Debt

Featured Topics

This week in... The Penny Hoarder Community

Ashlee
Hi Penny Hoarders! This week we want to give our Veterans a special shoutout. We’ve been celebrating you all week long and are so thankful for your service. Here’s your weekly round up of announcements... In the market for a home? Here’s how to qualify for a conventional loan, which could save you thousands. Check out this quick video our team put together explaining everything you need to know. You can also read the entire article here . Have you found a cool way to make money outside of...Read More...
Hello penny hoarders I’m trying to build my credit up and people telling me to get a credit card and make my payment on time but I never had a credit card before and my credit will not let me get one anyway could someone tell me another wayRead More...
Too bad I missed the early bird pricing on the event. Who knew you guys would be hosting an event on my birthday when I will be in the area as my wife and I finish up the driving part of our 50 State tour! I will be in Orlando which isn't too far of a drive from the event so I am going to try to see if I can make it work for sure. I don't drink but it will be great to meet some fellow Penny Hoarders and learn from some successful side hustlers!Read More...
Last Reply By Lola Jones · First Unread Post

This week in... The Penny Hoarder Community

Ashlee
Happy Friday! Whew! Where has this week gone? Here’s your weekly round up of announcements to get you through today and into the weekend... We’ve crowned our November Member of the Month. Join me in congratulating Lisa Acu ñ a (@lismox) for being selected this month’s winner! We all appreciate your help around here, Lisa. Each month we look to crown a new winner. We’re looking for someone who is super helpful and active in the community. Each winner receives a $25 gift...Read More...
Not a problem, @Lesley Michele .Read More...
Thanks Average Joe😁😁😁😁Read More...
Last Reply By AverageJoe · First Unread Post

How to Organize Your Financial Life With a Budget Binder

Ashlee
Having troubling keeping up with everything in your financial life? A budget binder can help. Here's how to make one! Have you tried this approach to budgeting? I would love to hear more about your budget binders.Read More...
@MountainFan , I'm a big fan of TBM. So glad I found her method!Read More...
After reading some of The Budget Mom's posts, I was looking into making something like this for my home. I was so happy to see this article from The Penny Hoarder shortly after, it was uncanny! I like to combine this idea with bullet journaling a little, making my own mash-up version. I love it.Read More...
Last Reply By KellyFromKeene · First Unread Post

Happy November!

Ashlee
We’ve made it to the end of the week and the start of a new month Penny Hoarders! Who here can’t believe it’s already November? 😳 This week I want to know if you’re a planner or a procrastinator… Do you start planning and budgeting now for holiday purchases or wait until the last minute? What about your New Year’s resolutions? And now for this week’s announcements… We just hit a HUGE milestone Penny Hoarders… 10,000 community members! Join us in a celebratory happy dance, then go check out...Read More...
@Susan L. Miller We have used Freecycle off and on for years. We got the foot and headboards for our queen-sized bed through the program. We have seen many items we no longer use go to other homes that would use them and recommend it heartily! We have also used our "Marketplace" here in our area on Facebook to buy and sell things. There are so many ways to go and programs to use! Happy selling...and as one of our mentors says "Think..and grow RICH!"Read More...
I'm not sure how many were here when I joined the Penny Hoarder Community, but I do know that it seems as if we've grown by leaps and bounds. I've met some interesting people and like having information and ideas coming in! May we continue to grow in numbers as well as in wealth.Read More...
Last Reply By AverageJoe · First Unread Post

Hello, everyone! Nice to meet you!

Ashlee
Hey, everyone! I am Ashlee, your new Community Ambassador. I have worked at The Penny Hoarder since the beginning of the year. I am super excited about my new role in the community and spending more time getting to know all of you here! And, in case you were wondering, my top financial goal right now is saving for the long term. So now for my first official announcement... First, some big news! W e've put together a member survey that will help us better help YOU on your way to accomplishing...Read More...
Hey @BeckAtsila , welcome! Glad to see you here.Read More...
Hi @BeckAtsila , it's nice to meet you!Read More...
Last Reply By KellyFromKeene · First Unread Post

Topics

Credit card Debt

nicoll bartnik
I have been working on my credit for over a year bringing up my score almost 200 points. In August I got scammed out of $1500. I couldn't pay all my credit debts and Im still shoveling out of the damage and now in one month my score has dropped back those 200 points. I have tried now to get a debt consolidation loan or a Credit card refinance loan but now they wont approve me. What should I do so my score doesn't take anymore hits?Read More...
I think you should focus on the credit card debt. Pay those down and get out of that costly debt first. Then you can focus on your score.Read More...
The best advice I could give that could potentially help is to get in contact directly with the companies you owe money to and see if there is any way to work something out that would make your payments more manageable and avoid getting reported for late payments to the credit bureaus. I believe communication is key and a lot of times these companies are willing to work with people because it is better for them to get their money over a longer period of time than to not get their money at...Read More...
Last Reply By E Allen · First Unread Post

Credit cards

Herdercine Nash
I am 80 years old.I have let myself get deep in credit card debt.My house is paid for.I owe 20.000 MasterCard and 25,000 American Express.I am paying the monthly payment s on both of them.Will the credit Card companies ever forgive the interest or is there anything I can do?Read More...
@Herdercine Nash I am sorry that you are so far in debt. It's true that bankruptcy wouldn't be the answer at this point. There are some good reputable consumer agencies out there that will work with you on reducing your credit. I've seen one on the television several times. I believe it is Credit Associates. There are some acquaintances that are in their 60's and 70's who had their amounts due dramatically dropped, as well as the interest rates lowered. They were totally out of debt in less...Read More...
I am so sorry about your situation. That is a heavy load. Only a few things to suggest would be first, do you have any reasonable expectation of being able to pay them off? If you have been a good customer for years, perhaps calling them and asking them to drop their interest rates could be doable. If there's anything you bought with the credit cards that you can return/sell, now is the time to do it. I wouldn't worry about bankruptcy really because at this age, it's probably not necessary.Read More...
Last Reply By AverageJoe · First Unread Post

Mortgage Refinance

charlottel
I purchased my townhome in Sept. 2018 and my interest rate is 4.875%. Should I look at refinancing since interest rates have dropped some or is it too soon?Read More...
@stefgenius Thank you I will definitely check them outRead More...
I bought my house in Dec of 2018 with an interest rate of 5.1%!! I'm refinancing at 3.2% right now. Remember that dealing with a lender is like dealing with a car salesman: negotiate, negotiate, negotiate. Lenders will give you 3.75% right now, but you can go as low as 3.2% B of A has a grant that covers *non-recurring* closing costs ( title insurance, fees, etc ).Read More...
Last Reply By charlottel · First Unread Post

I do not have money to eat with my SSDI dispersal

Tourette Tic
I was recently deducted over ~$120 a month from me SS for Medicare. It was tight before they deducted that from my already meager $1200 a month allowance. When I receive my disbursement of a little over $1000, my complete finances are gone. I pay for rent $450 and utilities that have been $500 a month. I have had charity last month through my father last month, but that is it. My car recently broke down and that cost me over $300. I am having panic attacks and my blood pressure is sky high...Read More...
Go to your local /state welfare office. Apply for SNAP benefits. Apply for utilities help through the state or your county. Call your electric company and explain your situation. Look into subsidized housing. Section 8 is out there for folks who are low income. Ask about Meals on Wheels. Find your local food bank. Find local meals at the Salvation Army or local churches or charities. There are options out there. Free phones through SafeLink or some other program offered from the government.Read More...
Your partner needs to treat their half of the rent and utilities as their own responsibility and get on the hustle to find programs that will help her support herself. You are saying that you are supporting 2 adults off of disability for 1 person. Because I know that my mom barely gets $800 in SSI and she is amazing about budgeting and always seems to have money as needed. Now that she is supporting herself and not with her ex-husband that did not contribute his share of any expenses. I...Read More...
Last Reply By Mexpensive · First Unread Post

Mounting medical debt in collections..

Juleigh Hastings
Hello! I just joined today..finally! I have an enormous amount of medical debt. I made the very immature mistake of basically ignoring the bills, plain and simple. Because of this choice, my credit is back down to the mid 500's. My husband and I declared Bankruptcy 5 years ago as a result of both of us losing our careers, within seven weeks of one another. We lost everything. I mention the devastation of job loss, Bankruptcy, because I get told to "claim BK" quite a bit when I talk to Debt...Read More...
@Julie Hastings, Have you applied to Medicaid? I don't know how it works, but I once had it years ago and if I remember correctly, you can take your bills to them, and if you qualify they will pay them and put you on Medicaid. You must qualify for Medicaid annually. As a senior, I now receive Quality Member Benefits but no Medicaid. Both come directly from the DC government Office of Financial Services. I applied for QMB when I learned about it a couple of years ago, and I suspect it is a...Read More...
I would also recommend trying to negotiate a payment plan with the medical billing agency or hospital or doctor. We went through this in the family and while the medical provider was a local hospital and probably easier to deal with than some distant collection agency, they were willing to accept reduced payments. Creditors, for the most part, would rather you pay something rather than nothing. If you get an agent on the phone who flat out tells you you can't do that, insist on speaking to...Read More...
Last Reply By Andra Powell Henderson · First Unread Post

Paid off Debt, however Credit Score stayed the same....Why?

Wen Dee
Curious why did my credit score not improve, even though I paid off my debt and the creditors have reported it to the 3 credit bureaus. My credit report indicates all the debts were paid off. Any advice is appreciated. ThanksRead More...
Interesting. I am seriously contemplating debt consolidation. Someone suggested bankruptcy, but at 73, I don't think I feel comfortable with it. One of my main reasons to consolidate is that I will immediately go from $700+ in monthly credit bills and one loan to a more manageable $250-$300/month payment. The remaining money will allow for me to purchase a small car and insurance (the one thing I am desperate for), plus decent groceries. A car affords me more independence, and I have been...Read More...
Paying debts helps but not doesn't guarantee your credit score will gain points. There are a few factors that determines what your credit score should look like.Read More...
Last Reply By Andra Powell Henderson · First Unread Post
I'm not entirely sold. Curious to hear everyone's point of view on this.Read More...
@lismox , I look forward to this in my next vehicle! I drove a rental that had the blind spot detector and thought that was the best invention.Read More...
My husband leased a truck a few months ago and I have to say I've really enjoyed having a backup camera and the noise that comes on when I'm drifting out of my lane.Read More...
Last Reply By KellyFromKeene · First Unread Post

Refinancing Auto Loan

Melanie T
I financed a 2017 car in May of this year. My rate is 11.9% being that I didn't have an excellent credit score, and I only began building my credit around two years ago. I know that the rate is fairly high, and have seen how I am paying more interest than the principal balance every month. Please share your knowledge, as I am new to this credit game. When is it a good time? Should I shop around? Anything else helpful? Thanks in advance!Read More...
I am new to this game of investing. In my country I have tried to invest but the problem I'm having is the economy melt down presently. Things are very hard...Read More...
If you're member, refi w/credit union.Read More...
Last Reply By Alfred Smith · First Unread Post

Debt Payoff Strategy Tips?

Birdie13
My husband and I are in over our heads, for many reasons, some of which were a result of the poor economy and bad timing, job losses, health crises, and others were simply our poor financial choices. We are 35 and 36, have a $275,000 mortgage (barely above entry-level home in our real estate market, while still having good schools and safe neighborhoods), $285,000 in student loans from my college and law degree, $70,000 in consumer debt, $5,000 in medical bills, and no car loans. We have 2...Read More...
Hi Debbie . You can have a complimentary Financial Needs Analysis and we can discuss the opportunity to be with our company. When you need money as many do, we teach others how to be a consultant and educate on money. You can reach me directly thru my Facebook direct message and wfgconnects.com/lyndakoch On the bottom of my site you will see the 2 things I do. Help others to build a business and create financial independence thru education. I look forward to speaking with you.Read More...
@Allison Scholly , I love The Budget Mom! I use her BBP method and its really helped me keep things on track.Read More...
Last Reply By Lynda Honimar Koch · First Unread Post

Personal Loan vs. Credit Card Debt

MountainFan
I was reading an article where a personal finance consultant used a personal loan from Upstart to pay off some credit card debt. I was curious what everyone thought of that idea. For my particular case, I'm torn 50/50. (First I had to admit my mistake & big 'oops' moment realizing I have about 10k in credit card debt now... yikes.) I know the absolute #1 way to fix this is to budget and change spending patterns , which I'm already doing. The concept of a personal loan intrigues me though...Read More...
@Melanie T his questions were related to our options (home equity, personal loan, secured loan, & the various choices within each), terms (we got it for 3 years), fees (no early payoff fees, standard late fees, etc), how it will affect our credit (a net improvement - we'll get dinged for the credit inquiry & for having a "maxed out" line of credit, but we'll show 2 cards getting paid off in full & for having a set loan instead of open line of credit), etc... he basically just...Read More...
To A. Gonzalez I'm interested in knowing what questions your husband asked in regards to the loan. I have less than $3000 in credit card debt, but my debt to credit ratio is high (if I said that correctly). Anyway, I want to consolidate because the interest rates are eating up any payments I'm making, so the principal just increases.Read More...
Last Reply By A.Gonzalez · First Unread Post

Paying off credit card debt and medical bills

I have many chronic illnesses and the medical bills are piling up. I pay them when I can but the unpaid ones are on my credit report.Read More...
Start with the hospital or clinic and ask about their financial aid. Complete the application and turn it in, even if you are not sure you qualify. Get on a payment plan- even if it is just $10 a month or so. Pay it on time and consistently. Are you eligible for Medicaid or Medicare? Look into that and sign up if you can. This will reduce the bills going forward.Read More...
Last Reply By KellyFromKeene · First Unread Post

Auto loan

Robkon
I co-signed for an auto loan for my daughter who is in school. The vehicle was totaled in an accident. There was no gap insurance so it left a balance of $2200 after the insurance company paid. On top of that, the finance company (Carmax) has, to date, not reported the change in the balance of the loan to the credit bureaus. That makes it look like I owe $13,000 instead of $2200. I cannot get another loan until this is fixed. Sadly, they are taking their time. They should have reported the...Read More...
Having a loan amount updated on your credit reports will take 30 to 60 days as loan companies only send data in once per month and their records may not get uploaded immediately to reflect the change. However, none of this should keep you from getting another loan. Personal advice, stear clear of Carmax or any larger dealer that does their own financing.Read More...
I don't see why you couldn't get another car loan. There are ways around using the credit score that a lender would use. If You have the documents to support what you are saying it should not be a problem.Read More...
Last Reply By DipperDave · First Unread Post

Eviction on credit report

Not broken yet
While living with my ex, we were evicted out of our apartment. Short and gist of it is that we were charged with repairs to the property disposable items and non-payment. Now after going to court we won our countersuit stand we're not evicted, but was still asked to leave and he's charged with ridiculous fees. The deposit was still withheld from us, and everytime I look on my credit report the bees get higher and higher. I've tried to pay it off but I cannot get an accounting of any and all...Read More...
Clarity is needed. Even with the eviction being overturned, were some of the fees overturned as well? If not, where did the fees go that they keep getting higher? If they are with a collection agency, you should be able to negotiate for pennies on the dollar.Read More...
Yes, same advice as above. Contact Legal Aid and start there. The eviction was for, I assume, non-payment of rent. So you were allowed to move out and not have an eviction on your record. That does not erase any debt owed, but possible a payment plan could be made. You may have better luck working on legally eliminating the other fees depending on what they were. Call legal aid.Read More...
Last Reply By Bridgette · First Unread Post

My debt

Kealie Sheaa
How much can a normal person go into debt by?Read More...
It's never wise to go any further into debt than you KNOW you can repay, and quickly. The principles that we have come to use are Biblical principles. If we have to go into debt and we have a credit card, we will not use it unless we do NOT have the cash immediately handy in our bank account, or in our emergency account. We had to buy tires a month or so ago from a national chain whose card we carry. We didn't want to use the card, but we had to replace all four, got return credit on decent...Read More...
Don't cancel them because it will affect your credit score negatively. Having a store credit card on your credit report doesn't seem to be a bad thing except you got debts.Read More...
Last Reply By AverageJoe · First Unread Post

Parent loans

Sandra Reagan
It s there any programs for debt forgiveness with patent loansRead More...
Hi Sandra, Unfortunately, Parent PLUS loans have some of the fewest options when it comes to forgiveness, but there are a some options. To qualify for most forgiveness programs, you'll need to first consolidate your Parent PLUS loans (but not any loans you took out yourself as a student), then apply for income-contingent repayment (ICR) plan. From there, you can either stick with the ICR plan, but forgiveness takes 25 years (and you still get hit with taxes for the remaining amount...Read More...
I have not heard of any, but I would contact the loan provider to check!Read More...
Last Reply By TiffanyConnors · First Unread Post

Sallie Mae Loans

Dianne Chrestopoulos
Does anyone who has or has had these type of loans know whether or not they can be forgiven in any way? For instance by a company you work for or whomever? Thanks so much for the help.Read More...
I worked in student financial assistance with defaulted student loans. Unfortunately student loans will be with you forever until it’s paid off. not to sound morbid but death is the only way student loans are written off. Contact your loan provider most of them will work with you. Interest is crazy if the loan goes in default so try not to let that happen. Teacher and Nurses can receive loan forgiveness however I believe they have to be in the line of work for a certain amount of time (that...Read More...
Totally depends on the company... If you work as a teacher, or in certain fields, you can enroll in a debt forgiveness plan, but you have to be sure that you have the correct kind of loan. I THOUGHT that I did with Sallie Mae, but I did not. I refinanced and went through FedLoan and now I'm enrolled. 7 more years. Do your research on line, and be sure to talk with your loan company.Read More...
Last Reply By Tara Brogdon · First Unread Post

Student loans!!

80,000.00 in student loans, masters degree but will be dead before they are played off . HELP!!!Read More...
Probably the best summary of avaiable programs I have seen online. I don't have a problem with paying my loans, but it's the interest rates that get me. I have been in the loan forgiveness program for about 5 years now.Read More...
Hey! Here is a recent article about debt forgiveness programs for student loans I think you all might find helpful: https://bit.ly/2nqmmAvRead More...
Last Reply By Leon · First Unread Post

Hello, to all

My name is Karen. I am 69 years old, retired, and deep in debt which I am trying to pay off so I can be debt free. Not getting any where fast. When I worked I had no problems now that I am retired it is a struggle to say the least.Read More...
I know what you mean by struggling with bills. I have Medicals bills, I am trying to pay off, I just keep on working online until. i have some money to send my creditors.Read More...
Hello @Karen White nice to meet you! I understand the struggle of trying to pay off debt! Just when things seem to be getting under control, something else seems to come up and set you back. I just encourage you to not give up hope! It will take a lot of work and effort but it is possible. If there are any specific areas you could use help with or need any tips or pointers please don't hesitate to reach out here on the forum. There are lots of friendly folks who are willing to be of help in...Read More...
Last Reply By Joyce Taylor · First Unread Post

Credit card debt

I am looking for a way to have a lower interest rate on my credit card and my credit company won’t lower it due to it being a starter credit card. Any suggestions?Read More...
Talk to your credit card companies. Explain your financial situation and ask if there is anything they can do to help. Many will lower your interest rate for a period of time and/or waive current late fee balances to give you an opportunity to catch up.Read More...
To credit card save moneyRead More...
Last Reply By margarette stine · First Unread Post

Student Loans vs. Everything Else

Stephanie C
We currently have about $280k in unsubsidized student loan debt (gotta love doctoral programs!), plus a mortgage and some random other debts which will be paid off by the beginning of the year. Every time we look at ideas when it comes to paying off student loans, it seems like we get a different answer, so I'm looking for some more opinions in general. As it stands, we're on an income-based repayment plan. Assuming our incomes don't change at all, over the course of 25 years we would be...Read More...
I have these same questions, since my student loan debt is sizable as well. I pay $1300 a month on IDR and it doesn't even cover all of the interest accruing. I'd have to pay close to $2500 a month to pay it off in 10 years. GAH! It is unbelievably depressing, but unless they do a full scale forgiveness or change the bankruptcy code that allows these debts to be discharged, I'm not sure I'll ever actually pay these off. We try not to live extravagently. We have older cars, buy groceries from...Read More...
I'm certainty not wait for any forgiveness, I'm just not paying any additional at this time, the monthly payment is 899.00, at that rate I'll have paid them off in 7 years. I'm hopeful for a new administration that will see that education is the backbone of this country, and the US government shouldn't be making 6.5 to 6.9 percent interest on college loans.Read More...
Last Reply By Birdie13 · First Unread Post

SUMMONS

Sango
Does anybody know of a book that one can use to give an answer to a summons to pay a debt?Read More...
@Sango also, here's a list of forms you can use to respond to the debt lawsuit. Just choose the form from the state you live in; fill it out and file it with the court. https://www.solosuit.com/posts/9Read More...
😮 WOW...thanks so much.Read More...
Last Reply By George Simons · First Unread Post

How to pay off medical bills?

I have had 9 surgeries in the past 9 years. Are there any grants to help with medical expenses that this community could suggest? AngelaRead More...
It is so sad that in this country people have to be faced with such difficult situations regarding medical care and its cost. Everyone deserves to have the medical care they need/deserve and not have to choose between paying the bill or buying groceries. Something in this country needs to change and we need to eliminate corporate welfare so that the wealthy pay their fair share of taxes so that we can have an equitable healthcare system.Read More...
Never Give Up, my wife has continued to recover, went back to work on light duty the February after the accident, has since had a promotion, and will keep fighting any obstacles day by day. Thanks for the good wishes. I'm sure she appreciates them as I do.Read More...
Last Reply By kittykat1960 · First Unread Post

Payday loans - essential or evil?

Have you ever taken out a payday loan? These short term loans have been discussed a lot in the news lately because federal plans to restrict payday lending (basically, a lender would have to prove you can probably pay the loan before giving it out) have been shelved for now. A lot of people say payday loans are evil because of their fees - some have interest as much as 700% . But others say they're essential for people who are unbanked or underbanked, meaning they manage their money outside...Read More...
Yeah I have three that I'm behind on, now. Everyday, two to three times a day calling. Don't answer my phone these days. I need help. Also, live in Texas, I do believe this is the worst place.Read More...
Wow! That is pretty crazy @AnnieB ! That definitely sounds a lot worse than if someone were to simply fall behind on credit card payments!Read More...
Last Reply By Stephanie Weisman · First Unread Post

Paying off credit card debt

Hi everyone! I am struggling with my credit card debt. I was working full time but now I am on permanent disability with a reduced income. I want to pay off my credit cards but the late fees and my inability to pay the minimum amount are destroying my credit rating. Any suggestions?Read More...
Thank you so much! I will look into them.Read More...
I always suggest a Non-profit agency for debt management, financial counseling, and financial well being. I used Greenpath and found them to be VERY helpful.Read More...
Last Reply By Scootermom · First Unread Post
×
×
×
×