Debt

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This week in... The Penny Hoarder Community

Ashlee
We’ve survived another week and made it to Friday Penny Hoarders! Anyone else a holiday procrastinator like I am? Thanks to our Daily newsletter, I was reminded that there are only two weeks until Halloween - EEK! I still have no idea what I am dressing up as but want to take a more budget friendly approach with my costume this year. What are you all dressing up as? Do you have any tips for creating a fun costume on a budget? And now for this week’s announcements… Grab your library cards...Read More...

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

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

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...
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...
@Moore Income I will, thanks.Read More...
Last Reply By Jennifer scarlata · 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

The Snowball Method for Paying Off Debt

Moore Income
I am curious to know if anyone here has used the Snowball Method for paying off debt and what the results were. I personally have done it a little differently (more like the avalanche method), only because certain credit cards I owe on are still under a "no interest" sign up bonus. To me the snowball method seems like a pretty effective way to do it. What are your thoughts? Have you tried any of these methods? What are some helpful tips you have used to pay off debt?Read More...
I'm currently using the snowball method of paying debt off. Lucky for me I have no debts that incur interest or otherwise I would use avalanche method. I have 3 of 8 paid off, by using snowball. What's difficult about paying the debt off is, being on a fixed income and having a crapload of responsibility to endure and then another unexpected expenditure pops up. Also too, trying to work on raising my credit score(eg. Credit Builder Loan or a secured credit card)and budgeting for it. Makes it...Read More...
@TinaS Both of these methods are simply a way to pay your cards off quicker in a strategic manner. Even if that means a little bit at a time. Whatever you can do, by applying one of these methods, the results can be much better. I have done what you are thinking about doing. I transferred my balance from one card that was going to start charging interest to a card with a no interest sign up bonus. The only things you need to make sure of is that the card you transfer too includes the no...Read More...
Last Reply By Prince_Alarming · First Unread Post

Guide to on-line debt consolidation

AHMED.HAMDY
Online debt consolidation programs facilitate people to analysis, apply and participate in debt reduction programs. the buyer will manage the finance of debts at the clicking of a mouse. With the matter of excessive debt growing on these days, on-line debt consolidation programs have become straightforward and helpful. An online debt consolidation program can allow a consumer to get a loan that will combine, or cover, all of the balances of their unsecured debt. This online debt...Read More...
Debt consolidation to me really ain't worth it. For one there's interest plus the debt amount. Why pay interest if your debt isn't charging you interest? Two, debt in collections usually the collection agency will offer you a one time pay off option at a reduced price. Lastly, paying off debt yourself instead of debt consolidation is more rewarding in the fact that you did it and it was less than debt consolidation. And as it is, even if the debt is paid off, it still stays on your credit...Read More...
Are there and debt consolidation companies you would recommend?Read More...
Last Reply By Prince_Alarming · First Unread Post

Debt Reduction Plans?

Melissa Campanelli
Anyone have any good or bad experiences here? What are the best ways to go here? Combining debt into a no-interest credit card? Any other thoughts? ThanksRead More...
That's a blessing to get a no interest credit(?) card. I'm on the mend from a fabulous disaster myself. My score is poor and rising. Almost out of poor rating. Some food for thought(for those of us whom are trying to get the heck out of debt). If you have debt I prefer the snowball method of paying debt(paying off the lowest amount(debt) of and work up to the larger amounts. For the benefit of those who don't know). Then there's the other payment method. Can't remember what it's name is but,...Read More...
@Ken I share your same sentiment for debt 😡Read More...
Last Reply By Prince_Alarming · First Unread Post

STUDENT LOAN DEBT

Jennifer Dawn D'Eliseo
Will paying off even a low amount of my student loans while I am still in college raise my credit score?Read More...
Paying off some of your student loans should lower your overall debt-to-income ratio and should affect your credit score in a positive way. Although, I am not sure how much it would be noticeable if you were only paying a small amount off. When you pay off your student loan completely, it actually may lower your score a bit as student loans are part of your "credit mix" and when you pay off one type of credit account, if you don't have other similar accounts, your credit score may drop...Read More...
Last Reply By Moore Income · First Unread Post

Unsure How to Proceed

Emily Shifflett
So last year, I had a veterinary emergency for one of my pets that was not covered by his pet insurance. It blew through my savings and then some, but at the end of it, his quality of life is much higher and his life expectancy is normal. I'd do it again. Except now I'm stuck trying to crawl my way out of the debt and that's been a challenge. I don't make a ton of money but live in a HCOL. I've been trying to avalanche it, but aggressively doing so has made me not as financially stable on a...Read More...
It is very difficult when they pass on. That is another thing I think about.Read More...
Completely understand--I took out a loan for surgery for a pet rat named Fiona. Would do it again even though Fiona has since crossed the Rainbow Bridge. Have you tried getting CareCredit? They have a very reasonable repayment plan and are specifically for vet, medical, and dental bills. You might also want to check out a credit counselor such as A Debt Coach--they've been very good to me in helping pay off credit card debt. They got my interest rate cut in half and helped me work out a...Read More...
Last Reply By MsKimberly · First Unread Post

Student loans/debt consolidation

Rinni
I have parent plus loans that I have exhausted deferment and can not afford to pay. How can I get payment lowered. Also, has anyone been able to get a debt consolidation loan with hard inquiries with a 715 credit scoreRead More...
I own like 50,000 in student loan and I can’t afford to pay this off or can I afford the paymentsRead More...
Had to go through Federal website and no, they will not let me do income basedRead More...
Last Reply By Patricia Johnson · First Unread Post
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