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Tagged With "Debt"

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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

AJ ·
No debt is good debt. Some are better and there is some truth to the lower rates for ED loans. I see people drowning in ED debt and some can't qualify for mortgage. Best to get 2 year degree then go for remaining years as needed. Try and do part time work while at school to cut amount needed. Reasonable car debt so you can work is better debt. Poor debt is charge cards of any form. There should be a class on financial needs (and not just stick or insurance finances).
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Ladybug Lynn ·
Not if their building interest and you experience a financial hardship along w/trying to find a job where you're making an comparable salary. I wish I knew then what I know now...
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Motherof2 ·
My daughter a recent university graduate, received grants and worked full-time during college. However, she was still forced to take out a minimal amount of student loans. Technical and Trade school take advantage, by inflating the cost/fees and pressuring their students to take out excessive loans.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

dayflyer ·
The interest rates we are paying for our daughters' loans are not low, and they add up quickly. I say no-go and wish I had explored a few other options before getting in such deep debt.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Regeniu$ ·
College is becoming a racket. Our young citizens think they are too good to do the dirty jobs—so they acquire a fortune in college debt, then think they should come out of college making the same salary as a 25 year veteran of fill-in-the-blank-profession. Their starting wage is high... because they need incentive to work, which leaves no money in the budget for experienced professionals to receive a merit raise. It is becoming more common for people to not be able to find the job they think...
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Pax ·
Debt makes the debtor a slave to the lender. Unless life or the welfare of a child is in danger, I avoid it at all costs.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Moore Income ·
I have come to see "good debt" as only debt on a purchase of something that makes you money and pays the monthly payment out of someone else's pocket. (ie. rental properties)
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

level_up20 ·
student loan can be a set back to take on other things that you would want to in life but if it wasnt for student loan maybe i wouldnt have received my college education. its not altogether bad but something to really think about before using it for your college education.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Crystal Mitchell ·
Student loans are both good and bad. They help you get an education, when you probably wouldn't be able to pay for it, but paying them back can go on endlessly. If you do have student loans, the quicker you can get them paid back, the better off you are.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Amy_patt ·
And the job listings put there are insulting ..amazon requires a bachelor's for a CSR position that pay $13 per hour? Entry level everything requires degrees and/or experience? Some places would like a master's before they will hire you for $10 Who can afford to rack up all that debt and think they can pay it and support themselves on barely over min wage.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

CHRISTOPHER HOPE ·
PAYING THE SCHOOL BILLS SHOULD NOT BE OVER EMPHASIZED...whether by loan or by any means.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Carol Bontrager Sveglini ·
I think the loans should be interest free. Too many are having to take years to pay back.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Orkywheat ·
If you want an education and don’t have rich parents, student loans are the way to go, as long as you are the type of person who pays their debts and are dedicated to getting your degree. The interest rate is typically much lower than other credit and they work with you if you’re going through a rough spot. I have three kids with student loan debt and one is going back to get her RN on an accelerated program. She’s been paying her loans down since the first payment was due and once she gets...
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Roya0629 ·
Any debt that keeps you from finding a job adequate enough to pay it is problematic.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Justyna ·
In general, hearing advice from one source is not good enough to make a decision. If I would hear that on TV and would be intrigued, I would do research before engaging. As an aside, it's frustrating that in the US education can be very expensive. It should rarely be something that's contingent on one's finances. What's happened in the US is a higher education system that rewards wealth over intelligence, drive, creative problem solving and grit.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Mark Marine ·
Go, with a great big ... It depends. In essence, a student loan is just another investment with an expected return. Whether it's a good investment / good debt depends on what the overall return is. There is a HUGE difference between financing an expensive education in something that does not have good market value vs one that does. And then one needs to compare many alternatives to determine the best course of action.
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

AnnieB ·
I don't go with something just because someone said it's a good idea. Depends on the circumstances. Is the person looking to get a job in a higher marketable field? Student loans MIGHT be a good idea. Are they looking to get an education in a field that isn't hiring or hard to break into? Student loans MIGHT be a nightmare. Bottom line: you have to go into them with the idea that you'll need to find the money to repay them. They cannot be bankrupted here in the States. My first order of...
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Re: You heard someone on TV say student loans are “good debt” that pays for your education and usually carries low interest. Go or no-go?

Shirley ·
You should do your homework and check things out before doing something you heard specially off of the tv. Student loan is either go or no-go depending on the person and their situation.
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Re: What type(s) of debt do you have?

Tata ·
I did two (at different times) consolidation through my credit union (lower interest). I I am proud to say one of the loans will be paid off in 3 more months!! I will then increase payment on the 2nd one. Leaving me with only 2 more years then I'm home free. It will be a wonderful feeling being debt free 🙂
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Re: What type(s) of debt do you have?

Echo ·
My debts aren't too bad. I just bought my house in 2020, but I am 3 months ahead on payments. I like to get ahead on payments so I'm able to have room in case of an emergency. My credit card debt is nearly paid off and I was able to combine my medical bills into one so I can make larger payments on 1 bill instead of smaller payments on 3.
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Re: What type(s) of debt do you have?

Dbgraves120 ·
What I try to do on credit card debt is to pay double the minimum payment if the balance is above 30% of the limit. That way the larger balances come down a lot quicker. As always your credit score has a lot to say about the interest rate on all loans.
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Re: What type(s) of debt do you have?

Corey W. ·
In 2012, I was in an auto accident that landed me in a Seattle hospital for 2 years. (During that time I had lost my car, my apartment, and my credit.) In 2013, I was homeless, but nonetheless, with a 200 credit score, Wells Fargo granted me a $300 Secured credit card. I made Hundreds of small purchases, always paying off the full balance *before the actual due date,* (Penny Hoarder tip.) In 6 months that card became "Unsecured," with a $1,500 limit.🙂 In 2015, my credit score was 500. I'd...
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Re: What type(s) of debt do you have?

lem ·
I recently refinanced and paid off my car and Home Equity loans, so all I have now is my mortgage and credit card. I put everything on one card and try to pay the balance as much as possible.
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Re: What type(s) of debt do you have?

Chrissy Goff ·
I have the last credit card almost paid off. It is down to 2000 and should have that paid off this year. Making at least $200 a month payments. Haven't used a credit card in 4 years.
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Re: What type(s) of debt do you have?

Patricia A Greenwood ·
My current credit card debt is about $8,000, but my daughter has a credit card in my name. It was at $13,000, but her grandpa paid it down to $6,000 for her as a Christmas present. It is weighing down my credit, but she has a plan to pay it off in the next year. My mortgage is about $80,000 on a house valued over $300,000, and my auto loan will be paid off in August. That will allow me to pay off my credit card debt by this time next year. I have enough in savings to cover almost any...
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Re: What type(s) of debt do you have?

Amba ·
Carrying balances on 4/8 credit cards. Down to 18K from a high of over 30k. Will be paid off in under 3 years, faster if I can get a raise at work. I do use balance transfers when I get a card with both a balance transfer offer AND a lower overall APR for after the introductory period, in the event I'm not able to pay off/move the balance. This has reduced my APR from 22-24% on store cards (don't use store cards. They aren't worth it. Except Cabelas--9.99% for in store + points and other...
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What type(s) of debt do you have?

The Penny Hoarder ·
From credit cards to student loans to your mortgage, we know how incredibly easy it is to rack up debt. What moves, if any, are you making to get out of debt? Let us know in the comments. Related content from The Penny Hoarder: How to Pay Off Credit Card Debt in 2022 5 Ways to Deal With Debt Collectors if You're Afraid to Pick Up the Phone The Ultimate Prescription for Dealing With Medical Debt
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Re: What's the best way to use a credit card?

Peebee ·
One frustration I have, however (I picked "cash back/rewards") is that there seems to be no way to reflect that you pay your cards off every month. Because I value the cash back/rewards, I route virtually all of my purchases through credit cards, as well as my rent and some of my utilities (basically everything that doesn't charge an extra fee to use a card instead of ACH). But when I have a month where I spend a lot (like when I travel) then I get downgraded for the total balance being...
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Re: What's the best way to use a credit card?

Arthur Mantzouris ·
A credit card should be used in a correct way but what do I mean? I mean it should be used n then paid off to the best way u can. If you can't pay it off then u may want to ask yourself do I rely need this? Or can I wait till I have the money to pay it off. There is a balance in using a cc.
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Re: What's the best way to use a credit card?

Brigat ·
I selected other because I have used credit cards for more than one of the reasons at different times. I've paid bills using a reward card making sure to pay the card back on payday to keep from accumulating more debt. I've also done a balance transfer from a card with a high interest rate to one with a zero interest rate promo.
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Re: What's the best way to use a credit card?

oneyedeb ·
not use them; that way you wont get in trouble.
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Re: What's the best way to use a credit card?

Big Lew ·
I marked to build credit. Know what you can afford to put on the credit card, and pay off in full monthly to build your credit, with excellent credit you'll be approved a lot easier and lower interest rates to go after bigger ticket items.
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Re: What's the best way to use a credit card?

Polly- ·
As a convenience when you don't want to carry around that much cash. Pay it off every month just before the cycle closes so the balance is always zero when your bill arrives (in paper or electronically). With that discipline, you can use it to pay recurring bills, since you don't want to give others direct access to your bank account. If that is hacked, you are likely out of luck. If they just get your credit card, you can dispute the charge and get all the money back.
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Re: What's the best way to use a credit card?

Geo ·
I totally agree. I also hate that if I carry a balance it dings my credit rating, even though I only carry a balance on cards during 0% promo rate periods. Never mind that my overall available credit on all cards is high, just because one goes a little high temporarily, the formulas and algorithms at the reporting agencies all of a sudden think I'm on the verge of insolvency.
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Re: What's the best way to use a credit card?

Peebee ·
You’d think they could figure out a way to only pull credit usage after the monthly bill is due, and if you paid off the balance, then your utilization would be zero. They can obviously calculate it for determining how much interest you pay, if any, so could definitely based it off that.
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Re: What's the best way to use a credit card?

Polly- ·
Couple of things. Don't stress out that your credit score goes down for using a lot of your credit for a few weeks a few times a year. Unless you travel a lot for work and have to wait to get reimbursed, or you travel for pleasure a ton, it shouldn't be a problem. You can try to avoid that situation if you know you are going to need a check on your credit for a car loan or a mortgage application. Try to save up a bit so you don't have to wait for the paycheck to pay off the card. I pay off...
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Re: What's the best way to use a credit card?

Peebee ·
Thanks, that’s helpful info. I travel a lot for both work and pleasure, so this summer is just going to be high even as I do pay them off each month. Given what I have to charge for travel, and when I have money coming in (I own my own business), I’m not sure if I can save up any in advance — it will just depend on when clients pay, and I’m also trying to keep extra in my bank accounts in order to get certain account perks. My card usage doesn’t ever go above 30%, and usually is around 10%.
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Re: What's the best way to use a credit card?

nrkmann ·
Use through Apple Pay and carry one debit card so I don't have to carry any cash. All cards are paid off monthly. I carry no debt.
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Re: What's the best way to use a credit card?

Chrissy Goff ·
When I have the money to pay cash I pay cash. I haven't used a credit card in years and when I do I pay it off ASAP.
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Re: What's the best way to use a credit card?

Olivia ·
It's a combination of things. To purchase something we need, we already have cash for to obtain benefits such as, cash back, other rewards, and protection against fraud. Because we pay it off monthly we have the added benefit of pumping up our credit rating.
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Re: What's the best way to use a credit card?

shelia Wright ·
For years we have used our reward points to buy gift cards for our daughters for Christmas or birthdays. We use straight cash back cards for cash while we vacation or to add to a short on cash in the checking account days. Our balance on our cards is paid in full every month. One year we honestly put a brand new SUV on a charge card. You should have seen the look on the face of the young salesman when he saw that the amount was approved by our card. Our credit limit had just gone up that...
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Re: What's the best way to use a credit card?

irishnanny ·
i pay my bills each month with my credit card and gain rewards that make me happy
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Re: What's the best way to use a credit card?

SWP63 ·
The best way to use a credit card is to scrape a stinger from a bee sting. Place the card flat upon the skin and scrape towards the extremities. This reduces poison from the stinger getting into the wound. Other than that, save it for emergencies only!
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Re: What's the best way to use a credit card?

Tabrez Shareef ·
The best way of using credit card is for cash back points and rewards.
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What's the best way to use a credit card?

The Penny Hoarder ·
How do you use your credit card? There are many plusses and minuses to using credit cards. On the plus side, you can boost your credit score by making on-time payments all-the-while earning cash back rewards points and pay yourself back. Yet, if you don't keep a strict budget, it's super easy to spend too much and find yourself in some serious credit card debt. What's the best way to use a credit card? What are some mistakes to avoid? Related content from The Penny Hoarder Credit Cards 101...
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Re: Have you ever taken out a loan to tackle your debt?

sthom ·
Yes, I have one now for medical debt.
 
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