Questions tagged [debt-reduction]

The act of paying off debts (either partially or completely). One may do this to lower or eliminate a monthly payment and regain control of one's personal finances. There are different ways to do this, but the most popular are based either on the total amount of each debt or on the interest rate. There are different arguments as to which one is better, but either is better than doing nothing but paying the minimums.

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386 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 ...
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143 views

Cannot pay enough to mitigate late/overdue fees on credit card. What is the best way to handle this?

I've tried working with a credit card company over late fees/debt. I can of course make some payments, but they're always lower than the overdue fees they continuously charge. In other words I'm ...
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141 views

Interest or APR Query

I have really bad credit from when I was younger. The only credit card I can get is one 49.9% APR. If I spend £500 in a single transaction and pay back lets say £50 a month, what interest would I be ...
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2k views

Car Loan upside down--refinance before selling?

I have a 2007 mini cooper that I bought for around 20K 3 years ago with CarMax. I currently owe about 10K but the blue book value is around 6K. I am starting a new job where I will be traveling 70% of ...
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532 views

Navient Student Loans

I am planning on putting an additional $6,000 to my student loans through Navient. I am trying to decide which option is better. I can put $6,000 to the lower total $13,550 with a 9% interest rate or ...
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401 views

Pros and cons of cashing out my RRSP in order to repay HELOC used to start a business, now failed?

I'm in my mid 40s and a few years ago I used my HELOC to start a new business. I was paying interest only on the loan in hopes of paying off the HELOC in lump sum amounts once the business was ...
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3answers
353 views

How to get out of short-term loans?

I have about 15 small loans ranging in between 4k-10k in local currency, with most being 4k or under. Besides this, I'm currently paying 56k in local currency for a house (I can't cancel/pause this ...
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2k views

Can my company buy my personal debt?

I owe $50,000 to my mother and father, who have helped me consolidate my debt over the years. Can my business buy my debt from my parents for the full amount I owe and then forgive me from having to ...
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119 views

Which debts to target to maximize credit score change

I have a variety of debts, and I have a strategy to pay them off. It starts with getting my credit score up another 40-80 points or so to reach the threshold where I can do a cash-out refi on the ...
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306 views

What to do with extra money when company doesn't offer 401k

I am looking for advice on what to do with some extra money I have. Currently, I have about $23k in my savings account, gradually increasing. I am (currently) employed, making good salary ($70k/yr), ...
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Deciding to pay off loans vs. invest [duplicate]

I have $23k in student loans and pay $400/mo on them. I have about $2500 left over after my bills each month. I have a 401k and am already contributing the maximum on it. Does it make sense to spend ...
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164 views

I need advice on how to get out of default on college student loans [closed]

Well, this is not very specific, but I need advice on how to get out of default on college student loans. Right now I am on Social Security, Medicaid and food stamps. It made things more difficult ...
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161 views

What should I do with extra bonus [duplicate]

I've recently been awarded a bonus of 6500 EUR (Net), What would be the best approach for me? Here is what my financial situation roughly looks like. 6200 EUR @ 4,95% (4291,63 still open) 29 months ...
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3answers
151 views

Should I use my non-tax advantaged investment account to pay off debt?

Hello Personal Finance! So about 8 years ago, I got into a bad car accident which was not my fault, and which I sued the driver because they tried to drive away afterwards. I got a large settlement ...
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Why do financial planners say to pay extra to your mortgage?

I read articles all the time by financial planners who you want you pay off your mortgage early. That's all well and good but then they make suggestions such as paying extra each month on your ...
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163 views

Multiple credit cards for one debt? [closed]

Scenario: A person owes $30,000 in school debt to a single entity. The person also has THREE credit cards. Each month, the person pays $500 using credit card 1 towards the debt and $50 (minimum fee) ...
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Balancing an Interest Accrual Rate Between multiple loans

Tags: multiple student loans , balancing interest accruals , student loan help

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