Debt

Refinancing without a co-signer?

Gabby
Hey folks. I'm 24, with a little over 11k in student loan debt. I've heard a lot about refinancing, but everywhere I look to get decent rates I need a co-signer and I don't have anyone I could ask to fill that position. I've done well; even managed to pay off 3 loans over the past few years but I'm interested in how much I could be saving. Even just a personalized loan option with a lower rate would be appreciated. Any tips/recommendations? I've managed to pay off my previous loans with some...Read More...

Online personal loans

I recently have fallen on hard times and was forced to take two $2500 personal loans online high interest-rate large payment what’s the best way to get out of it themRead More...
You don't state whether or not you're still struggling, but the best way to get out of any situation like this is to pay more than the minimum, even if it's only one one of them until it's paid off. You could call them and explain the situation. They might work with you, but honestly, I doubt it. You will need to take a long, hard look at your budget. If you can't reduce your debt enough to find a little extra, then you need to find a way to increase your income, even if it's only to pay...Read More...
Last Reply By JeremyM · First Unread Post

Student loans

Rehemom4
Does anyone have advice for out of control student loan debt? I can’t afford the monthly payment no matter what plan they offer.Read More...
Yes, I second @JeremyM . IB plans have saved me and are more than reasonable. The interest continues to build, and so the debt goes up. but for the time being, at least you can make payments and be in good standing. If you are in default, there is a process you have to go through in order to be eligible for IB plans. I recommend that you go through the process. It may be a rough 4 months (if I remember correctly), but again, it is worth it.Read More...
Are you able to get them deferred? While that's not going to get them paid off, it will give you time to get in a better situation to make the payments. Did you request an income based payment? A lot of times, depending on your income, that can be as low as $0 a month. If you don't qualify for income based payment because you make too much money, then you may need to take a look at your finances and see if there is anything you can stop in order to make the payments.Read More...
Last Reply By KellyFromKeene · First Unread Post

Home Debt Question

tiltv4
Dear Penny Hoarder, My husband wants to retire from his job in about 7 years and we owe about 60k on our mortgage and have a 10 yr loan. This is a new loan for us and we are going to begin paying that one year interest. My question is, is it better to pull from retirement and pay off the mortgage and then put his paychecks back into his IRA for the next 7 years and take the tax hit? Would it be better in the long run and not pay the mortgage company all that interest money or leave...Read More...
Thank you all, I sincerely appreciate it.Read More...
I would think twice about touching your IRA. If your IRA includes stocks or mutuals and/or ETFs, the stock market is at historical highs while the interest rates on home mortgages are very low! Remember, typically, your home is an appreciating asset and. if that is true in your location, you should being realizing that (on paper, at least) over the next 10 years. If you would ever find yourself in a financial crunch, liquidating your property can take a lot longer than liquidating an IRA in...Read More...
Last Reply By tiltv4 · First Unread Post

Low income high debt

Sonja Setoute
I had to leave my job suddenly for personal reasons which left me unable to make payments for 6 months until I found a new job. The new job pays less and I'm barely about to make payments on one card/loan. How do I handle this?Read More...
That sounds like a great idea to start with. Take a look at how much you spend on food or other necessary items. See where you can cut back. That money may seem like not very much, but it is something.Read More...
First thing I would do, and one of the hardest things to do, is to call the bank and explain the situation. Communicate with them. Its been 6 months, so it will likely not be a fun conversation, however, it needs to be done. You may have done this already, but if not, consider reaching out. Make a payment plan- pay something. It doesn't sound like it's gone to collections yet, so that's great. And congratulations on the new job! I know it pays less, but I'm happy for you that you found...Read More...
Last Reply By MsKimberly · First Unread Post

Pay off high Debt

Nancy Murray Dupont
Hello, I need some advice actually. I just want to get rid of debt and I don't have a good credit score, so loans are out of the question. I have looked at refinancing our house (in which) I discussed options with them and we could actually pay out mortgage off 1 year early if we did take money out to pay off debt. We owe 7 years on our house, we take a re-fi (get rid of the high interest) and paying on the mortgage 600 + our payment we could actually pay it off in 6 years. I thought that...Read More...

Personal loan vs Cash Advance to pay off credit card

Susan L. Miller
Hi- what do you think about these options? I am trying to avoid high cc interest on about $5K worth of debt. Thank you!Read More...
Thank you all for your comments!Read More...
Lismox- I did that, too! Thank you for commenting. Best wishes, SusanRead More...
Last Reply By Susan L. Miller · First Unread Post
I'm not entirely sold. Curious to hear everyone's point of view on this.Read More...
I leased my 2018 Ford CMax and it made great sense for me. I made a down payment of $1500 and my monthly payment is $287. I feel very safe and secure, and when the lease is up next year I may go ahead and buy the car, or turn it in and lease a newer model. I have excellent credit, and drive very low miles, and the payments work very well for me. I did my research before, and now I feel this is the only way I will get a car in the future. Again, it works for me!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...
Last Reply By Susan L. Miller · First Unread Post

Where does debt go?

I am the conservator on my Mother estate. She co-signed for my daughters student loans (private), which my daughter has been paying. As my mother is 93 yo, and will not live forever, what happens to that debt if my daughter falls behind or can't pay? Does the bank come in to collect upon the time of my mothers death? I expect my Mom to be around for quite a while more, she is a pistol! Thanks.Read More...
It will come back to the Estate to be collected.Read More...
Last Reply By Jobelle Collie · First Unread Post

Son has gotten himself into a credit card mess!

PS
Hi there all! New year, new member! I am writing for advice on how best to help my young adult son navigate his way out of $4,000 worth of credit card debt. If you have been , or know someone who has been in this situation, what strategy worked for you/them? What do you all feel about debt consolidation loans? We really need help directing him as the stress of this debt is causing him some major anxiety and panic attacks. Any suggestions/advice would be greatly appreciated!Read More...
@REDCATCEC It is interesting, isn't it? We teach our children to the very best of our ability, lead by example to model responsible behavior every single day and yet, as you say, they need to be ready to receive the message. It is tricky because they have the missing piece: free will. I have two sons. You've heard about the one and his journey with credit cards. The other son has an opposite "problem", if you will: he won't use the one card he has because he doesn't believe in using money...Read More...
As parents it is our job to prepare our children for adulthood and let them find their purpose in life. All the prep work we do we hope has meaning and that it is carried out with actions that come back to their upbringing. That being said, you did the right thing and let him deal with the repercussions, you can advise only when he is ready to listen.Read More...
Last Reply By PS · First Unread Post

I have $30k in credit card debt, and I'm unemployed.

I feel like I'm drowning, and I'm so stressed I can't make any decisions about what do to next. Help!!Read More...
Thank you so much, Lismox!! I'm developing my plan this week. I'm scrounging together pennies to pay the rent. I also appreciate the encouragement. I'm going to survive -- and soon, I'll be thriving!Read More...
Breathe and make a plan. Check out Dave Ramsey's site for some help - www.daveramsey.com . He talks about cutting expenses to the bone and going gazelle intense to pay off debt. Create a budget. Here's some information from the Pennyhoarder on doing that: https://www.thepennyhoarder.co...ademy/budgeting-101/ . Also check out this Pennyhoarder article about paying down debt using the debt snowball or debt avalanche method: https://www.thepennyhoarder.co...owball-vs-avalanche/ . Also, consider...Read More...
Last Reply By JordyPordy · First Unread Post

Eliminating Credit Card Debit - Take out personal loan with low interest rate

I owe about 22,000 between 2 credit cards. I am wondering would it be wise to get a personal loan, using a website like bestegg, and get a much lower interest rate than what I am paying between the 2 cards. Any thoughts or strategies???Read More...
Keep one credit card. Also, never cancel more than one card every 2 years. It will hit your credit score hard if you do. Personal experience .Read More...
thanksRead More...
Last Reply By CHELL1 · First Unread Post

Credit Card balances

Scotirish
I am not sure I understand the BEST OFFERS for credit card balance transfers. Does it mean...paying off the balance of one (1) card on to another. So, I would pay off the balance on my Master Card using my Discover Card?Read More...
Thank you.Read More...
That is correct. Usually you can pay off another card or sometimes they will even allow you to transfer that amount directly to your bank account to help pay off another debt. Technically you could use the money for whatever but the financially smart thing would be to use it to pay off a debt that is charging you a higher interest rate. For example, I just did a balance transfer on a card that I knew was going to start charging interest. Instead of paying 14% plus, I paid the 3% balance...Read More...
Last Reply By Scotirish · First Unread Post

Need to pay off Credit Card Debt

Susie Que
Have 15,000 in credit card debt. Car is paid off, still have mortgage, 15 year loan, credit score has gone down due to debt. Not sure if i should pay off small to large, or get a loan, any suggestions?Read More...
Thank you! I am going to do it!Read More...
What about tapping into your home equity to pay off the credit cards? If that doesn't work maybe see if you can consolidate your date and pay a set amount monthly. Lasty, you may try to transfer your balances to a 0% APR card. Check out Dave Ramsey, and also look into the debt snowball vs. debt avalanche debt payoff methods: https://www.thepennyhoarder.co...owball-vs-avalanche/ . Good luck! You can do this.Read More...
Last Reply By Susie Que · First Unread Post

Balance transfer credit card

Kathryn Stempel
Hi All, I have a high balance on a credit card around $7500. I am looking to find a credit card to transfer the balance to. Can anyone recommend a good (low balance or no balance transfer fee, no annual fee, 12+month no interest) balance transfer credit card?Read More...
Also...pay more than the minimum monthly. This helps increase your credit score.Read More...
Discover and Citi both have great balance transfer offers -- low fee, O% interest for 12 months, & no annual fees.Read More...
Last Reply By evie5200 · First Unread Post

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...
There have been a lot of good suggestions here. Have you tried to talk to a credit union about a debt consolidation loan? Usually they are a little more forgiving with your credit score. I would also freeze your cards or limit access to them at the very least. Lastly, I would look into putting together a budget. If you've never heard of Dave Ramsey, I would suggest taking a look. He talks about budgeting, working side gigs, and getting gazelle intense to knock out debt. Good luck, and know...Read More...
Keeping balances low as a percent of available credit is one key to a good credit score.Read More...
Last Reply By lismox · First Unread Post

Student loans

Ardis Ilene Klidies-Grissom
I owe for student loans and my check is being garnished what can I do there's no room in my budget to pay of 20,000 dollarsRead More...
Yes, as am I (on IB payments). You may need to pay a bit more in order to get out of default, but then get on IB repayment.Read More...
I agree here. My two co-workers are on income based repayment plans for their student loans.Read More...
Last Reply By KellyFromKeene · First Unread Post

Debt collections

Leisa
When I look at my credit report I notice debts that I know are anywhere from 3 to 5 years old, medical bills, that are "reported" as current debt, IE. 2019, how can these debt collectors keep updating debt where the statute of limitations has passed. I read 3 years for non- contractual and 5 years for contractual, is this true? Thanks, leisRead More...

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...
You are lucky that you qualify for debt consolidation loan. That is the option that I would take. If you file BK your interest on a new car loan will be 24% range and your insurance will be higher. It takes 4 years or so to start getting credit back on track after a BK.Read 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...
Last Reply By Leslie Kay · 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

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

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

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
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