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Questions tagged [debt-restructuring]

for questions that relate to debt restructuring. Debt restructuring is replacement of old debt by new debt when not under financial distress. It is recommended to include a country tag, laws in different countries and states can vary.

2
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1answer
248 views

Declaring bankruptcy vs just not paying off large credit card debts (no home, no car or large assets owned)

So I'm considering just letting my credit card debts go unpaid till they close. (The goal was to find some way to pay it off but I need to consider the worst possible case) The reason why I'm ...
7
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3answers
2k views

Debt consolidation on credit rating

I have the opportunity to consolidate some of my higher interest rate under a much lower APR in a personal line of credit. Would it hurt or possibly improve my credit score if I were to do this? Is it ...
4
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3answers
954 views

Debt Consolidation, trade down car, or both?

I'm a recent graduate, working full time (started in January). I have an average of 21.318% APR across 5 credit cards with a debt totaling $11,137, at $302 monthly min. CC #1: $2493 at 13.4%, $62 ...
18
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7answers
6k views

Should I use a credit repair agency?

I had very good credit but went through a series of jobs, some I got laid off from or fired from and as a result I fell behind on credit payments, several charge offs. I do have an existing auto loan. ...
4
votes
3answers
223 views

What does “Settling your Debt” entail, and how does it compare to other options?

My local radio station has been running a bunch of ads from companies urging people who're struggling with paying their credit cards to "settle your debt for a fraction of what you owe." Their claim ...
2
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5answers
312 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
2answers
501 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 ...
1
vote
1answer
148 views

What can I do to pay off Summer Tuition balance?

My financial situation breaks down like this. I currently have 3 semesters to graduation but I have a hold preventing me from taking classes because I owe a balance for tuition totaling in $4,114.74. ...
4
votes
2answers
702 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 ...
7
votes
4answers
3k 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, ...
5
votes
2answers
680 views

Should I attempt to consolidate my own debt, or hire a professional? (Are there caveats to consolidating your own debt?)

I have some credit card debt across 3 accounts. Currently they're all at 0 APR, but the promotional rates are set to end soon, and I don't want to open any more accounts. In this situation, I'm aware ...
2
votes
3answers
334 views

If I have a lot of debt and the housing market is rising, should I rent and slowly pay off my debt or buy and roll the debt into a mortgage?

I'm a Canadian divorcee who walked away from marriage with debt. I have a great income, but I owe $60K on a line of credit and credit card debt as a result of litigation. I pay $1,500/month in rent. ...
10
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5answers
1k views

Should I cash out my Roth IRA to pay my mother's property tax debt, to avoid foreclosure on her home?

I'm thinking about liquidating my Roth IRA and taking a loan out against my 401k to pay the property taxes my cancer stricken mom owes on her home. She's several years behind, and the county is ...
6
votes
4answers
805 views

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?
9
votes
4answers
2k views

Should I get a personal loan to pay on my mortgage to go “above water” to qualify for a refinance?

I purchased my primary residence in 2007. The rate was 5.99% on a 30 year fixed. Rates have dropped dramatically since then, but so have home prices. I wanted to refinance a while back, but it looked ...
6
votes
6answers
319 views

Pay down on second mortage when underwater?

I did an 80/20 financing for a home I bought for $280K that is currently worth about $210K, yet I owe a total of about $265K right now. My primary is 6.75% and 2nd is 8.6%. I have also have a $7K ...
6
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2answers
426 views

What options exist for a person moving with an upside-down mortgage?

I'm currently considering moving to another state to seek employment that might be better than my current situation, hopefully better pay, a better company to work for, and more long term options. The ...
8
votes
2answers
1k views

Should I make extra payments to my under water mortgage or increase my savings?

Currently I have a mortgage that I am underwater on by about $10K - $15k, and I am looking to move to a different state in the next year for several unrelated reasons (not buying a new home). I have ...
8
votes
3answers
348 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 at ...
8
votes
3answers
685 views

Walking away from a mortgage & home - financial options

I currently have a home that is 100% Loan to Value. It has lost a significant amount of the value i paid for it -- hence now a 100% LtV guesstimate. I am able to comfortably make my payments as it ...
8
votes
4answers
885 views

What is 'consolidating' debt and why do people do it?

I've seen 'debt consolidation' advised for people who have a lot of debt (from different credit cards, etc). What does that involve, exactly, and why is it a good idea? Say I have: $1000 at 5% from ...
7
votes
5answers
189 views

Are the “debt reduction” company useful?

My Chase Credit Card vary their payment date each month by a day or two each month, claiming that it is "related to different number of days each month." So naturally, it is easy to throw me off as ...
2
votes
2answers
478 views

How to do Credit Card debt consolidation or get rates lowered?

I have a friend that has five credit cards of debt. A couple of the cards have high interest rates (20-25%). The rest are 15% and below. The total debt combined of all five cards is ~$10k. How ...
12
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3answers
783 views

How can I minimize losses on an upside down mortgage for a condo I no longer live in?

I have made a good faith effort to keep up my mortgage payments on a condo that I no longer live in since Oct 2005. In 2005 I had to move out of state for my job and I listed the property for about ...