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Questions tagged [debt]

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
46 views

Chinese Brother-in-Law in Debt Trouble - What can Chinese Citizens do to Manage?

My brother in law built up a large amount of gambling debt two years ago. I guess in an attempt to save face, he hid a portion - 75,000¥ ($11,187) from his family thinking he could pay it off himself. ...
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1answer
44 views

When is the best time to begin the settlement discussion with credit cards to avoid bankruptcy?

I've read a variety of strategies on timing on settlement discussions with credit cards. The common one seems to be to try after first late payment, and then try again after the next. I have not had ...
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2answers
48 views

Should I take up offers to settle with credit cards

I have been getting offers to call and seek assistance to settle with credit cards. I have so far not considered these but have I missed a trick? Should anyone ever consider these under any ...
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2answers
124 views

Is there a way to simulate credit score for settlement vs bankruptcy?

I'm considering either settlement or filing a Chapter 7 Bankruptcy for about $110k in credit card debt. However, it seems like both options will stay on your record for 10 years and also decimate ...
1
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1answer
78 views

When to make Credit Card payments on large balance with interest

Consider the following scenario: A credit card has a balance of $5000 that cannot be paid off at this time. Every week I earn $500 that is deposited to my bank. My monthly minimum payment is $200. ...
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1answer
112 views

Student debt in arrears from living overseas- what to do?

I have been living overseas for 3 years and did not inform the student finance company (stupid, and totally my fault!) and they have recently sent me a letter asking to confirm my employment status- a ...
2
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1answer
74 views

How to calculate value of paying down mortgage and removing PMI vs higher interest debts?

How do I calculate which of these is more advantageous to do with a windfall?: pay down my mortgage to the point where PMI will be removed pay off a higher interest loan Assume the amount required ...
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 ...
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0answers
51 views

Collecting on a judgement

I was awarded a judgement in a civil court against a company for a fairly large amount (ie 10,000+). The company is Canadian, and in the same province, but not local to my city of residence. Due to ...
2
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2answers
155 views

Debt Consolidation

I currently have a loan that I am paying on that has a 31k balance, with an APR of 9.24. I also have a credit card with a 6300 balance, and the APR is ~17.9%. I have an offer for a consolidation ...
5
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2answers
560 views

Is it possible to pay off a friend's debt without them being taxed on it?

I'm in England. Let's say my friend has £45,350 salary, and a credit card debt of £5,000. Were I to pay that debt off for them, would that £5,000 from me count as income, increasing their tax bill? ...
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2answers
151 views

Should I pay off a credit card or a collection balance first?

I have a collection and a credit card with roughly the same balance. I received a bonus and I am able to pay off one of them completely. Which is more beneficial to pay off first?
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2answers
740 views

F-1 Visa expired - Unable to repay private student loan. What to do?

I was an F-1 student and I graduated with MBA from a top 15 B-school in 2016 and had taken a loan of $85000 (without co-signer). Since my H1B didn't kick in I was forced to quit my job and leave the ...
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8answers
20k views

Can I become debt free or should I file for bankruptcy? How do I manage my debt and finances?

I am 35 years old, single, and live in the US. My income is 78K to 80K after taxes and insurance. I pay $1,500 for rent+utilities, $150 for phone bill, $450 for auto loan, $300 for auto insurance (...
0
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1answer
182 views

Improving credit: what should I do about very old debt; ignore, settle, or pay it in full?

I have about $6,000 of very old debt. It went into collections about 3 years ago when I was in college. Today I have a good job, and I am thinking about the future. I am now interested in improving ...
1
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1answer
258 views

What are my options for this high interest student loan?

I have about $13,000 in private student loans that I took out nearly 10 years ago before I knew better. To make a long story short, I graduated about 1.5 years ago and began paying these loans. All ...
67
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11answers
18k views

How can I prepare for my US student debt?

I'm a student at Drexel University. Drexel is a notoriously expensive school, and I pay roughly $35,000/yr in tuition, after awards. What's more, it is a five-year school. Currently, I'm in my fourth ...
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2answers
139 views

What is rolling over debt?

I've been hearing this term quite a bit and I don't really understand what it means. Is it any different from re-financing?
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5answers
3k 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
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2answers
166 views

High credit card debt strategies - while doing R&D and trying to launch your own tech startup

In 2016, I made a series of hasty startup decisions to put large business purchases on my personal credit cards - that's around 80% of my current $150k in open credit card debt. For the most part, ...
0
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1answer
259 views

Open Credit Card Debt and Salary needed to not go bankrupt

I'm in a strange situation with close to $150,000 in open credit card debt and currently can't make the next payment. (While they were initially low-ish APR's. They are all at 16-27% APR or higher.) ...
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3answers
85 views

What would the formula for loan payoff with daily compounded interest and paid 5 days per wk?

I'm interested in calculating the impact of making payments on my student loans daily (5 payments per wk). For example my current loan is 50,000$ @ 5.05% interest compounded daily. The term of the ...
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4answers
500 views

Why can't US students borrow at US-bond rates for studies?

Inspired by this question: How can I prepare for my US student debt? I can see the interest rate is a staggering 9%, is it true students can't aquire more cheaper finance? And if it is true, why? ...
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2answers
3k 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 ...
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3answers
1k views

Withdrawal from Roth IRA?

I am thinking of withdrawing all of my money from my Roth IRA as of now. I currently only have a balance of $2536 and have only $283 in investment returns. I know, how there will be some taxes ...
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2answers
4k views

can someone else put up the collateral for a loan?

We were talking today at work and I am curious... Say an individual (Mary) is looking at a 20k bank loan. Mary has no assets to secure the loan. Could some else (Joe) (parent, friend, sibling,whoever) ...
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1answer
4k views

How do I know what and how much my debt is?

I had excellent credit, large amount of savings, and opened a wine bar. As money drained, and debts accrued the landlords got selfish and I didn't have the funds to fight it in court (at the time), ...
248
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18answers
98k 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 ...
3
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1answer
166 views

If I carry a lot of debt and few assets, how should I make out a will?

How should I word my will if my debts outweigh my assets? I don't want to leave any family members stuck with a huge bill when I finally pass away, so what should my will say? Clarification: This is ...
8
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1answer
265 views

If I claim my parent on taxes does that make me responsible for their past debts?

I have supported my parent for most of the year and paid for everything. Housing/food/transportation and other things. So I want to claim them on my taxes. My concern is this: They have a large ...
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6answers
12k views

Potential debt collection scam from National Credit Systems?

Yesterday I received a letter in the mail from an organization called National Credit Systems. In the letter, they say that I owe them $230 to the apartment manager that I rented from 3 years ago. I ...
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0answers
27 views

Redemption Date and value of a Debt

In Indian Stock Market, When I searching for Debt Securities I found the following fields. Redemption Date Redemption Amount Conversion Date Conversion Amount What does it mean for? Is the ...
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2answers
3k views

Buying house on a loan when you're just starting a career

I am 25 year old Indian in the beginning of my career i.e this is my second year after entering the workforce. I am working in Japan. My salary does not leave much extra after my personal ...
3
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5answers
568 views

What should I do when my friend doesn't pay back a loan I gave him? [closed]

I lent money to my friend for his wedding through my credit card. It was around $5,000. He said that he would pay me back within 1 month. It has been almost 5 months. Every time on his salary date I ...
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2answers
134 views

How to pass on personal debt for R&D to a startup?

I just realized that I've lived frugally for the past year and most of what I make goes into paying off some hasty decisions in 6 digits worth of (now) high APR credit card debt. I've spent quite a ...
2
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1answer
168 views

How safe are liquid funds?

This question pertains to India. Have liquid funds ever suspended or limited redemptions? Or, worse, gone bankrupt? What has been the worst fall in value any investor in a liquid fund has faced? ...
44
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8answers
15k views

Paying off debt and living within means vs. long term planning

My husband and I are divided as to the best way to handle our current financial situation. First, a little background. We are in our high 20’s, have been married for six years and have three kids. ...
2
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2answers
764 views

Should I pay off my student loan in the UK before getting a mortgage?

I've had a search around and there is a similar question here and maybe here. However, I think this use-case is slightly different (not to mention those answers are US based), and also the answer to ...
2
votes
1answer
193 views

Paying off student loans in anticipation of home purchase

I graduated college in May and have been working full time since. I have $19,000 in student loan debt, all subsidized/no interest yet, that goes into repayment soon. I am also getting married next ...
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6answers
15k views

What does it take to get a 0 credit score

I'm not sure if a 0 credit score is the same thing as having 'no credit history'. I'm wondering how long it would take a credit score to drop to 0 (something Dave Ramsey says happens eventually after ...
4
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2answers
429 views

How do I calculate the benefit of contributing to 401K vs paying off consumer debt?

I have a ~$15,000 loan with a 6% interest rate. My company matches half of my 401K contributions up to 6%, and I am in a 25% tax bracket. I currently contribute 15% of my income to my 401K. How do ...
6
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5answers
346 views

Clear (agreed) overdraft or start emergency fund first?

From what I have read, the general consensus is that it is best to set up an emergency fund first and foremost before beginning the process of clearing debt, regardless of how illogical that approach ...
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3answers
144 views

collateralized mortgage obligations

I was reading a comparative description in between CDO's and CMO's on Investopedia.com and I cant seem to understand the following statement: When the mortgages underlying a CMO are of poor credit ...
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1answer
75 views

Easy ways to hedge against debt overleverage and potential inflation as a personal economic agent

Every prediction is correct... at some point in the future. However, there are economical indicators that would be considered teaching points if a financial crisis were to occur at any point in the ...
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5answers
1k views

How can people have such high credit card debts?

Apparently, the average US household has US$16000 in credit card debt, with even college graduates having US$2000 by the time they graduate. In Canada, this figure is almost CA$27000. For comparison,...
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3answers
11k views

Should I pay myself back for paying family's rent out of our pool of money?

A few months ago, I paid the $1,500 rent on the house where my family and I lived. My siblings and I are in college and we work part time jobs to get by. My father could not afford to pay the rent ...
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3answers
6k views

INR 10 million borrowed from friend at 7% interest per annum

If my friend transfers INR 10,000,000 into my bank account and we make a legal document for the same to return the amount at 7% per annum for next 12 yrs, should I pay tax on the same? If my salary ...
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3answers
215 views

Cash out Roth IRA or not?

I am 28 years old and in nursing school full time. I will graduate in May with my RN. I have about $10,000 in credit card debt costing about 20% interest and I am only able to make the minimum ...
61
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6answers
11k views

Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?

A few years ago I got a credit monitoring app and started watching my credit score (high 700's). It's been climbing slowly and sends me an alert when I apply for new credit - like when I bought a car ...
2
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3answers
2k 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?