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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21
votes
9answers
8k 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
246 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
38 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
883 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
120 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 ...
3
votes
4answers
932 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
359 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
137 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
357 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 ...
155
votes
10answers
42k 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
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1answer
75 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?
2
votes
1answer
574 views

Keeping refund from ex spouse / child support

I currently owe back child support to my ex-husband, and typically pay this through my tax refund due to my difficult financial straits via the Federal Tax Refund Offset Program. If I instruct the ...
0
votes
1answer
106 views

Should I Be Worried About A Government Default? [closed]

Is this actually true and if so, should I be worried about a default since I own quite a few US bonds? I can't see how this is sustainable at all. I asked my financial adviser and she laughed. What ...
8
votes
8answers
1k views

Using Credit Cards while Paying off Higher interest debt

I was hoping to get some advice regarding my plan for paying down my debt. I'm planning to start using the avalanche method to start paying down my balances, but with a slight modification. I have ...
29
votes
4answers
16k views

Can a company charge you for services never requested or received?

My partner and I have recently moved into our new home and as expected have received a number of letters from companies for the previous occupants. This latest "Letter" (I say letter but It was a ...
58
votes
5answers
24k views

In what cases can a business refuse to take cash?

Printed on US currency you will find "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE". Some businesses have refused to accept larger bills for a long time, as other forms of payment have ...
1
vote
0answers
56 views

Does paying a debt reset the clock on my Credit Report? [duplicate]

I have a debt from 4 years back that is on my credit report. Because I have been out of the country for 4 years, I did not know about the debt until now. My question is, does paying the debt reset the ...
2
votes
2answers
2k views

Should I stop investing in 401k to put more toward debt

I currently have a debt of around 40k between student loans and car. Both are being paid, and most of the time paid ahead/extra. But they are still taking a while and gaining interest of course. ...
5
votes
1answer
212 views

College Debt/Collections

I graduated from a community college in Alabama 10 years ago on scholarship. I receive a call from an attorney a few months ago regarding unpaid tuition/fees from this particular college.He is ...
29
votes
2answers
11k views

Wife sent to collections for ticket she paid ten years ago

My wife got a ticket 10 years in Nevada. She paid that ticket, but doesn't have any record of it; we've moved a lot in the last ten years and switched banks several times. We got a bill from the ...
9
votes
3answers
119k views

Is Credence Resource Management a scam?

I've been receiving a lot of calls from a debt collector called Credence Resource Management. These calls are coming from a call center in India. It seems like this is a scam company. I did some ...
3
votes
1answer
382 views

Co-Buyer Automobile

As a co-buyer on an automobile, can the other party take full possession? Both parties names are listed as the Purchaser's. Only one purchaser signed the retail order for the motor vehicle, and if so, ...
18
votes
4answers
10k views

What to do with a 50K inheritance [duplicate]

My grandma left a 50K inheritance and I'm looking for advice about the best way to use it. My husband and I have 3 kids (11, 3, 1) and are in our early 30s. We have: 60K in student loan debt 15K car ...
0
votes
2answers
463 views

How to gradually invest in real estate without excessive risk?

A friend whom I've known for about 8 years recently asked me for advice and I wasn't sure how to respond. I became curious and decided to see if others could weigh in. Background: He and his wife ...
1
vote
2answers
593 views

what are the downsides of rolling credit card debt in this fashion

Suppose a person has $5k in debt from his favorite credit cards. Suppose he signs up for a credit card that has 0% APR and no fees on balance and balance transfers for 15 months. Even though he is ...
2
votes
2answers
95 views

FSCS limits and offset savings accounts

The UK Financial Services Compensation Scheme (FSCS) covers up to £75000 per person per bank entity. If one owes the same bank money in the form of a debt or a mortgage, would this affect the limit? ...
7
votes
5answers
4k views

Can I use my paid-for home as collateral for a consolidation loan to pay off outstanding bills?

I'm needing to find out if I can use my home and its feed as collateral for a 3000-5000 dollar loan to pay off my outstanding bills and just have one payment.
1
vote
2answers
149 views

On a debt collection agency's letter, what does “balance” refer to?

What does the term balance refer to on a letter from a debt collection agency? Is this the money that is owed or is this the money available to pay off this debt?
0
votes
3answers
161 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 ...
4
votes
1answer
856 views

How to interpret this paragraph from a credit card company

A credit card company has sent me an offer of a balance transfer with 0% interest until November 2017. Their Q&A section has this question: Q: If I take advantage of this offer, will it affect ...
26
votes
3answers
6k views

Credit card debt after cosigner passed away

My father is a cosigner on my brothers credit cards. He passed away last month. My brother is not paying off the debt. Can we remove my fathers name? Is my dads estate responsible? My brother owes ...
2
votes
3answers
17k views

Harris & Harris Debt Collector is harrassing me

I'm getting several robocalls (automated calls) from Harris & Harris Debt Collectors saying that I owe a debt but they won't tell me any more information. I don't know how to stop them. I found ...
2
votes
3answers
868 views

How much will my credit improve if I pay off all the negatives and there's nothing else on it?

My TransUnion is 497, and Equifax is 469. I couldn't remember the information they needed to verify my identity online for the third credit agency. The only things on the reports are 5 things on ...
0
votes
1answer
151 views

Which student loan is better to make a lump sum payment

I have $15,000 that I am trying to put towards one of my loans. Right now I have two loans $14,000 3.7% variable interest, 10 years, $140 monthly payment $30,000 7% fixed interest, 15 years, $260 ...
9
votes
5answers
3k views

In layman's terms, what is balance transfer?

I know very little about my credit cards, all I know is that I make sure to do the minimum payments on time. Some suggested that I do balance transfer? What is that suppose to mean? Can someone pay ...
10
votes
1answer
2k views

In what ways can a public company ask for money?

I'm just curious, what are the ways that a publicly traded company can ask for more money? Do they just sell shares of their company stock they own themselves, or do they issue more bonds? Are there ...
3
votes
1answer
305 views

Should I communicate with a collections agency to dispute a claim after it's been deleted from my credit report?

A little over a month ago, I received a voicemail from a debt collections agency stating that they wanted to collect on $200 from an apartment complex that I moved out of 6 months earlier. I assumed ...
5
votes
5answers
785 views

What I can possibly do about the future once my student loans are paid off and I have no savings?

I attended a private institution in the USA for higher education and as a result I pay monthly student loan payments so expensive they rival my rent payments. I try not to think very hard about this ...
4
votes
2answers
1k 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 ...
1
vote
1answer
322 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 ...
4
votes
2answers
194 views

Taxes on debts forgiven in a record TV giveaway

Last night, John Oliver shattered the record for biggest TV giveaway in history, giving nearly 9000 people nearly $15M in forgiven medical debts. When Oprah gave away cars in the previous record ...
1
vote
1answer
139 views

Is there a name for high risk / high returns debt funds in India?

I'm looking for debt funds in India that aim to give you high returns, at the cost of high risk. Is there a name for such a category of funds? I found one example of such a fund, Franklin India ...
3
votes
2answers
495 views

Is a secured loan or mortgage considered debt? [duplicate]

Lets say you buy a home for $300k, and put down a $100k payment and take out a $200k loan. The house was purchased for a fair, properly appraised value. Does this mean that you are now $200k "in ...
4
votes
3answers
802 views

High credit utilization, some high interest - but credit score not overly bad. How to attack debt in this situation?

I presently have: Credit Card, £2250 balance, interest rate of 17.43% Credit Card, £1500 balance, interest rate of 39.9% (3.5% min payment) Credit Card, £2400, interest rate of 34% Overdraft of £1300 ...
10
votes
2answers
671 views

My Boss owes money but I am named on letter from debt collection agency (UK)

My employer has an outstanding debt with a company he aked me to speak with a couple of years ago. Now that company has my name listed as a "contact". He received a letter from a debt collection ...
2
votes
0answers
132 views

What happens to debt to SSA after death?

A woman in another country was married to her late husband. She notified about his death right away but SSA kept sending money from his Social Security benefits. She thought that everything was in ...
36
votes
8answers
8k views

Cash in retirement accounts to buy a house?

My husband and I are looking to buy our first home. He is 39 and I am 37. We live in a major city and house prices are terrible. We are probably looking at a 500K-600K home. We were late bloomers, ...
2
votes
2answers
1k views

How can I get out of the debt-trap as quickly as possible?

I have a credit card with 30% interest and a real estate loan with 11% interest. The amount of debt on my card is lower than the real estate loan. I want to redeem the installments of the real ...
1
vote
1answer
87 views

How does the debt:GDP ratio affect the country's economy? [closed]

I was surpriced when I saw the debt of USA has raised to more than 100% of its GDP. But I saw other countries like Japan having over 250% of its GDP. And a lot of countries have debt near 100% of GDP. ...

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