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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
428 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 ...
5
votes
3answers
877 views

Paying off student loan or using that money for a downpayment on a house

I am 22 years old, I live in Atlanta, Georgia and I am a recent graduate. I approximately owe 22,000 dollars in student debt (all federal student loans at a fixed rate). My job pays me around 50,000 ...
-1
votes
2answers
87 views

Should I spend upon medication or paying my debt? [closed]

I had fever from 3 days and I am taking medicine (prescribed by my Medical Practitioner). Today I ran out of my medicine. I am feeling much better but not too good. The situation is that I got 600 ...
3
votes
1answer
182 views

Numerous large student loan balances: Pay down principal or refinance to 5-year loan

My spouse and I have almost $150k in Federal student loans. About 60k of this balance is in consolidated loans, and the remaining 90k is split between roughly 20 smaller loan balances (the smallest is ...
6
votes
3answers
1k views

Should I Pay Off my Student Loan Debts First or Invest in an Index Fund?

I am an Albertan currently about $8,000 in debt from student loans. Roughly $5,500 of this $8,000 is an Alberta Student Loan, while the rest ($2,500) is from the National Student Loans Service Centre (...
12
votes
2answers
1k views

Does the history of credit utilization affect FICO score?

Most people are aware that the debt to credit limit ratio is a vital part of the FICO score. The FICO score is updated every time new information is received by the credit bureaus. However, is it ...
4
votes
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) ...
1
vote
1answer
60 views

How does TDS on FDs work?

I know TDS happens on accrued interest. If I have a 5-year FD, the bank deducts TDS every March 31 for the interest accrued in that financial year, though I haven't received it yet. But what about the ...
0
votes
1answer
59 views

Debt management lawyer?

Is there such a thing as a debt management lawyer? I've got delinquent debts. I've got more than enough money to pay off all debts. I want to systematically look over each debt statement (fees, etc) ...
4
votes
1answer
989 views

How to maximise savings?

I am in my late 20s, living in the UK, and in my third year of professional work (one year industrial placement, two years since graduating from University). I have very little in the way of monthly ...
0
votes
1answer
102 views

What has been the worst return ultra-short-term funds have delivered?

What's the worst performance any investor has seen? A 1% drop in value? 2%? I know that liquid funds have seen as much as a 0.4% drop in value in a single day. Since ultra-short-term funds are ...
2
votes
1answer
162 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? ...
2
votes
2answers
177 views

Starting a new job. Help me with retirement/debt planning please!

For context: I am about to be 27 (M) and am starting a job later this month. I have been considering various different methods to attack my debts, which are below: Student Loan - $24,288.77 @ 5.75% ...
0
votes
1answer
282 views

Paying credit card debt with student loans

First of all let me say that my financial future is looking pretty scary as of right now. I just started graduate school in August and I came in with about 63k in debt from undergrad. Fortunately my ...
1
vote
2answers
330 views

I inherited cash and am deciding whether to save, pay off debt or invest

I have $30,000 I recently inherited and am trying to figure out the smart thing to do with it - pay down mortgage, pay off a HELOC, save for education (2 kids who will be starting college in 1 and 3 ...
1
vote
2answers
486 views

hardship withdrawal

I am single and have one income. I live in Denver and the rents have gotten crazy here. My rent is now the same as one out of my two bring-home paychecks in a month. I have great credit. I have 25K in ...
1
vote
3answers
581 views

Should I buy ~$2200 of a hot stock or invest elsewhere?

Right now I'm 23, decent job ($50k/yr), about $6k in the bank, and about $50k in debt (car loan, student loan, no credit card debt or other 'high interest' debt). I'm about to start putting roughly 8-...
1
vote
1answer
77 views

advice for which debt to pay off first [duplicate]

some quick back ground: I recently sold my shares in a company I started to accept a great position with a large company. It was a cross country move for me and my family. Once my property sells ...
18
votes
8answers
6k views

60% Downpayment on house?

My fiancee and I are shopping for a house, and very fortunate to have the assets to allow us to make a healthy downpayment. We both like the idea of a lower monthly mortgage payment, specifically the ...
1
vote
2answers
737 views

Selling recently acquired personal items in order to pay down debt?

I was checking my credit cards statements the other day (I have 4), which they amount to ~$2000 USD, plus a car credit. Recently, my car credit bill went up due to my bank automatically renewing my ...
8
votes
1answer
367 views

How can I resolve the IRS letter about owing tax on cancelled debt when I did make credit card payments on a payment plan?

My wife had defaulted on her credit cards in late 2012/early 2013 due to financial circumstances. In mid-2013, we setup payments with issuer and that was that. We filed taxes for 2013 and didn't ...
7
votes
4answers
681 views

At what point should I go into credit card debt?

This may be a stupid question, but I will ask anyway. At what point should I stop using up my cash savings and start accumulating debt on a credit card? When I try to Google for advice about going ...
1
vote
1answer
864 views

Using IRA to pay off federal parent plus student loans

I have $165,000 in my IRA which I'm really wanting to avoid using, but am seriously considering withdrawing or taking it all from this IRA to pay down my parent plus student loans. I am 58 yrs old I ...
13
votes
2answers
4k views

Why don't companies buy back their own (cut-price) debt?

A thought occurred to me today. Glencore's debt is trading at about 70% of face-value. If you're Glencore, what's to stop you buying that debt yourself and pocketing the difference? In particular, ...
2
votes
1answer
248 views

Credit card company forgot to reflect a returned payment in my balance. It only showed up after I closed the account. Am I obligated to pay?

I made a payment about 9 months ago to pay off the balance of my credit card. For some reason the payment never went through. I didn't notice. The credit card company also didn't notice that the funds ...
17
votes
4answers
5k views

Why is it good to borrow money to buy a house?

In most cases of purchases the general advice is to save the money and then make the purchase. Paying cash for a car is recommended over paying credit for example. For a house, getting a mortgage is ...
-1
votes
2answers
237 views

Taking a loan from yourself

In general everyone is, for good reason, against having credit card debt. In a scenario where someone is paid a certain sum each month, and wants to spend only a certain amount each month, can he ...
1
vote
1answer
766 views

Could one person with a card with no spending limit pay off everyone's debt? [closed]

In the season 13 South Park episode Margaritaville, Kyle uses a Platinum American Express card with no spending limit to pay off everyone else's personal debt so they're free to spend again, thus ...
2
votes
1answer
125 views

Student Loan Repayment

I have 3 private student loans. Outstanding Principal Balance taken 08/2011 $15,000.00 Outstanding Accrued Interest as of 08/21/15 $6,678.26 Interest Rate 11.75% Outstanding Principal Balance ...
2
votes
1answer
454 views

Buy house as soon as possible or wait

I was planning to buy a house next year with around 5% - 10% down, but I decided to step back a little, and instead of buying a house next year, I plan to wait paying all my outstanding debts (around $...
43
votes
7answers
8k views

Using Emergency Fund to Sell Upside-down Car

My husband and I have an upside-down car loan, which means that we owe more on the loan (about $10,000) than the car is worth (only about $7,000). We are paying a pretty substantial amount each month ...
2
votes
2answers
388 views

What's the best use for this money? Its only a small amount but can make a big difference to me

Around two years ago, after working and living in France for a year I came back to the UK and was £11,000 in debt due to 2 credit cards and an Apple loan for some computer equipment. On top of that, I ...
3
votes
2answers
686 views

What recourse does a credit card company have upon default?

What recourse does a credit card company have if a customer defaulted and stopped making payments in the U.S.? For example, can they: Legally force him to liquidate his assets (like his home or ...
7
votes
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 ...
2
votes
2answers
390 views

Is it possible to go to graduate school if I have debt?

I already have substantial debt in the form of personal loans ($15k). The student loans only cover the cost of tuition and living expenses, and of course does not cover existing debt. I was offered ...
2
votes
1answer
880 views

Pay Off Unsubsidized Loan with Subsidized Loan?

I'm currently sitting at about $14,000 USD in loan debt, and am still enrolled at university. I will estimate about $10,000 is unsubsidized, making the remaining $4,000 subsidized. I was fortunate ...
0
votes
1answer
99 views

What to consider when taking out a student loan from a bank?

I am currently in a bit of a pickle as I am taking summer classes at a University (at which I am a student), and my father was denied the parent PLUS loan which I was depending on to pay rent and buy ...
3
votes
3answers
9k views

Will I be chased for debt if I move out of the UK?

I am an International Student studying in the UK. I took some loans for about £3000 from a bank while I was studying here. Since the government has abandoned PSW visa for graduates it's likely that I ...
47
votes
15answers
11k views

Why would anyone want to pay off their debts in a way other than “highest interest” first?

Looking at the math, it is clear to many people that, given a number of debts at different interest rates, if you are trying to eliminate your debt, you will pay less interest overall if you pay off ...
4
votes
1answer
114 views

Do longer term bondholders get preference in getting money back when a company defaults?

When a company defaults on its debt, would the 10 year bondholders be given preference to the 1 yearr bondholders while paying out money? What is the order of preference?
18
votes
7answers
22k views

Am I considered in debt if I pay a mortgage?

75% of Americans are in debt. I'd like to know if I'm also considered in debt if I am paying my mortgage on a house. I didn't think I was in debt if I own the house. I guess I pay 'rent' to a bank ...
55
votes
12answers
22k views

Should I pay off a 0% car loan?

I'm ahead on 0% interest car loan. I don't have to make a payment until October. I currently owe $3,000 and I could pay it all off. Should I do that or leave that money in my savings account that ...
6
votes
1answer
459 views

Cosigner death and family responsibility

A family member has cosigned a private student loan for a foreign student. If she dies prior to the holder of the loan, is her estate responsible for repaying the loan?
2
votes
1answer
846 views

Would you liquidate your 401k to pay off debt in this situation?

I have a potentially complex situation that I am looking to resolve in the least painful way possible. I am going through a divorce. My income is nearly twice as much as my ex's, and I am going to ...
-1
votes
2answers
7k views

What happen if I don't pay credit card and leave the country

I have a credit card debt of $600, five years ago in Newzealand. I left the country from then, now I live in Singapore. Will the Newzealand bankers come to Singapore and ask my bank to take money ...
4
votes
4answers
395 views

What to do with this cash- pay off ONE card, or pay down a few?

I've got a $5k payment coming through with about $12k in CC debt, over 4 cards. 1 card is at $3000 (total line is $4k), 14.8% interest rate, another at $3450(total line is 4.5k), 19.3% interest rate, ...
6
votes
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,...
26
votes
8answers
11k views

To pay off a student loan, should I save up a lump sum payoff payment or pay extra each month?

I am a new college graduate with a student loan of $17k at 6.8% interest. The monthly minimum payment due is $193. I have been paying the minimum amount, and then taking that same amount and placing ...
2
votes
2answers
2k views

To sell the house or not to sell the house?

Needing advice on how to get on track to be financially successful. I am 35 years old single parent and Currently have a home at 3.75% interest rate. Owe 220 and it's worth 290k. Debt totaling 126k ...
4
votes
1answer
176 views

Debt Relief Agency or cash out IRA?

Through many bad decisions on my part, a divorce, 2 kids in college and a third heading there in the fall, I am in over my head. I have been robbing Peter to pay Paul for a few months now (paying ...