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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.

-4
votes
2answers
530 views

Can you abandon debt if you move address and open a new bank account? [closed]

This is a hypothetical situation. Let's say Bob, who lives in the UK, has a lot of debt to bank A, about £10,000 in credit card debt and another £10,000 or so in loans, overdrafts, and unpaid fees. ...
9
votes
5answers
1k views

HELOC vs Federal Student Loan

Given the following assumptions: Interest rates are the same for HELOCs as Federal Student Loans (they're both hovering around 5% right now). Loan amount could range anywhere between $10,000 and $40,...
5
votes
1answer
322 views

Can a jobless person get a home equity loan if he has other sources of income such as stock dividends?

Suppose a jobless person has a fully paid property. He wants to take out a home equity loan. Will the bank reject his loan application due to his lack of salary income as a jobless person? This person ...
27
votes
10answers
8k views

Is it foolish to borrow 2.5X income? [closed]

I base this question from USA Today, which claims that median household income is $59,000 and average household debt is $137,000. They say: suggesting that many Americans are living beyond their ...
1
vote
2answers
937 views

Can I transfer credit card debt to someone else?

My wife used my credit card in her business and used 20,000 (AMEX CARD) and then she couldn’t pay off the debt, now it’s hurting my credit and we wanted to move the debt from me to her, taking in ...
6
votes
4answers
312 views

What backs credit cards?

I'm admittedly a novice when it comes to finance, so this may be a stupid question... Are credit cards backed by actual money? To clarify, when I get approved for a credit card with a $10,000 ...
3
votes
1answer
233 views

Can credit card debt be negotiated?

A family member with Credit Card Debt has missed a few payments. The bank sent a letter saying that they would be willing to settle for 20% less of the current debt. Question: Can the debt be ...
1
vote
0answers
57 views

What happens to federal debt that passes to a collection agency and gets removed from credit reporting agencies?

Do medical bills from federal or state funded hospitals that have gone to a collections agency and subsequently removed from my credit report still have to be paid to the government?
27
votes
5answers
6k views

What method do I use to pay current expenses while paying off credit card debt?

I’m hoping you can help me with a question that seems very hard to google for some reason. I have $20K in debt on 4 cards, and I have set up a plan to pay off the deferred card on time, and the ...
1
vote
1answer
62 views

Will I be able to get an FHA home loan if I opt for a voluntary repossession on my current auto loan?

What i'm asking is will my credit go down that much and if I decide to voluntary repo? I'm currently at 650. If I can't get a FHA loan what are my options for buying a home with a repo on my credit ...
44
votes
3answers
7k views

Why would a lien appear on a mortgage after 17 years?

I have a 30 year, fixed rate mortgage from the year 2000. I have never missed a payment and don't have any other debt. A couple of months ago, I a got a letter sent by a company I never heard of (...
0
votes
1answer
133 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) ...
3
votes
2answers
234 views

Paying Off Student Debt Quickly

I'm 19 and transferred to a university. I left my community college with no debt. At my university due to my living situations I need to work full time. With that being said I have to have the vast ...
5
votes
6answers
3k views

Is it better to use cash when cards offer discounts

I am new to budgeting and managing my own finances and have a simple question. Is it better to use cash when credit or debit cards offers discounts. The city I live in, some shops and services offer ...
-3
votes
1answer
178 views

How to create my own fractional-reserve bank? [closed]

How can I create my own fractional-reserve bank to fund my companies? I want to do it to avoid paying interests to others, in addition to advantages of getting (a lot of) loans to create more ...
2
votes
1answer
233 views

How does “debt prescription” work in America (Utah if that matters)? [closed]

When googling for "debt prescription" I get a lot of hits in South Africa. Is it called something else in US English? And to the point, how does it work in America? Specifically contracts such as "...
2
votes
2answers
215 views

Debt to asset ratio calculation

When try to calculate debt-to-asset ratio, I came across different formulas. There are: Total debt divided by total asset, where Total debt = short-term debt + long-term debt from Balance Sheet. ...
7
votes
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 ...
0
votes
1answer
79 views

Approximation of equity value for company in default [closed]

I want to come up with an estimate for where the share price of a company may end up in a bankruptcy/event of default. What is a commonly-used rule of thumb for this? I know it will vary greatly from ...
1
vote
3answers
452 views

How can I deal with a spouse who compulsively spends?

My husband and I are in debt with student loans, credit card spending, and a mortgage. We've both made mistakes from when we were younger, but I am working very hard to dig ourselves out. On paper, ...
5
votes
3answers
340 views

Is it totally legal to refuse the payment of mature commercial paper debt?

I was reading up about commercial paper on investopedia. It says that commercial paper is a form of short-term unsecured debt. It then goes on to say that Commercial paper is not usually backed ...
39
votes
6answers
12k views

Should I pay down my student debt early?

I just graduated university and started my first job. I have £50,000 in student loan debt at 6.1% interest. My monthly payment on this debt is £10 (direct from my paycheck). I can afford to pay £...
5
votes
1answer
759 views

How to Dispute a Medical Bill that Went to Collections

I had a 2-hour ER visit for a biking accident at an out-of-network location in 2014, and provided the insurance information at check-in. Four months later the hospital and the doctors (charging ...
1
vote
1answer
204 views

What to do with an old building to get money

My father owns a home, inherited from his parents--my grandparents. It's a very old building. He can't rebuild it because it is in town and in a difficult place. He replaced the roof because it was ...
1
vote
2answers
111 views

Credit Report debt expiration limit: original creditor vs. Collection

I am confused about how the statute of limitations with regards to debt applies to what is reported on an actual credit report from the 3 credit reporting agencies in the United States. Researching ...
2
votes
1answer
2k views

EOB says I owe $4500 but provider says I do not

So I have this weird situation where I went to the dentist for a root canal and they filed a claim for my insurance. Now, on the EOB they've charged an excessive amount of money ($1500 for xrays) and ...
0
votes
1answer
431 views

Algorithm for multiple-debt payoff to minimize time in debt

I'm not sure this is the right place to ask, but here goes anyway. Background, if you're interested I've written some pretty fast C code that can accept an ordered list of loans (with current ...
-2
votes
1answer
1k views

Received debt collection notice regarding unpaid college course

A couple years ago, I took a college course at a community college that would transfer to my University. After a week, I simply stopped attending, and didn't return the book I had rented from them. ...
0
votes
1answer
74 views

Who exactly owns the assets in asset-backed securities?

I'm reading about asset-backed securities and am confused about what actually an "asset" is in that context, and who owns the pool of assets. On one hand, I've read (ref. book Asset Securitization- ...
94
votes
8answers
23k views

How to deal with the credit card debt from family member that has passed away?

My father recently passed away and had some considerable amount of debt on his credit cards. House and credit card were in the deceased’s name only. The state that is happening in is New Jersey. In ...
0
votes
2answers
666 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 ...
3
votes
2answers
228 views

If I have a credit card under my name, but it's my husband's account, does it automatically mean I'm liable for the credit?

My husband has a credit card (under his name - the account was not opened jointly). He had the bank issue an extra card in my name. However, I never signed any documents to become the account owner. ...
2
votes
0answers
200 views

Fears about re entry to london with debt [closed]

I studied in London for my first degree and I finished my program last year. About 3 months before I left the UK I fell for a scam in which I basically took out two phones from a network provider on ...
0
votes
2answers
389 views

Paying off Mortgage with unsecured debt [duplicate]

Question Are there any downsides, or side-effects to paying off the remaining balance of a home mortgage with the help of an unsecured loan owed to a relative? Are there legal considerations that ...
0
votes
1answer
30 views

Convertible note: instead of equity, convertible into a product. Tax consequence for the issuer?

if a US issuer sells a convertible note which isn't convertible into equity, but convertible into a quantity of product the issuer makes, what are the tax consequences upon conversion? When the ...
5
votes
1answer
442 views

Payday lender took all my money

I have foolishly taken out several loans from 'payday lenders' which escalated into me paying off loans with other loans and I am now trying to dig myself out of that hole. I am in Scotland. I have ...
0
votes
2answers
371 views

Contacted by a debt collection agency in Netherlands but I have practically never been there

I live in Italy, and over the past few weeks I have been finding missed calls by a phone number from the Netherlands; since I have a relative that works there my first thought was that the number ...
28
votes
5answers
6k views

Multiple loans, multiple payers - how to snowball fairly

My brother and I both have a large sum of student loan debt. I have more than he does and my interest rates are slightly larger as well. We are both attempting to snowball our debt separately. It ...
21
votes
9answers
7k views

Should I pay off my car loan within the year?

I saw another question like this, but I am in a bit of a different situation. I am 19 years old, in college, and have no credit history. I saved up enough money to buy a car, but decided to get a ...
4
votes
1answer
175 views

Using a line of credit for long-term investing

I have recently opened an unsecured line of credit for $20k at 1%. I have a savings account at the same institution making 1.5% - both compounded daily and paid monthly. I've read a few questions on ...
1
vote
0answers
36 views

Do administrative wage garnishments for nontax debts count as judgments or other public records for the purposes of the three credit bureaus?

When I was in my late teens, I made some bad choices. Most notably, I was on SSI, which the government retroactively decided I was not eligible for. They put the debt on my credit report, some years ...
2
votes
2answers
738 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 ...
8
votes
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 ...
1
vote
2answers
110 views

Is inflation inapplicable in a comparison of paying off debt vs investing?

As I understand it, when comparing the "returns" of paying off my student loan debt to expected returns on investing, I should be using either the nominal rate or CAGR—not the real rate of return—of ...
2
votes
4answers
611 views

Should I use put extra money toward paying off my student loans or investing in an index fund?

The following is what I've written so far to examine and try to solve this dilemma I'm in of whether to put my extra money toward my student loan debt or invest it, which I'll be publishing on my site ...
2
votes
2answers
311 views

Pay down low-interest debt or save for retirement?

I'm in my mid-forties, very low retirement savings, high debt, recovering slowly with a new stable salary. I need to get my finances fixed so that I'm not working full-time on my 70th birthday nor ...
0
votes
1answer
90 views

Continued Paying For Home After Bankruptcy Discharged Debt - Can Someone Regain Responsibility?

My mother declared bankruptcy a few years ago, and all of her debts were discharged, including a car that was repossessed, and a house, which she continued making payments on (Was never behind), even ...
3
votes
2answers
258 views

What is the best way to help my dad consolidate his credit card debt at a lower rate?

So my father and I are somewhat in a sticky situation. He has accumulated roughly $30k debts on his credit cards. He makes decent money now but the problem is paying about $650 a month in interest ...
152
votes
10answers
36k views

My friend wants to put my name down for a house he's buying. What risks would I be taking?

My good friend, who I have known since we were kids, asked me for a favor today. He originally intended to get a house with his now ex-girlfriend so that he could invest in one and later on, sell it. ...
0
votes
1answer
62 views

LIBOR and fixed income [closed]

So I am just learning about fixed-income markets and securities, and LIBOR pops up all the time. Why are interbank offered rates used as reference rates in floating-rate debt?