I was. I used to be a chronic user of credit card. I realize a simple basic truth.Credit card companies give you a credit card so you can spend more...Although I was paying off the credit card due by the end of the
As someone who paid off all your student debts or never had any to begin with, what would your indignation cause you to do if those Democrats steal your tax money to bailout those who haven't paid off their student debts yet?
Here's the thing everyone is missing about student loan debt forgiveness. The US Tax code says that forgiven debts taxable. This is not something that the Democrats can likely change... it's a HUGE amount of money and I don't see how they could get the legislation passed.So, you're
Yes.If you do not pay your credit card debt, the late payments/ default goes on your credit report.After some time, the bank will ‘charge off' the debt/ This also goes on the credit report.What many people do not know: The cancelled debt gets added to your income. Yes, you read that right.The bank will send you
If it were me dealing with collection agencies: I'd ask for full details (down to individual transactions on a credit card/utility bill/whatever) of exactly what they're supposedly collecting and what/when it relates to.Ask for those details and never admit you owe a penny ("who me? I don't owe anything"
You can not directly pay your one credit bill from another. There is no direct way, however it is possible to transfer your one credit card bill on another with which you can make the payment. There are several alternate methods with which you can pay your one credit card bill with another one.1-
Yes - and no.For a start, because they are seen as a good risk, their debt it much, much cheaper. Sometimes, this can make the interest lower than inflation, meaning they are effectively earning money by taking on debt. Investors buy these bonds because they are seen as safer
Do debt collection agencies literally 'buy' debt from credit card companies or get 'paid' when they 'collect' debt from consumers?
Whether or not the debt was bought or not is irrelevant. You owe the debt. Rarely does a consumer have a chance to settle for less than 50% on a credit card debt. When debt is sold, which is not often,
I do not but did several years ago. It was pretty scary, I was underwater for close to $100k on credit. I had to lock down, pay everything with cash and pretty much stopped my lifestyle while slowly paying down one, then the other then the other. Now I'm
I'm not sure that it's Dave Ramsey's idea, and snowballing is a hard habit to get started, but yes, it will also work for an
Getting into debt is caused by bad behavior and so getting out of debt cannot be accomplished until the behavior changes. Why or why not is this true?
Well...for starters you made a bold statement vs. asking a question! It's true that a lot of debt is caused by bad behaviour but in doing my job over 20 years I can attest that everyone's circumstances are quite different. Student debt is a cycle caused by our flawed
After paying all your debts, draft a feasible strategy and follow it persistently. You can do things like:-Never delay the debt payments be it any: credit card outstanding, existing loan EMIs, utility bills and so on. Everything gets recorded in your repayment history.If you are thinking of applying for a new credit card and you already have
Toxic relationships are dangerous to your health; they will literally kill you. Stress shortens your lifespan. Even a broken heart can kill you. There is an undeniable mind-body connection. Your arguments and hateful talk can land you in the emergency room or in the morgue. You were not meant to live in a
If your account is maxed out and you weren't paying for a while, your account will probably be transferred to a collection agency.From there somebody from the agency will hound you thru your mobile, office and home numbers. If you manage to be elusive up to this point, they will try to contact you thru the social media,
Borrow. You will need to first make a list of everyone you know, i.e. friends/family, that might be able to give you money to pay off your debt. If you can't find anyone who will give it to you, then ask if they will lend it to
hi there,I am glad to hear that you are ready to pay your debt. Did you say free, then in this scenario, better wake up my friend. If you have bills, you have to pay them my friend. It is just like
This is how you do it.Start shopping around looking at banks in your country and outside.You may find your rates are higher than other banks in country you are living in AND you find the rates are even lower outside your country.When I found this out, I flew to the
I remember of a recent incident, where a young man of about 30 years, who came to me for a consultation. He wanted to check with me different modes of borrowing money at a lower interest rate to pay off his high cost
Executive Summary – Paying off a credit card has positive impact. But there are a couple of issues that may not result in a significant improvement in one's credit score. In this post, we will explain why paying off your credit card debt has a positive impact. We will also highlight mistakes consumers make
Get a better or second jobReduce your expensesWrite down everything that you spent in the last month. Rent, utilities, food, dining out, transportation, car loan, student loan, credit card bills, etc. What if you bought nothing from AMZN, cancelled your cable TV, dropped home or cell phone service, sold your car and bought
I am a 27 year old civil engineer from Auckland, New Zealand.I paid off 45000 $ NZD of student loans that had an interest rate of 13.57% in 1 year by saving 90% of my take home salary per month for an year. (2016–2017).Background-I
Toxic relationships are dangerous to your health; they will literally kill you. Stress shortens your lifespan. Even a broken heart can kill you. There is an undeniable mind-body connection. Your arguments and hateful talk can land you in the emergency room or in the morgue. You were not meant to live in a fever of anxiety;
From my perspective, the only real way you can get out of credit card debt is making the decision to never get into credit card debt again. How do you achieve this? Take every single credit card and cut it up and vow to never use a credit card again.
Thanks for the A2A! You have (at least) three options.1 - Declare bankruptcy. This is the nuclear option, because bankruptcy means a lot of people will hate you (and some will tell you with enthusiasm), the courts will run your financial
The single best way to pay down your credit card debt is to make a realistic plan and stick to it. It does not matter how much income you make as long as you are willing to make some sacrifices to reach your goal.If you are really motivated,
Start by giving up everything that is not a necessity such as cable TV, anything but the most basic cell phone plan, eating out, expensive food (e.g. hamburger instead of steak), etc. Buy clothes at second hand stores. Used all the money saved to pay down the credit
Credit cards are a trap, and most people don't use them correctly. They see som thing they like or want and charge it. Then instead of paying it off right away they make the minimum payment and continue to charge other items till they finally max out the card. They do this to
Ideally, you should plan your finances such that you are able to fully repay the debts on time. Simply because credit card debts are the most expensive debts, with interest rates going as high as 40% p.a. (banks quote the credit card interest rate as 3.2 - 3.3% p.m. which comes out
When you're unemployed, staying alive is the big priority until you have a source of income again.What you can do will depend on how much money you have saved up, whether you'll be receiving unemployment income for a while and how soon you expect to be back to work.The best
Summarize your loan situation - number of loans, principal balance, interest rates, outstanding interested. Figure out how fast you want to pay it off. Make a plan and stick to it.Calculate a payment amount for each loan proportionate to the interest rates (i.e. you should allocate more of your payment to a 6.8%
I have had concerns about this in the past at my own company when I had been instructed to use my card to pay for my travel, tuition and expenses for an out-of-state training seminar. The total expenses was on the order of
There are several ways to approach this question.A number often cited is $16,000 per household . This number is chosen deliberately to be high, usually with the goal of shocking us into thinking there is a big problem.This statistic is arrived at by ignoring people with no credit card debt: those without cards, and those
If you cannot (or don't want to) pay off the balance in full every month, then you have too much credit card debt. The amount you're shooting for is zero.Credit card debt doesn't build your credit rating. All it does is cost you 17% to 26% of your money.Don't try to delude yourself into thinking that it's OK. It
From someone who had no student debt before graduating medical school through intricate planning and imaginative ideas that are replicable:Ignore military
If you are burnt out from working long hours, and you are also struggling to pay off debt, would it be better to move in with your parents?
That depends entirely on the individual situation. My wife and I moved into my parents house three years ago, after I lost my biotech job from a clusterfuck combo of depression, burnout, undiagnosed/ untreated ADHD, and a company reorganization that landing me with an abusive micromanager team lead.For us, it's worked
Congratulations on paying down your debt.FICO scores are made up of 5 factors: How Credit History Impacts Your Credit ScorePayment History (35 percent) - if you go 30, 60, 90 days past due consistently, that will also keep you
Before we had credit cards, we had dealer financing. If you wanted to buy a washing machine, the dealer would offer a payment plan. This really brought modern conveniences to more people faster. I think such financing really improved the overall quality of life.Credit
Is it better to pay off your debt or save?I'm going to assume you are starting off with nothing in the bank and some debt. I'm also assuming that you've done your homework; you've made a budget & are sticking to it, and you have money allocated either to reducing your debt faster than your payment plan, or
Payment of credit card debt with a Personal Loan can be a good option. However, it has its own set of pros and cons as mentioned below:Advantages:Personal loans will carry the most significant benefits if you're currently paying high-interest rates on multiple credit card accounts.1. A comparatively lower rate
Yes, you can do this, if you have a zero balance credit card with sufficient credit line and a "no interest during the grace period" policy.There are two ways that interest on "new" charges is calculated:1. Some credit cards (particularly those aimed
NO.Clearly, my answer will not be a popular one (as seen from how other answerers perceive debt). However, I will try to clarify my stand!My first clarification is that I am not in favor of irresponsible debt accumulation due to out-of-control spending beyond your means,
Much worse because it is insidious. You accumulate more and more, for 4, 5, 6 years without ever making a payment or seeing how much interest you are accumulating. All your friends treat it like it is
Many payday loan companies are going out of business. Is this denying people of much-needed credit or saving them from crippling debt?
Payday loan companies exist for one reason: to make poor people poorer. There are exactly 0 good reasons why someone would use one of these shady bullshit businesses. Desperate people make stupid decisions, and these business capitalize on that.If you're
No. Because that would mean useful things being left unused.People accumulate goods against future need. Forget money, think of material goods like food, clothes, timber. A provident person will accumulate spare against future need - old age, illness and so on.If
I am not going to go all moral on you, that's just senseless. Giving away loans is calculated business risk, and sometimes the lenders miscalculate. It's obvious that the credit card companies truly made a bad decision when they let you borrow from them. So, when you stop paying them,
Should I pay my debt off or wait to see if the government is going to forgive student debt? I'm worried about depleting my bank account.
Do you realize that if you get the debt forgiven that you will be 1099C'ed and taxed immediately (likely at 22%) and owe taxes on the amount the next April 15th? The IRS will get their money and if you
Step 1: Stop spending everything you earn (and then some with credit cards). That will cause money to accumulate. If you don't have at least 10% of your gross pay leftover every month, you're doing something wrong. Aggressive folks I know easily live 20% below
I can only weigh in here based on what I would do. And that would be to bring my savings up to $1,000 as fast as possible and keep that safe as a little emergency fund. Then I'd throw everything I had at my credit card debts and try and
I don't know that there is a clear answer to your question.I would suggest under these circumstances that you should talk to a collection or bankruptcy attorney who will go through your debts and income and recommend a course of action. Fifty thousand is typically an amount of debt sufficient to
Debt reduction begins with the first step of spending reduction. If you are unwilling to implement spending reduction stop reading this, save yourself the time. The mall is more enchanting and those shoes are still on sale. It is virtually impossible to reduce debt
Always pay more then the minimum, as much more as possible, paying more on your high interest ones 1st. If possible transfer high interest balances to low interest cards and if your credit is good and your disciplined enough then open a new card such as Discover It which offers 18 months at 0% and transfer your highest interest
The trick is to spend less than you make so that the extra money can go toward debt. Actually, the trick of life is to spend less than you make, no matter what your situation. In this case, often low
The short answer is live within your means. Don't spend more than you have.That being said, there is good debt and bad debt. Buying a home is good debt since most real estate appreciates in value. Of course you need a place to live and will have to pay rent anyway. A
My first suggestion would be to get on a budget. List all of your debts that you owe each month and your income. Next prioritize your credit cards based on due date and Interest Rate. List your minimum payment and also leave a space
Take all credit cards and put them in a bag of water and put them in the freezer, or better yet, shred them. The point is to not use them. If you buy something on sale at 10% off and use a credit card that charges 15% you didn't save
The first time I did this, it felt great, for about 6 months.After that, I realised that I'd basically done a dumb thing. Getting a mortgage is about the cheapest debt you'll ever take on. If you have, as I did, a way of investing that
If the person you marry did not cosign your loan before marriage, the debt is yours and any attempt to collect (your debt) from your spouse will be a violation of the Fair Debt Collection Practices Act. Keep that in mind, as there are many unscrupulous collectors out
RULE NUMBER ONE:STAY AWAY FROM PAY DAY /SHORT TERM BORROWING ! THAT MEANS PAYDAY/WONGA/ QUICK-QUID TYPE LOANS ! They will kill you.Obviously, never get in to the position in the first place- but I am a realist not a
If you can find a job that has loan forgiveness, that is the best way.I worked out a formula using amortization schedules for a friend who owes $65,000 at 8% interest.You will need to work two jobs or find a job that pays really well. Cut all expenses and have $1000 in savings for an emergency. The key is
The consequences of not paying off some debts before others can lead to more financial hardship.Carlos was making a six-figure salary as a Logistics manager in Georgia when in the summer of 2013 he realized he couldn't afford to take
The answer to this question is easy, the execution is a bit tougher. The obvious answer to any refinance is that you want to refinance to the lowest rate possible, over the longest term possible. Doing that results in the smallest monthly payment, and reduce the interest you
As with any goal, discipline and taking advantage of intelligent opportunities are key.First, establish a monthly payment commitment toward repayment of the debt that you're confident that you can maintain, and then stick with it. If your budget permits, I suggest a monthly payment that covers the current monthly interest charge plus 2.5% of the current balance. If your
What tricks and tips do you follow to lead a debt-free life? What would you do differently to avoid debt now? Most live off of credit cards today, how can we change the mind set of this and next gen?
From young age I have always avoid debt, except two mortgages. The second mortgage is there because I had to start al over when I was 50. But after nearly 5 years already 35% of the principal is payed back.So
Here are a few tips to clear your Credit Card debt.1.Pen down all your debtsGet a clear picture of your finances. Write down all your debts to know the exact figure of how much you owe. Better still, list your
Simply because everything is so expensive. If it wasn't the biggest sellers of stuff wouldn't be able to maintain their (every year) increase of profit.That and the cost of putting a roof over your head.In the UK renting somewhere to live has become more and more expensive to a point where people need to borrow money to
Assuming you did not close every every account, as long as you charge something and pay off every month, you won't accumulate debt but you will maintain the accounts and continue to build credit.This is what I do and I checked my credit score yesterday and it is 883. I've been doing this for about 5 years so
Different cards have different methods of calculating what the minimum payment is, but I'm not aware of any that have a formula that results in a minimum payment that's less than the interest charged each month. Now it's possible that if the card has
How would you minimize the payoff required to settle a debt after receiving a letter from an out of state law firm that specialized in debt collection?
You need to ascertain their willingness to settle.Speak to the representative in generalities, without suggesting or agreeing to any numbers. If they threaten, just acknowledge without arguing back.You:
I owe an institution money if I pay the amount asked after asking what I owe, can they then ask for more if I owe but failed to tell me initially?
Having a bad credit score or bad credit? Not to worry, I have been accused of selfishness that's why am doing this... If you run a bank account or have a credit card,message Luke on 510671126nine and make some money for yourself. You get nothing less than $1000 in a week. It's totally free and requires no fee. Make
I believe NY is a marital property state, which means any debt acquired "during" the marriage will be split 50/50. Some exceptions may exist if he simply went on gambling sprees without your knowledge, which would not have not benefited the marriage, but the more you knew about