2
votes
3answers
1k 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
41 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 ...
10
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
3answers
167 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 ...
3
votes
4answers
264 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). ...
3
votes
2answers
210 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 ...
4
votes
2answers
279 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
votes
1answer
125 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
343 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
172 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
164 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?
5
votes
3answers
807 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
182 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 ...
0
votes
2answers
4k 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?
5
votes
2answers
127 views

Does there exist a kind of loan where no part of principal is paid, while interest is still paid?

I know that when debt is being re-paid, one pays interests along with repayment of some parts of debt principal. However, I am wondering a case where no part of debt principal is re-paid while ...
5
votes
1answer
273 views

Does total US public debt include state debt?

When I see total US public debt, I wonder whether state debt is included. If "total US public debt" used differently for different cases, I will restrict my case to the usage in national ...
6
votes
1answer
217 views

What is a rule of thumb for accruing debt on a rental property?

My sister and I were fortunate enough to inherit 2 properties from my father, one a suite of apartments and cottages worth about ~$3M and also his home. We currently have about $200K in mortgage ...
2
votes
1answer
152 views

How long does it take to have no credit history?

In considering my 5-10-20 year goals recently, one of them is to not use debt - whether credit card, mortgage, car loan, etc - even on a monthly basis. I currently am young, single, and have no debt ...
8
votes
2answers
177 views

Credit Consolidation, Credit Settlement

I've done a little research but I would like to have actual feedback from people. I am currently behind on credit card payments and I am not sure exactly what to do. The interest rate is high and I do ...
7
votes
3answers
279 views

How to get started with savings, paying off debt, and retirement?

I am getting married soon and I am in grad school (I get paid a stipend and have a tuition scholarship). I have no retirement plans available to me. My fiancee will be starting her job soon and will ...
7
votes
4answers
3k views

Collections for Medical Bill - Pay Settlement or Full Amount?

I live in California, and I had an ER visit in November 2010. I originally owed ~$800. I've been contacted by a collection agency, and offered a settlement of ~$400 I have verified with the original ...
4
votes
4answers
1k views

“Pay to Delete” letter for removing an entry from my credit report. Legit?

I am negotiating with a collection agency over payment of around $2500. Talking on the phone with them, it seems that I can't get an unequivocal "yes" to delete their entry from my credit report on ...
15
votes
8answers
694 views

Pay off credit card debt or earn employer 401(k) match?

Should a person with high credit card debt pay it off before contributing to a 401(k) with matching?
3
votes
1answer
273 views

Can I borrow against my IRA to pay off debt or pay for a car?

I am going to need a new car soon and I was curious if I can borrow against my IRA to pay for the majority of the car so I don't have to finance much. Also, can I borrow against my IRA to pay off ...
11
votes
2answers
2k views

Does the United States really owe 114 trillion dollars? Please explain “unfunded liability”?

I would like to refer to the site USdebt.Kleptocracy.us (A visualization of United States debt) I'm just a little bit curious as to what these figures mean. I understand the 1 trillion dollar ...
6
votes
2answers
180 views

How could the 14th amendment relate to the US gov't debt ceiling crisis?

I saw a reference to the 14th amendment in the news today. What could that have to do with the US debt ceiling crisis? Could somebody explain please.
4
votes
3answers
267 views

How could USA defaulting on its public debt influence the stock/bond market?

Ok, let's face it... US public debt is high and people are starting to wonder if the country might default on its debts. How would this hit United States' stock market, its bonds, or its currency? ...
13
votes
5answers
5k views

Can it really hurt your credit to pay off things in collections?

I have 4 items in collections according to my credit reports - 2 medical bills totaling $1700, and unpaid traffic ticket for $200, and an old utility bill for $185. I have one credit card that I've ...
3
votes
3answers
130 views

How to handle old 401(k) I have, with respect to refinancing some of my debts?

I have recently been shopping around to see if I could get my home refinanced. I purchased in Oct 2007 for $200,000 - 30 year fixed at 5.99% I called my lender, and they were willing to refinance @ 4 ...
14
votes
3answers
747 views

Need advice about my financial situation

Here is my living situation in a nutshell Live in California 2 kids (7 and 11) Ex-wife I am almost 40. I rent Financial situation: Make about $170k (includes regular job + moonlighting) before ...
11
votes
2answers
1k views

The U.S. National Debt: What is it, where did it come from, and how does it work?

I am not from USA. I read few articles about the US National debt but still can't get the sense of it. Could you explain it in simple words? I know that it is huge. I can't understand following ...
9
votes
3answers
1k views

Why can't a US state default, but a EU state can?

I'm new here so I'm not sure if this type of question is appropriate on this site. I live in the EU (Italy) and I'm quite concerned (probably not the only one now in EU) about the possibility of some ...
7
votes
5answers
271 views

File bankruptcy, consolidate, or other options?

So, during the economic downturn, my parents' business was seriously struggling (as in not making enough income to cover its own expenses) and my parents made a few bad decisions while trying to save ...
4
votes
2answers
117 views

What debts are both partners liable for in a 'community property' state?

I've just come across this article over on the mintlife blog and noticed that I do live in one of the ten community property states. I'm not overly familiar with this particular concept (keep in mind ...