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241 votes
Accepted

Should I take out a loan to pay off a relative's credit card debt?

This is a very generous impulse on your part. I'm going to criticize it, but please understand that I believe your intentions are great. What can go wrong You pay off her $40,000 debt. She is ...
Brythan's user avatar
  • 21k
187 votes
Accepted

Why auto-renew instead of canceling the subscription after free-trial?

Companies do it because they know you'll forget, and they get money as a result. You're only getting the free trial due to the number of forgetful conversions they get as a result.
Selkie's user avatar
  • 1,352
184 votes

Is this person wanting to pay my credit card trying to defraud me?

This is no friend. The clue is that your user name and password aren't required. I've made payments for my mother in law, and the card number, just the 16 digits on front, were enough to send a ...
JTP - Apologise to Monica's user avatar
164 votes
Accepted

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

Can I be debt free or should I file bankruptcy There's no reason to file bankruptcy with $64k in debt and a $80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The ...
D Stanley's user avatar
  • 135k
159 votes
Accepted

What should I do about a dealer that took a deposit then sold my motorcycle to someone else?

Yes, you can dispute the charge. The deposit was to secure a particular bike. The point of that money was to ensure that you were an earnest buyer, or that he would have some money for his trouble if ...
NL - Apologize to Monica's user avatar
148 votes
Accepted

Scam caller asked for last 4 digits of card. Fake number doesn't fool him, does he have my full number?

He was probably trying to impersonate you on a site that legitimately knows your card number, perhaps your card issuer itself. Such a site would challenge your identity by asking for your last four ...
erickson's user avatar
  • 838
146 votes
Accepted

Bank claims debit card was physically scanned - half a continent away. What could have happened?

It’s possible your card was skimmed. This works by the scammer getting a physical swipe of your card, for example from a bogus attachment to a legitimate card reader, then making a duplicate card. ...
Lawrence's user avatar
  • 9,362
141 votes

Asking bank to reduce APR instead of increasing credit limit

The offer of an increased credit limit may be a sign of increased confidence. However from a bank's point of view it is an attempt to get you to spend more and thus make more money from you. ...
DJClayworth's user avatar
  • 33.4k
134 votes

Why do credit cards have their number and CVC code printed on them for all to see?

Ultimately you don't bear the fraud risk so you you don't set the risk tolerance. The three digit code, the whole card number, chip and pin, chip and signature, the signature on a receipt, the info ...
quid's user avatar
  • 49k
133 votes

Why auto-renew instead of canceling the subscription after free-trial?

Yes, these companies benefit from people forgetting to cancel. However, besides this, there is another reason why companies do this. One of the obstacles that a business has to making a sale is the ...
Ben Miller's user avatar
  • 116k
122 votes

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

You need to change the way you think. First, understand compounding. Not just intellectually, but viscerally. You need to develop an aversion to spending borrowed money. A debt with 22% APR ...
Ben Voigt's user avatar
  • 6,788
121 votes

I have 9,000 cash. What debt should I pay first?

Generally, there's no particular "win" to paying off the larger debt first, all things being equal. Pay largest interest rate first. (Now, some advisors say there's a certain logic to paying off ...
Harper - Reinstate Monica's user avatar
120 votes

Getting $10,000 and have $16,000 balance on two credit cards - How to allocate payments?

If the rate is the same, then clearing one card to zero does have one advantage: getting your grace period back. Generally when you owe money on your credit card, and you make a new purchase that new ...
mhoran_psprep's user avatar
116 votes

Should I take out a loan to pay off a relative's credit card debt?

I personally have no financial problems Are you in desperate need of a financial problem? Taking a loan to pay someone else's debt is the fast lane to a financial problem. Unless this is your ...
quid's user avatar
  • 49k
115 votes

How can I break the cycle of taking on more debt to pay the rates for debt I already have?

Your expenses are currently higher than your income! This is your priority #1! I cannot stress enough that if you take on new debt in order to make payments on old debt, that is often the last stage ...
Grade 'Eh' Bacon's user avatar
110 votes
Accepted

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

EDITED after OP added more details. no taxes have been taken out yet. 24% will probably be withheld, taking you down to 38K. The organization that ran the sweepstakes must withhold 24%. It's the ...
RonJohn's user avatar
  • 50.7k
102 votes
Accepted

Is there a "catch" on my "increased credit limit"?

After this happened the second time, I wonder if there could be a "catch" on this. No I mean, what is my bank's real motivation for allowing me to spend more money. Credit card companies make ...
Peter Green's user avatar
  • 2,944
99 votes

Should I use a zero-interest credit card for a large one-time purchase?

I want to make a note of something for other people that find this question and may have other purchases or cards in mind. With a card that is accepted everywhere (VISA, MC, Discover, etc) when you ...
JPhi1618's user avatar
  • 1,212
88 votes

Email asking for CVV, two days after I make a purchase?

DO NOT respond directly to the email with your information. I cannot stress that enough: DO NOT respond to the email with any valuable information. If you decide to send them the CVV number to process ...
PGnome's user avatar
  • 2,280
85 votes
Accepted

Didn't apply for credit card but got an application denied letter?

fine because the application was declined anyway. No it isn't fine. Credit card applications generally need a hard pull, so get it rectified. Firstly check if an application was really made on your ...
DumbCoder's user avatar
  • 10.6k
85 votes
Accepted

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

Your friend is basically doing "Credit Card Kiting". While not strictly illegal* (there are nuances), it's an expensive way to maintain debt. Your friend would be much better off taking the time to ...
Rocky's user avatar
  • 24k
85 votes

If a bank fails, will debt be wiped out?

No, your debt is an asset. In bankruptcy assets might be sold off (there are different flavors of bankruptcy and they don't all involve complete asset liquidation). Your debt would either remain with ...
Hart CO's user avatar
  • 70.5k
82 votes
Accepted

Credit card offering 0.5 miles for every cent rounded up. Too good to be true?

The catch is that you are paying the extra cents for nothing but miles. If you want to "boast" that you earned 10 miles per dollar, you have to also note that you paid $4.00 for $3.20 worth of coffee. ...
nanoman's user avatar
  • 29.7k
81 votes

I unknowingly went $1200 over my credit card limit, how do I fix it?

Credit card limits are, for the most part, soft limits; sometimes, a credit card will allow you to charge a little over your limit. The large amount they allowed you to go over your limit is unusual, ...
Ben Miller's user avatar
  • 116k
81 votes
Accepted

How can sister protect herself from impulse purchases with a credit card?

Have her talk to her bank and ask if they have programs designed for people like her. If they aren't any help, consider switching to a bank with more of a customer-health focus. Many banks and credit ...
dwizum's user avatar
  • 17k
80 votes

Why did my credit card company resolve my dispute in seconds?

I would wager (without knowing any internal details of Discover's dispute processing) that they have a rule that says If a person who has made fewer than X disputes previously Files a dispute for ...
Justin Cave's user avatar
  • 27.3k
77 votes
Accepted

How to recover from credit score hit from paying off loan?

First, you need to be aware that the credit score reported by Mint is Equifax Credit Score. Equifax Credit Score, like FICO, Vantagescore, and others, is based on a proprietary formula that is not ...
Ben Miller's user avatar
  • 116k
75 votes
Accepted

Making a big purchase over $2500. I have the money to cover it. Should I get a loan or just place it on credit?

I would not be concerned about the impact to your credit rating. You already have an excellent credit score, and the temporary change to your utilization will have minimal impact to your score. If ...
Ben Miller's user avatar
  • 116k
69 votes
Accepted

Isn't the security of credit cards with chip worse than with signature?

One advantage of the chip cards is that the card information needed to make purchases can't be easily skimmed or "stolen". Another is that it is more difficult to create a fake physical card. These ...
BrenBarn's user avatar
  • 24k

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