New answers tagged

-1

I dont know what you decided to do in the end...it would be interesting to know... but I would definetely try to renegotiate leveraging on a possible default position (that will be what Mr Trump would do...). Truth is, there is nothing they can do to you outside of the US and most likely your school, considering your personal situation, would much rather try ...


1

“I am considering the bet on gold with respect to his logic.” Don’t forget gold is just a small part of his entire portfolio. Maybe 5% across gold and probably gold stocks. Don’t forget that his timeframe is 10 years or more. He is prepared to lose for 5 years on gold, then let it recover and boom for 5 years. In the end he will annualize 8-14% on his bet ...


4

The problem with this is that gold doesn't actually DO anything, it just sits there. In fact, holding it will most likely impose costs for security, even if it's only the cost of buying a safe to hold your collection of gold coins. So any change in the value of gold is related more to speculation than anything. If you look at the price in dollars over say ...


0

I was going to make this a comment, but it actually may help provide one possible answer to your question. The main thing is this - the government can't just "print dollars". Instead, it has to issue marketable (debt) securities, that is, do something like create treasury bills, notes, bonds, etc. and sell them to willing buyers. If the government sells ...


1

Am I missing an obvious point here? Assuming it's not a scam, the debt is real and these are the real debt collectors for this debt, why not call them, get their bank details and then do a credit transfer? This way they can't take more than is owed, you're not handing over your bank details to someone else, etc.


1

A couple of things about your employers plan. Pay after passing the class is normal. They will only pay when you pass a class. They won't pay if you get a poor grade. Ask your employers what is considered passing. Since you are in the United States look at community college for the first few classes. Unless you already have a degree or you will be getting ...


2

If I was you I would tackle one problem at a time. I'd get on a written budget, and look for other income opportunities. That might be working a second or third job or perhaps opening a low investment business such as tutoring. Using that money, I'd pay down the car loans and then sell the cars. Also you will need something to drive, so buying a ...


6

I appreciate your aversion to debt, but is sounds like all you need to cash-flow is one semester at a time. If you can fit that into your budget (maybe slowing down debt repayment) and it increases your income in the near future then it might be a good idea. I would not take student loans and rely on the company to pay them back. Only do this if you can cash-...


7

What percent of income going to interest is [...] Ideal? 0% It might have sense for the government to borrow as an inversion: with the money they have today they build infrastructures, public services, etc. that will in turn help the economy grow which will mean more revenue and less spending (e.g. social spending) in the future1. You are not a government,...


4

Frame Challenge 11% of (Ontario) tax dollars go to pay interest I am interested to compare with personal finances, would 11% of annual income as interest be reasonable? What percent of income going to interest is common? Ideal? You're conflating good debt (building and maintaining infrastructure) with B-A-D BAD debt (living beyond your means). It's ...


2

Many personal finance guidelines recommend spending no more than 20% of your after-tax income on servicing debt. Note that the 20% recommendation is for savings + debt combined. So as you pay off debt, whatever is left in that 20% goes towards saving. Once you are debt-free, continue to save 20% of your income. Step 3 = profit! Sources: https://www....


0

Assuming this is a legit debt and a legit debt collector, you shouldn't have anything to worry about using your banking information, as they won't steal your stuff. That's the whole thing about them being legitimate. However, if you worry about someone hacking their database or the transaction, you can get a virtual credit card that still links to your bank ...


-1

Often when a company (you owe money to) get a debt collection agency they have given up trying to collect the debt directly from you. This means you probably should be able to get a discount. If you're going to be paying them, they should not care how. They should accept PayPal. You need to verify that the debt collection agency is acting on behalf of the ...


6

I can't really go into it due to NDA's, but I work in this industry and see people getting scammed all of the time for many different scenarios that rational people removed from the situation don't think they could ever fall for. Please do not let yourself be scammed. If there is any doubt at all, there is a solution. If you legitimately have a debt that ...


0

First off, be sure that this is not a scam, as others have suggested. Similar to a cashier's check, you can also get a money order. These are often easier to obtain since they are available at many grocery stores and gas stations; you don't need to wait until your bank is open and wait in line there. A common brand is Western Union, and a sign will usually ...


18

This concerns me: I should note I'm also trying to settle with them for a significantly lower sum. However, in order to do this I need to be able to pay soon with a card or bank account. Debt collectors are notorious for using any and all tactics necessary to get money from you as quickly as possible. It is very well possible that even if you pay them ...


0

As per everyone else: it's hard to make/earn off savings and investments the same amount you pay in interest on debts. That's literally how the financial sector makes its profits. It's a good idea to have some emergency slush but... how much are you spending each month just servicing your debts? If you can afford to start putting $4000~5000 a year into a ...


24

Even if they were legit, they won't file litigation (which is a lawsuit) because the overhead costs are considerable. But who cares? It's not a lawsuit until they serve you. Then it'll be a month + til the first hearing, and the suit will be extinguished once you pay them, which you're planning to do anyway. Ergo it's no threat at all. Absolutely not. ...


2

Physical cash is legal tender for all debts public and private. Someone can refuse to sell you a product or service for cash, but if you already owe them money, they are obligated to accept cash to clear the debt. If they don't take cash when you offer it, and you have evidence of this, they're not going to look good in court when they try to claim you ...


52

For the purposes of this answer I am assuming that this is not a scam, and that they are not the one who led you down the path of needing to use gift cards to make the payment. No legitimate business would insist on gift cards. If you want to make sure that you are not providing them with any more banking details than is necessary, you should consider the ...


142

This sounds like a scam. The debt itself may be legitimate but the debt collector doesn’t sound legitimate. Legitimate businesses would never need access to your bank account. If you have the funds ready to go, get their routing numbers and do a funds transfer from your own bank account to theirs. Giving others access to your bank account (user name & ...


14

If you're really worried about the collections agency doing something bad like taking more money than agreed, then open a "burner" temporary bank account. Transfer just enough to satisfy the debt, and then -- when the transaction posts to the account -- close it. It'll take a few days for the money to be fully transferred to your new bank, though.


3

I'm going to try and provide a short/sweet answer compared to the other two provided. When companies cut their dividend, it typically means they are hurting financially which is a red flag for investors. So investors may act on those fears and pull out their money causing the stock to drop a substantial amount. This isn't good for the company because it ...


0

I think at the core of this question is a misunderstanding of debt. There's debt, and then there's debt. And that's not to say there is good debt and bad debt, as some people refer to mortgages as "good debt" and credit cards as "bad debt" but just that not all debts are the same. For example, not all mortgages are good so not all mortgages can be good ...


1

Chances are everyone who reads this StackExchange knows that debt is dangerous and should be avoided. While I do agree that debt is dangerous and should be avoided, not everyone does. Heck there are people on here that advocate taking pay day loans! Even the most debt adverse financial commentators suggest that a mortgage is an acceptable risk. They ...


2

The central bank creates money and uses it to buy government bonds. This increases the amount of money in circulation. They do this when they feel there is too little money in circulation. (Interest rates are higher than they want.) When they feel there is too much money in circulation, they sell bonds and retire the money. This removes money from ...


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