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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2
votes
4answers
280 views

Would the minimum payment or full CC amount be considered monthly debt?

Based on Is rent considered a debt? The question of: What is your total monthly debt payment (e.g. student loans, vehicles, credit cards, personal loans, etc.)? got me thinking. If you rack up $...
20
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7answers
10k views

Charges from Dollar General have never shown up on my debit card. How can I resolve this?

During the summer of 2016 I lived by a Dollar General and went there about once a week. I only had a debit card then and paid for everything this way. DG was notable in that I never had to enter my ...
3
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1answer
133 views

Student Loan Proof [closed]

I want to make donations to people with student loan debt. The method by which these people are chosen does not enable me to get to know each person on a personal level. How do I verify someone's ...
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4answers
144 views

Impact of Spending Cash/Debit vs Credit Card on Debt to Income Ratio

Since debt-to-income ratio (dti) is an important factor in determining one's creditworthiness especially for mortgage rates, it is clear that one should keep the monthly recurring debt and credit card ...
0
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1answer
156 views

U.S. Debt Law: What will/can repo people and banks take from you and when?

I know that this question has a lot of inherent complications, such as state laws and profitability for debtors, but I ask this because there are laws in place to protect people who owe money and I'm ...
0
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1answer
159 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 ...
2
votes
1answer
202 views

Is the credit card system gamed against the Individual?

One of the things you keep hearing online is that credit cards are gamed against the individual. Is this true? is so, apart from paying off all charges before interest gets accrued, is there ...
1
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2answers
122 views

Do negative bond yields pay out public debt?

I noticed that german bonds offer negative yields, as you can see in this table.My question is, considering Germany is returning less money than received, does that mean the sovereign debt is ...
70
votes
11answers
19k views

Shouldn't the “credit score” prevent Americans from going deeper and deeper into personal debt?

I'm not from the U.S but I know about the dreaded "credit score" that haunts Americans. I've seen a lot of documentaries and videos on YouTube with people that can't get a loan to buy a house because ...
0
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1answer
118 views

What happens with a credit card account in Germany after the card is blocked/closed?

I have an everyday account in a bank in Germany and a Visa credit card account in the same bank. At the end of each month the negative credit card balance is automatically balanced by an automated ...
44
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11answers
12k views

Should I take out a personal loan to pay off credit card debt?

My spouse and I have about 40K in credit card debt, in addition to a mortgage payment and student loans. We have been working hard to pay off this debt and have been moving in the right direction. ...
2
votes
1answer
86 views

Risks involved in debt funds and recessions?

I have following questions related to various risks in debt funds: Are gilt funds safe during recession? I feel yes as they invest in government bonds, even though though they involve some inherent ...
1
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1answer
85 views

US debt and its creditors [closed]

What does it mean when people say that China and others own US debt and are US creditors?
41
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7answers
12k views

Is it legal to use cash pulled from a credit card to pay the monthly payment on that credit card?

I've got a buddy who is having problems with credit card debt. He had a small business go sour on him and ended up with about 35K of debt that's he struggling to keep under control while looking for ...
3
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5answers
349 views

Options to repay high interest credit card debt

I have about $14,000 in high interest credit card debt. I am curious as to the best options to attack this issue. CC1 - $9,500 @ 19% CC2 - $4,100 @ 21% I have about $8k in savings I am not willing ...
4
votes
3answers
110 views

Why can convertible debts remove some risk?

After I read some articles on convertible debt, I have gained a lot of confusion. When the company (who issues the debt) is doing well, it's kind of like options. But when the company is doing bad, ...
21
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8answers
7k views

Strategy to pay off revolving debt while building reserve savings fund?

We currently have about $16K cash. I'd like to have $30-35K+ for a ~6 month reserve. This will be a "single giant reserve fund" that will pay for large and/or unplanned expenses, frivolities like ...
14
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6answers
5k views

Advice for paying off student loans and auto loans now that I have my first 'real' job

I'm hoping for some advice on which loans I should focus on paying off first. I'm 28 and just got my first 'real' job about 2 years ago after 8 years of schooling. I've paid off all my credit card ...
1
vote
2answers
183 views

Which debt(s) to minimize first to improve credit most quickly?

Current score is ~650. Looking to improve my credit as effectively as possible, as I'm looking into houses after getting married next summer. I'm coming off of a tougher employment patch so very much ...
2
votes
3answers
273 views

Can you build credit history without getting a credit cards or taking on debt?

As far as I know I have no credit history as I have never had a loan or credit card. I buy things using a debit card tied to my credit union bank account and prefer not to have a credit card at all. I ...
45
votes
10answers
19k views

I won USD 50K! Now what should I do with it?

I won a sweepstakes and will be getting USD 50k...it is verified that it is legitimate although no taxes have been taken out so I will have to claim this income on my taxes next year, they will send a ...
32
votes
7answers
15k views

How hard is it to sell a home which is currently mortgaged?

I'm looking to buy a house for the first time. I've done some homework, and from what I can tell... Buying a house via mortgage in Kentucky is somewhat cheaper than renting an apartment. I need to ...
12
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3answers
5k views

Should I prioritize my 401(k) over my student loans?

Lately things have been a bit tight. Between student loan payments, my HSA, my 401(k) and bills my account balance isn't going up or down, its stagnant. I am wondering if I should decrease my savings ...
1
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3answers
384 views

Leaving USA with Credit Card debts

My girlfriend is a US-Spanish dual citizen. She has been racking up credit card debt. 60K (7 credit cards). She used to make payments for a long time but she just lost her job and can't anymore. I ...
46
votes
25answers
20k views

My parents claim they cannot pay for my college education; what are my options?

I have divorced parents, one makes a lot more money than the other, but that one (who makes more money) claims due to court rulings he pays a lot of money to the other parent and that they are wasting ...
4
votes
1answer
535 views

Investing in a Roth IRA with a Personal Loan?

Okay this might be a dumb question but here it goes. Does it at all make sense to invest in a Roth IRA contributing the max by taking out a loan? So say I take out a $6k loan at the beginning of the ...
5
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3answers
743 views

Should I pay on student loans in deferment or continue to snowball other debts?

My wife and I both have steady full-time jobs that pay pretty well while also having a good amount in student loan debt. We have other debts too, like a mortgage, credit cards and a car loan. We ...
1
vote
1answer
207 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. ...
2
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3answers
443 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 ...
1
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2answers
179 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 ...
1
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2answers
226 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
vote
1answer
120 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. ...
6
votes
1answer
273 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
votes
1answer
86 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 ...
0
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0answers
55 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
votes
1answer
375 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 ...
3
votes
2answers
247 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 ...
6
votes
2answers
599 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? ...
1
vote
2answers
176 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?
2
votes
1answer
238 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 ...
0
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2answers
728 views

What does it mean to roll 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?
57
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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 (...
1
vote
2answers
187 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
votes
1answer
272 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.) ...
1
vote
3answers
110 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 ...
5
votes
4answers
556 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? ...
68
votes
11answers
19k 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 ...
20
votes
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), ...
3
votes
1answer
175 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
votes
1answer
291 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 ...