student studying in the UK. I took some loans for about £3000 from a bank while I was studying here. Since the government has abandoned PSW visa for graduates it's likely that I ...
30
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14answers
7k views

Why would anyone want to pay off their debts in a way other than “highest interest” first?

Looking at the math, it is clear to many people that, given a number of debts at different interest rates, if you are trying to eliminate your debt, you will pay less interest overall if you pay off ...
3
votes
1answer
67 views

Do longer term bondholders get preference in getting money back when a company defaults?

When a company defaults on its debt, would the 10 year bondholders be given preference to the 1 yearr bondholders while paying out money? What is the order of preference?
13
votes
7answers
5k views

Am I considered in debt if I pay a mortgage?

75% of Americans are in debt. I'd like to know if I'm also considered in debt if I am paying my mortgage on a house. I didn't think I was in debt if I own the house. I guess I pay 'rent' to a bank ...
5
votes
1answer
89 views

Cosigner death and family responsibility

A family member has cosigned a private student loan for a foreign student. If she dies prior to the holder of the loan, is her estate responsible for repaying the loan?
2
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1answer
227 views

Would you liquidate your 401k to pay off debt in this situation?

I have a potentially complex situation that I am looking to resolve in the least painful way possible. I am going through a divorce. My income is nearly twice as much as my ex's, and I am going to ...
-4
votes
2answers
722 views

What happen if I don't pay credit card and leave the country

I have a credit card debt of $600, five years ago in Newzealand. I left the country from then, now I live in Singapore. Will the Newzealand bankers come to Singapore and ask my bank to take money ...
3
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4answers
208 views

What to do with this cash- pay off ONE card, or pay down a few?

I've got a $5k payment coming through with about $12k in CC debt, over 4 cards. 1 card is at $3000 (total line is $4k), 14.8% interest rate, another at $3450(total line is 4.5k), 19.3% interest rate, ...
4
votes
5answers
464 views

How can people have such high credit card debts?

Apparently, the average US household has 16000 US$ in credit card debt, with even college graduates having 2000 US$ by the time they graduate. In Canada, this figure is almost 27000 CA$. For ...
1
vote
1answer
179 views

To sell the house or not to sell the house?

Needing advice on how to get on track to be financially successful. I am 35 years old single parent and Currently have a home at 3.75% interest rate. Owe 220 and it's worth 290k. Debt totaling 126k ...
3
votes
1answer
126 views

Debt Relief Agency or cash out IRA?

Through many bad decisions on my part, a divorce, 2 kids in college and a third heading there in the fall, I am in over my head. I have been robbing Peter to pay Paul for a few months now (paying ...
0
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0answers
96 views

About stamp scrip - Are they useful?

Today I was reading an article on the guardian and it more or less suggested the usage of stamp scrip. To my understanding stamp scrip is a piece of paper that has a nominal value in dollars, on ...
10
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9answers
4k views

How to avoid getting back into debt?

I got a windfall last year that allowed me to clear all my debt. I am a student, so my incomes are small. After the debt was cleared there was still some money left, which I gradually used for paying ...
100
votes
19answers
23k views

Who can truly afford luxury cars?

I never really thought about money until one day I checked how much I made compared to the rest of America. The calculator said my household income is in the top 20%. Kind of funny to me, because I ...
1
vote
0answers
68 views

Preference shares vs. common shares and overall holding structure for a public company?

I am trying to understand the overall holding picture for a listed company — like, there can be preference shares, common shares (free float), etc. My questions are: It would be really great ...
0
votes
1answer
107 views

Does settlement of second mortgage count as short sale?

Does settlement of second mortgage count as short sale? Suppose you settle a second mortgage debt (perhaps because the house/home is seriously underwater). That will report to the credit bureaus as a ...
2
votes
1answer
123 views

What are some ways to negotiate with a lawyer to pay off an outstanding debt?

I owe around 7000 for an outstanding debt and they are trying to take me to court for it. If I have 4000 now, how can I get them to accept that money to take care of the entire debt amount? I know ...
8
votes
6answers
2k views

How should I pay off my private student loans that have a lot of restrictions?

I have numerous private student loans, with amounts and interest rates like this: $30,000 7% 25,000 7% 10,000 7% 5,000 6% 4,000 5% My loan provider told me I have two options. ...
7
votes
5answers
482 views

Pros and cons of filing bankruptcy or paying off debt?

My credit has been trashed by me making some dumb decisions, and I'm working with a debt settlement company. A few of the debtors are unwilling to negotiate with the debt settlers and are threatening ...
9
votes
6answers
2k views

How should I invest/spend this 50k inheritance?

I am 32 and work in the non-profit sector making 30k/yr. I own my home, which was recently appraised at 202k. I was given an inheritance of 50k from my grandmother. Based on my financials, how should ...
2
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0answers
33 views

Should I cash out my IRA to pay my student loans? [duplicate]

I'm 27 and I have an IRA of around 125K. I'm about to transition into another position with a salary of around 85K-100K. I have around 15K in smaller debts that include credit cards and medical. I ...
6
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4answers
365 views

Formula that predicts whether one is better off investing or paying down debt

This is more of a statistics/probability question but the implications for personal finance are obvious. Let's say you have extra cash (assume tax-advantaged space is already maxed out) and are ...
1
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2answers
155 views

Is it a good idea to accept a £2 million debt-based investment? [closed]

I am a co-founder of a tech startup which launched earlier this year, we have a live website and iOS app and are in the process of seeking investment to take the project to the next stage and start to ...
6
votes
1answer
103 views

What is a “convertible note”?

I've just read this article on the Business Insider - http://www.businessinsider.in/Twitter-To-Raise-Up-To-1-5-Billion-Via-Convertible-Notes/articleshow/42208345.cms I wonder what they mean by ...
1
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1answer
145 views

Does your total credit limit or debt affect how much new credit you will receive?

Say a friend of mine owns 10 credit cards with a total credit limit of $100,000 with total CC debt of $10,000. Does the total credit limit affect how much new credit will be approved? Does CC debt ...
1
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2answers
73 views

Unable to understand logic behind why there is no exit load on liquid fund

Was reading about the liquid funds and came across this sentence on one of the sites: Considering that liquid funds are ideally suited for investments that may be required to be redeemed at a ...
12
votes
6answers
904 views

Is it okay to be married, 30 years old and have no retirement?

I am a 31 year old attorney with a 10 month old baby. I make $130K a year. My husband is also an attorney, and makes approx. $60K a year. WE both do not have any retirement savings or college ...
3
votes
3answers
2k views

Can I negotiate a credit card settlement by stopping payments?

I have a considerable amount of CC debt spread over three CCs. As my home refinance is in the process, it looks like I will soon have the cash to pay them all off. However, I have been receiving ...
1
vote
1answer
208 views

Applying additional student loan payments directly to principal while on a income-based repayment plan

My sister has a federal student loan with a total balance of about 60K and an interest rate of 6%. Her income isn't high so she's eligible for an income based repayment plan with a monthly payment of ...
5
votes
1answer
319 views

Refused for Debt Consolidation Loan. Why would I be denied this loan?

I have numerous maxed-out credit cards and a half-used store account and I'd like to pay them all off with a consolidation loan, to reduce the interest I'm paying and clear them all up quickly. I'm ...
6
votes
3answers
434 views

Getting over that financial unease? Budgeting advice

I recently moved from Arizona to Oregon to take advantage of free schooling (which ironically enough, I originally moved from Oregon to Arizona because I wanted to go to college there). Before the ...
13
votes
4answers
2k views

What should I do with my credit card debt?

I have almost $20,000 in credit card debt and, though I have stopped accumulating it for quite a while now, I'm trying to figure out the best way forward. Can someone please offer advice based on this ...
1
vote
1answer
201 views

Does using savings to pay off debt in bulk look bad on one's credit report?

I have my house deposit, which is pretty much exactly the amount of debt I am in. If I pay off all my debt in one hit, will it look bad on my credit report, or if a bank looks at it and thinks a ...
3
votes
1answer
290 views

Mortgage Overpayments Two Accounts

I have a capital & interest repayment mortgage that's split into two. The outstanding balance on the original is approximately £100k on a 2.5% variable interest rate, monthly repayment approx ...
13
votes
1answer
411 views

What will happen to my wife's debt when she passes away?

I am currently a Washington state resident but my wife is still an Oregon resident. Recently she has had some health issues and has been given a short amount of time left to live. We are trying to ...
0
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3answers
1k views

Why is salary a credit if money comes in?

I am new to keeping accounts. Today I learned that debit is what comes in credit what goes out Then how can we say that salary gets credited when the money comes in?
1
vote
3answers
208 views

Should I avoid credit card use to improve our debt-to-income ratio?

We put all our expenses on a credit card and pay it off every month in order to get maximize our cash back. We never charge more than we have in the checking account, so we always pay it off. Should ...
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votes
1answer
158 views

In debts now, help please [closed]

Im in bad financial situation. I lost my job as admin manager about 7 years ago and since then getting another job has been impossible. I have spent every dime I have and have sold my two cars trying ...