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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1answer
70 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 ...
2
votes
1answer
74 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 ...
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0answers
73 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 ...
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9answers
3k 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 ...
85
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19answers
15k 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 ...
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0answers
15 views

Learning about Debt and Credit [migrated]

I am very interested in learning about debt and credit - not personal debt and credit - but debt and credit of countries and the like. I have searched everywhere but it's difficult to find books that ...
1
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0answers
34 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
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1answer
69 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
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1answer
61 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 ...
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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. ...
5
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4answers
225 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
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6answers
684 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 ...
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0answers
31 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 ...
3
votes
2answers
150 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
140 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
94 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
vote
1answer
95 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 ...
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2answers
59 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 ...
9
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6answers
584 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
120 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
232 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
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3answers
385 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 ...
12
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
130 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
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1answer
272 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
335 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 ...
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3answers
301 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?
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3answers
192 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
153 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 ...
1
vote
1answer
57 views

What are some ways to determine if taking on debt is worth it?

What are some ways to determine if taking on debt is worth it? For instance, what types of calculations exist for seeing if it's worth it to take on mortgage debt?
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votes
1answer
168 views

few question about debit credit and liabilities [closed]

i have few question about accounting terms, please help me to figure it out these term and debit and credit flow to our company account. 1) i sold 500$ cost products on account, buyer will pay me in ...
3
votes
4answers
290 views

What can I do to rebuild credit and get out of financial trouble?

My wife and I are in some financial trouble. We are in our early 30s and our credit is terrible. We both have student loans, we have old credit card debt (though we have no current credit cards). ...
4
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2answers
263 views

How can I manage my Credit Card Debt in Australia?

35K in credit card debt and personal debt (17K Credit Card 16% interest rate, 18K Personal Debt,Variable Rate 5yrs & 8mths remaining). I used the advice in Battling the credit car debt in ...
5
votes
2answers
332 views

How can someone with a new job but no credit history get a loan to settle another debt?

I was recently hit with a large personal debt, something that can't go against my credit score, but might if it ever went to court/collections. However, it came unexpectedly, and I am now looking for ...
1
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1answer
161 views

How will the New credit reporting rules affect people who are already struggling financially?

With the new credit reporting rules in place in Australia and the implications of having a black mark against your file for just being 5 days late in making a payment, whether it be credit card or ...
4
votes
4answers
908 views

In Australia, how to battle credit card debt?

I have $18K in credit card debt. What are my options in tackling this? Every month I am left with no extra money to pay anything more than minimum payment required (car, rent, another personal loan, ...
10
votes
4answers
6k views

What's a normal personal debt / equity ratio for a highly educated person?

I'm trying to figure out what a bad / normal / good personal debt / equity ratio is. Most sites deal with debt / income ratio, which is a cashflow metric, and I want to focus on assets / obligations. ...
4
votes
2answers
287 views

Are Americans in as much personal debt as the British? Are the sources of debt much different?

I recently came across an interactive infographic for the U.K. about personal indebtedness and was shocked at many of the stats in regards to personal debt — e.g. the UK national average ...
2
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1answer
128 views

Debt Forgiveness - Extra Payments

Student loans can be forgiven after ten years of being a teacher (link). If there is no chance for a new teacher to pay off the loan in ten years, is there any benefit to pay anything other than the ...
2
votes
2answers
388 views

Borrowing money for a semi-urgent medical expense

I need to borrow some money to pay for dental work. This will be my first time taking on debt independently. I would like to repay my dental debt at a reasonably pace without hurting my credit score. ...
4
votes
2answers
214 views

Which student loans to pay off first: Stafford or private?

I'm really trying to buckle down and get ride of my student debt. I currently have Stafford and Private loans (I owe more on my private loans). I'm wondering which are best to pay more towards? ...
2
votes
3answers
242 views

If I moved abroad, what happens to the U.S. apartment lease I'd be breaking? Would a debt follow?

I'm moving to the United Kingdom. What will happened to my apartment lease here in the United States? Will that debt follow me?
3
votes
3answers
182 views

Can I draw funds from a personal line of credit to pay its own monthly “minimum payment”?

I can guess the answer to this question, but I can't figure out why. So here goes... I've got an unsecured line of credit with a limit $30,000. The annual interest rate is 6%, compounded daily. ...
4
votes
2answers
2k views

Does paying off a car loan increase or reduce a persons credit score?

I know that closing credit card accounts reduces the number of open credit lines, and paying off a car loan would also reduce the number of credit lines. I have had the car loan for over 3 years, it ...
0
votes
1answer
219 views

Should I pay the student loan now classified as bad debts

I got educational loan on 2008 from one of a Bank in India. So far I am paying only interest money not principal money for it, but it’s also not regularly, I left some intermediate gap on it. Last ...
5
votes
4answers
1k views

How to pay bills for one month while waiting for new job?

I recently, and unexpectedly, lost my job. Because I had summers off (no paychecks either), I've been using my credit cards for most purchases, saving what cash I had saved from the previous year to ...
2
votes
1answer
213 views

How do I deal with a collection agent who refused to state a reason for calling?

I got a call from a number registered to a collection agency (I looked it up online). When I answered, knowing some of the Fair Debt Collection Practices Act, they asked if I was Phillip. I asked him ...
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2answers
7k views

How do I get my name removed from a co-signed car loan?

I am the primary signer for a car loan consigned and being paid now by my son. Is there any way I can get my name removed from this loan?
4
votes
1answer
227 views

How do I tell the Canada Revenue Agency that they're sending someone else's documents to my address?

A business acquaintance used my address for mail correspondence, with my permission. Actually, he even didn't stay in my place and I don't have any of his personal belongings here. Later, I asked him ...