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Son has gotten himself into a credit card mess!

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...
Last Reply By BeckAtsila · First Unread Post

Home Debt Question

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...
Last Reply By tiltv4 · 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...

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...
Last Reply By Jobelle Collie · 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...
Last Reply By lismox · First Unread Post

Debt collections

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...

This week in... The Penny Hoarder Community

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...
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...
Last Reply By AverageJoe · First Unread Post

Happy November!

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...
Last Reply By AverageJoe · 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...
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...
Last Reply By Andra Powell Henderson · 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...
Last Reply By Alfred Smith · First Unread Post

Debt Payoff Strategy Tips?

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...
Last Reply By Lynda Honimar Koch · First Unread Post

Auto loan

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...
Last Reply By DipperDave · First Unread Post
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