Debt

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 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 think it depends a lot on your priorities, My opinion is that you must start attacking the debts, you can order them from the smallest to the largest, prioritize the minor, free yourself from it and continue with the others. Or list them by order of which is the one that has the highest interest rate, and attack the highest. I understand that that will depend absolutely on you. You should not put your hopes in the debt forgiveness, but on the way you will find creative ways to increase...Read More...
@Mrsmcbride I'm on the PSLF as well. I did 10 years on the wrong loan (so frustrating and the loan companies were NOT helpful!) but glad to see that I'm slowly ticking away towards my end. I have heard of the 25 year loan program.Read More...
Last Reply By ClauR37 · 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

From Debt to Debt-free to Debt again

Jessica Copeland
A while back I was in pretty bad credit card debt due to school, repairs, and, to be honest, several years of not great financial decisions. I ended up getting approved for a personal loan last year and was able to pay off almost all of that debt. However, I moved back out on my own a few months later and due to paying rent, power, etc, along with having to do a few thousand dollars of work on my car and continual medical expenses, I am now in worse debt than I was before. I'm trying to get...Read More...
I feel your pain. Pick the smallest item you owe. Pay a little more on it than the others, use any rebates (Do you do Ibotta? Ibotta to Paypal to your own bank account), refunds etc. to pay off that debt. It will seem like a drop in the bucket - but will give you the feeling that you have accomplished something in paying off that debt. How many savings accounts do you have? I use three 1 for medical 1 for taxes and 1 for personal enjoyment. They do not give me much interest - but they are...Read More...
Last Reply By ekuhlens · First Unread Post

Travel Trailer Debt

PNWDebtbomber
We have a 2015 travel trailer that we've used only twice - and due to my husband's recent two strokes, will now never use. We owe $23,000 on it, and are wondering how we can unload it. Any advice is appreciated!Read More...
@Moore Income , my co-worker is traveling to Montana and staying in an Airstream trailer she rented off VRBO. It's a cool idea to make some money, and it's surprisingly booked!Read More...
RV Share is a website that allows you to rent out your travel trailer. With a little bit of work, you could actually turn it into an asset that is making you money. I know of a guy who owns 3 travel trailers and makes $60K a year renting them out to people.Read More...
Last Reply By KellyFromKeene · First Unread Post
I'm not entirely sold. Curious to hear everyone's point of view on this.Read More...
Yes, they are considerably less. That said; owning a vehicle outright like you do and taking great care of it is a perfect example of someone who wouldn't benefit from a lease. It's all about finding out what's right for YOU!Read More...
Okay. I wasn't aware that a lease payment was less than a car payment. I personally drive old cars and take care of them. for instance next week I've gotta go get the oil changed bc it's due. the first 4mos of the year, I did deliveries out of my car, but as it is 100 degrees here in the shade w/ the heat index, I personally have stopped doing deliveriesRead More...
Last Reply By Lauren Simpers · First Unread Post

debt from a scam/fraud

Yes I am trying to get my finances back in order after a fraud/scam affected my financial life. I am struggling to pay credit cards/ phones from the fraud event. It has hurt my credit score very much...it was reported, I have been trying to fix for 9 months this nightmare. My question is there any way to get aloan with poor credit now to consolidate the balances? I have also been thinking of bankrupsy..any suggestions?Read More...
It is unfortunate that there are people out there who do this to other people. @ALewis gave some great advice to help make payments and avoid bankruptcy, I didn't realize this could be done but it is definitely worth the shot. @Chris C & @Susan3 I am curious to know what types of scams these were and what is your advice on how people can avoid them?Read More...
Hi I was also a victim of a scam/fraud. I am an educated, divorced and retired woman in my 60's who worked hard to get to where I am today...retired and financially comfortable. If I had not been bullied into believing this person, this terrible experience could have been avoided. I am sharing my story in hopes of saving another innocent, hard working person from being victimized. I was planning on paying off my house and finally travel. The difference is that I have investments which I now...Read More...
Last Reply By Moore Income · First Unread Post

credit card trouble again

hello all i am in a jam with my cards again called a credit company and they pretty much said i dont qualify for their program. they said i dont even have enough money coming in to pay my billed and contact my states attorney general to see what would happen if i dont pay my unsecured debt or student loan. i am on disability and he said just to pay my priorities like rent phone food and meds. that no one can attach my income. is this true i live in connecticut. so i set up my payments for...Read More...
Have you spoken to counselors at Greenpath? I found them to be SUPER helpful when I had credit card debt. The financial counseling is free, but the credit/debt management costs a small fee. They may be able to provide some additional guidance. I know from experience that student loans do not go away. You may want to consider calling them and getting a deferment or income based repayment program. (It may be $0) You may also be able to get your loans eliminated if you are permanently disabled.Read More...
Last Reply By KellyFromKeene · First Unread Post
I have about 5000.00 in credit card debt. My account was high jacked and some company out of Daytona Beach was billing my debit card monthly, causing my pmts. To bounce. Now they want double payments, which I can’t afford so they tack on extra fees. I feel like I’m drowning. I disputed these charges and they are returning money slowly. I get a check once a month on disability because of a broken back ( chronic fracture) my credit score in the 500 range and no body wants to give me a loan.Read More...
There are a few companies in this article that you may want to look into for debt consolidation @Barbara Coia Waller https://www.thepennyhoarder.co...-debt-consolidation/Read More...
I have used, and recommend, Greenpath. They are a not-for-profit agency that will assist with debt reduction. They were very very helpful and continue to be for the people I know currently work with them.Read More...
Last Reply By Briana · First Unread Post

My townhome is just a money pit

cclewter
I bought an older (37 yo) fixer upper townhome last September and thought I got a good discount on it. Well I have replaced the whole heating and air system, had to run new duct work, had to replace windows to be able to see out. I had radiation treatments in Jan & Feb and was sick the whole time. Finally went to pulmonologist and found out I have mold in my lungs. So I'm in the process of having mold testing being done. They found a couple of places that were black and hairy and did a...Read More...
Real estate laws are very specific to the different states in the USA so I can only share what is expected in my state, Florida. Unless mold is visible or suspected because of something like odor or obvious and continued dampness in a home, etc. the home inspectors in FL typically do not test for mold. There are certified mold testing companies and licensed mold removal companies that are hired to determine if there is mold present and to get rid of it. However, the inspectors here always...Read More...
I don't have any experience with purchasing a home but I can imagine this must be a huge headache. Hang in there though, things will start looking up!Read More...
Last Reply By mintjulep · First Unread Post

Senior Couple drowning in debt

We are in our late 60s but in good health and are drowning in debt. Our only asset is our home and what's in it. Car is leased. Our home is worth about $185,000.00 and we owe $72,000.00 on it plus have a home equity loan of $26,000.00. Our credit score is 700 and none of our many credit card and personal loan payments have ever been late. I have 1 personal loan of $85,000.00 from a friend at 6% interest that we now owe $29,000.00 for which the monthly pmt is $1,000.00. We need to pay this...Read More...
I just went through this, with a lot more equity in my house and quite a bit lower debt. The reverse mortgage is a pretty complicated vehicle, but the main thing is, looking at your numbers, you probably won't get any cash out at closing if you do qualify. Basically, your existing debt, mortgage and equity line, would be paid off as part of the process. The amount of reverse mortgage available depends on a formula using your appraised home value (you'll pay for the appraisal), your age (age...Read More...
Birdman: You may have problems with a reverse mortgage. My understanding is that a home needs to be paid in full which my math is showing to be $98K (72+26) between current balance and equity loan. While your equity (assuming full market value, not including fees or interest) amounts to $87K, you may or may not qualify for another equity loan it would only shuffle debt, not really pay it since you are talking about $80k in unsecured debt. Bankruptcy may or may not be an option but be aware...Read More...
Last Reply By Don Feyma · First Unread Post

Great Student Loan payoff apps.

SFree
I have found some great apps to help pay down my student loans and they send the money direct to the loan co. for you. Some of the apps also allow you to list credit card debt and auto loans too. They each charge a small processing fee each month but it is worth it. I have an iPhone so I'm not sure if these apps are also offered on the Android platform but their website will tell you. Chipper - newest app to the market offers ways to make extra payments besides the spare change round-ups.Read More...
Hi Maureen, The round ups are calculated and come from the checking account which is connected to your debit card. Some of the apps I mentioned allow you to list your credit card debt account and the rounds ups from the checking account accumulate to have those payment amounts sent to pay down your credit card debt. I don't do round ups from credit card transaction only debit card transactions but you might need to look into the details for each app to see if they allow credit card round ups.Read More...
Can you use these with credit cards or only debit cards?Read More...
Last Reply By SFree · First Unread Post

paying off debt in collections

FrugalFanny
what’s the best way to do this to preserve credit score?Read More...
@Robin Smith It looks like for 2 of them, they handle all disputes online and one has contact info you can get in touch with them at. Here is a helpful article I found that explains how it works.Read More...
How do u dispute the accounts with credit bureauRead More...
Last Reply By Moore Income · 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...
@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...
Ive heard of both of these, but haven't begun to use them. I have three credit cards, two retail and one medical. However one went from retail card to a real credit card through Citi. Allows me to use it anywhere now, not just at the store I originally got it from...yeah me. NOT. Anyhow, I don't feel our family makes enough money to do either one of these debt reduction tactics (even though I'll look into it more), but I do pay a little more each month just not a great deal more. What I am...Read More...
Last Reply By Moore Income · First Unread Post

Medical Bill In Collections

Moore Income
I just got a letter in the mail today from a collection agency about a medical bill that I had no idea I owed. Apparently, my old address was on file so it took a while to get to me. The bill is from 2017 but I thought I had paid all my medical bills in July of 2018, but my hospital said they don't show amounts on the online portal I use if it has been sent to collections. The problem is, I don't recall ever being outstanding for very long and although my payments do show I missed a month,...Read More...
I had almost the exact same situation happen to me. Basically I called the billing company and explained my situation, we were able to work something out and they removed the bill from collections. Admittedly at the time I wasn't really checking on my credit score but the quicker you get ahead of it the better off you'll be. Today I have a killer credit score despite that whole situation so don't worry too much! No idea if that helps but good luck!Read More...
Hold tight. Go to the collector and make the same offer. tell them it is all you can afford right now and just want to get it sorted out. Collector will ask for full amount probably, so you tell them to give you their best offer see how they go. The collector is on commission on how much they collect and something from you is better than all those who just don't care. You have to stone face this for a while so they can think about it. Time is on your side so use it!!!!! Court is a last...Read More...
Last Reply By Taylor Michelle · First Unread Post

Credit Card Closure = Credit History Damage?

PNWDebtbomber
I have only one credit card, and recently paid off the entire $10,000 balance. My brother, a rabid Dave Ramsey fan, strongly suggested I close this account. I currently have a credit rating of over 800, and I want to keep my score high, in case I need to utilize credit in the future. Thoughts?Read More...
@Roy I agree completely.Read More...
I agree with both paying it off and keeping it. The problem is without any payments the credit score will drop due to lack of history. If you keep it then discipline is the operative word. Without debt is the best option provided you do not need to buy something on credit ie. home mortgage. etc.Read More...
Last Reply By Moore Income · 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...
@Moore Income I will, thanks.Read More...
Let us know when it does change for you. I am interested to know how much time it takes.Read More...
Last Reply By Wen Dee · First Unread Post

Can't decide on a debt pay-off method

Taylor Moran
I have read several competing theories on the best way to tackle outstanding debt and can't decide what the best method is for me... I have a couple of credit cards with lower balances and lower interest rates and a credit card with a higher balance and a higher interest rate. I also have student loans with really low interest rates but a high balance. Per debt snowball I would tackle my debt from lowest balance to highest despite they varying interest rates, but I've read in several places...Read More...
Thanks MooreRead More...
I have considered both methods when it comes to my personal credit cards but I have not really followed a specific method. My approach has been to pay as little interest as possible and so I tend to go for the card with the highest amount in interest. But up until recently, I wasn't really paying any money in interests as I was able to open several different cards over time and utilize their 0% intro APR offers. I then would focus on paying off the ones that the offer was going to end...Read More...
Last Reply By friardave · First Unread Post

The American Dream v2.0

Rob Loftus
Out With The Old And In With The New The American Dream. A house in the suburbs, 2.5 children, fancy car in the driveway and a job with a pension and gold watch. This may sound a little bit outdated, but it’s still the structure, on the whole, of the American Dream. However, there has always been one flaw in this dream. DEBT. 78% of Americans live paycheck to paycheck and are literally two paychecks away from losing everything. When this happens, and it does, people find themselves losing...Read More...
Great reminder, thank you. And congratulations!! Its so, SO important to know right where you are in therms of finances. So many people, including me at one time, just hide their head in the sand. Things will never get better unless you are willing to make changes, and you have to know where you are to start out.Read More...
Great read! Thanks for sharing. The hardest part for most is facing reality and making sacrifices to come out better in the end and when the crisis hits, you will be prepared!Read More...
Last Reply By KellyFromKeene · First Unread Post

Consolidation loans

Anthony M.
What is the best way to find a lender for loans to consolidate debt? I tried using a few recommendations like FIONA but with fair/good credit they offer loans at 36% interest! Would a traditional bank be better? What experiences do others have?Read More...
Many years ago, I worked with Greenpath to consolidate my debt and then get out of it. I can't recommend it enough- GREAT program. Debt counseling was so helpful as was learning to live without credit cards. About 7 years later I got one again, and I now use that responsibly, generally just for gas for the car, and pay it off every month.Read More...
I tried with FIONA but they would only give me $1,500 and wanted over $250 a week back I couldn't do that. All so I was told they take me off there list and I got another call from them again or some one wanting to give me a loan. I told them no thank you and take me off there list.Read More...
Last Reply By KellyFromKeene · First Unread Post

Raising Credit Score

Wen Dee
I am trying to find out which way is best to build up my credit score..... 1. Pay off about $2,000 in medical bills or 2. Open 2-3 Secured Credit Cards, charge 30% of the card limit and pay it off in full each month? Any advice is greatly welcomed.Read More...
@Moree Income, I love your advice, thanks so much!Read More...
@Wen Dee I see. In that case, it might be a little more difficult to open credit cards but not entirely impossible. Especially if you have a decent amount of income, there are some cards that will approve you with lower credit score, but you gotta do your research to find out ahead of time. I know Capital One offers a lot of options and some for lower credit scores in order to build up credit. I personally started out by getting a store credit card at Kohls. Although I only got approved for...Read More...
Last Reply By Wen Dee · 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...
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...
The post office does not need to be in the payday loan business. Do we really need the government involved in another industry? They have enough problems. My issue with payday loan companies has nothing to do with interest. Remember, I said up thread that I have worked in the industry. My issue is with the collection practices. If you default on a credit card, you're receiving annoying mail and the occasional phone call. You may even end up receiving a judgment and a garnishment. Do the...Read More...
Last Reply By Moore Income · 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...
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 Moore Income · 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...
😮 WOW...thanks so much.Read More...
@Sango this is not an issue I am very familiar with and I of course am no lawyer. But there is hope! Google to the rescue! I found this article detailing how to respond in 3 easy steps . Also this one about answering a civil summons . Hope this helps somewhat! If you need more info, just type this search term in google: " how to respond to a summons from a debt collector "Read More...
Last Reply By Sango · First Unread Post
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