Tagged With "Debt"

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Re: Payday loans - essential or evil?

Stephanie Weisman ·
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.
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Re: Hello, to all

Joyce Taylor ·
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.
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Re: What are some really effective ways to boost a credit score?

Jennifer scarlata ·
Effective ways to boost a credit score 1. Deletion of negatives 2. Clear your debts 3. A maximum of 10% credit utilization 4. Maximum of 3-4 credit cards more than that causes more harm 5. Dispute any errors or items in your credit report 6. If you ever get confuse contact an expert but be very careful 7. Use a reputable credit repair company This should help you http://creditstreamers.com/info/ I started building my score a few months ago and currently have a FICO score of 785
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Re: What are some really effective ways to boost a credit score?

Mike Johnson ·
These are some steps to get faster results: 1. Find out when your issuer reports payment history There’s something called a “credit utilization ratio.” This is the amount of credit you’ve used compared to the amount of credit you have available. You have a ratio for your overall credit card use as well as for each credit card. It’s best to have a ratio — overall and on individual cards — of less than 30%. But here’s an insider tip: To boost your score even quicker, keep your credit...
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Re: The Snowball Method for Paying Off Debt

Robert Kidd ·
Debt reduction
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Re: The Snowball Method for Paying Off Debt

Melissa ·
I'm a fan of the avalanche method too, but I would love to hear how people like use the snowball method. Pros vs Cons? As for helpful tips, I would say it helps me to physically write down every transaction I spend money on: groceries, gas, lunch out. This way I don't forget about the purchase and I can add up the totals at the end of each week. It's almost like a competition to see how little I can spend and the left over money does towards paying off my debt.
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Re: Senior Couple drowning in debt

Lyndsey ·
Maybe it’s time for a bankruptcy and a fresh start! I know it’s a last ditch effort, but why live the rest of your life in such debt? You can keep your home in most cases . It doesn’t cost a thing to look into it. If you or your husband are veterans, they have free financial help available to you.
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Re: The Snowball Method for Paying Off Debt

Savvy Susie ·
The avalanche method is best. Why? Because the goal is not only to reduce your debt but to pay the least amount for carrying that debt. The snowball method can cost you more to use depending on your combined debt and the monthly interest payments you accrue.
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Re: Senior Couple drowning in debt

Birdman ·
Thank you Lindsey. Yes, I am a veteran. I guess our 3 choices are Tirle 7 bankruptcy since we have no assets but the house and a life insurance policy, a reverse mortgage, or a Home Equity loan. Not sure which would be best.
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Re: The Snowball Method for Paying Off Debt

jenakle ·
Vertex42 has a great spreadsheet for comparing which method is going to save you more long term, and includes the ability to customize it (like paying a small one off first, then tackling a higher interest rate). I've tweaked it by copying the estimated pay off dates to the bottom and enjoy seeing the pay off dates reduce as I add extra money each month. I also love their monthly budget and checkbook register spreadsheets! https://www.vertex42.com/Calcu...tion-calculator.html
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Re: Senior Couple drowning in debt

Ray Taylor Tetreault ·
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...
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Re: The Snowball Method for Paying Off Debt

Former Member ·
I've used both methods, and have found that when I REALLY need the motivation to keep going, the snowball method works best for me. While I might end up paying slightly more than if I used the avalanche method, the snowball method helps me see wins faster - which helps me stay motivated to roll that amount over to another debt once the first bill is paid off.
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Re: The Snowball Method for Paying Off Debt

freensp70 ·
Hi, I am new to the site. I am deeply in debt and going through a divorce. I am trying to figure out basically how to get back on track and where to start. My husband handled the finances and I am trying to figure out how I am going to pay off my debt and keep my head above water. Any suggestions of where to start would be great. Thanks.
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Re: SUMMONS

Moore Income ·
@Sango could you elaborate more on what you are referring to when you say a "summons to pay off debt"? Are you referring to someone being ordered by a court to pay off debt?
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Re: SUMMONS

Sango ·
A debt collector has sent a server to my home to give me a summons from a debt collector. I need help in providing an Answer to the summons. That is my concern. How do I reply to said summons?
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Re: SUMMONS

Moore Income ·
@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 "
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Re: SUMMONS

Sango ·
😮 WOW...thanks so much.
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Re: The American Dream v2.0

FreebiePharm ·
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!
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Re: The American Dream v2.0

KellyFromKeene ·
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.
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Re: The Snowball Method for Paying Off Debt

MsKimberly ·
I have never tried it. I cannot afford to have debt. My bills consist of rent, electricity, rental insurance, and the Internet. They are paid on time every month--the amount that I am required to pay. One exception is rental insurance. I pay that once a year in full. If I could afford to I would do the rest that way.
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Re: The Snowball Method for Paying Off Debt

Moore Income ·
@MsKimberly I agree, it would be nice if we could pay off some of those bills in full rather than monthly!
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Re: The Snowball Method for Paying Off Debt

MsKimberly ·
@Moore Income Jon, I am determined that once I am moved into my new apartment, the next bill I want to pay at least 3-6 months in advance is the Internet.
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Re: The Snowball Method for Paying Off Debt

Moore Income ·
@MsKimberly That sounds like a good plan. Will they let you pay ahead on internet bills or does it vary by company?
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Re: The Snowball Method for Paying Off Debt

MsKimberly ·
@Moore Income Jon, I have not asked. However, if the cost is the same each month, I think they would be thrilled to have their money upfront whether or not a contract is involved. Who doesn't want their money yesterday?
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Re: The Snowball Method for Paying Off Debt

TinaS ·
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...
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Re: The Snowball Method for Paying Off Debt

Moore Income ·
@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...
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Re: What are some really effective ways to boost a credit score?

Deven ·
If you can afford to, all at once ! It stops the bleeding immediately. By bleeding, I mean all the interest that's tacked on each month. If you can't do it all at once, definitely cut off the highest interest one first, by paying the minimum payment required on the lower interest rates and throwing the excess on the highest interest one. Once you've reached zero balance on a card, just leave it at $0. You don't need to use it and you definitely shouldn't close it because closing that account...
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Re: What are some really effective ways to boost a credit score?

Men On A Budget ·
Great Question! According to the research that I've done and my experience with helping people remove errors from credit reports, the more you pay and the sooner will reduce your utilization rate the moment it posts (subject to next update of credit reporting) so "all at once" would quicken that for you. The rest of the factors, as you will read in this recap article, are not affected. The sooner you pay the less interest you are paying; however, to avoid needing credit and having to pay...
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Re: What are some really effective ways to boost a credit score?

Adam ·
If you're just establishing credit, a secured credit card might be good. They usually make you pay a deposit to start the card, then after a certain amount of successful payments, they give you the deposit back plus interest and you graduate to a way better credit card with a better APR.
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Re: What are some really effective ways to boost a credit score?

Briana ·
@Deven @Adam thank you, thank you! These are great tips. I actually looked into a balance transfer card to cut out the interest for a certain number of months - that way it holds me accountable to actually pay off the card by that time.
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Re: What are some really effective ways to boost a credit score?

Wen Dee ·
I was told to negotiate with the creditor , many debts are sold for pennies on the dollar and the credit company sometimes will settle for a lower amount. Can't hurt to ask, never know what the company will say.
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Re: What are some really effective ways to boost a credit score?

Drumtrip ·
@Briana I used to work for a credit card company! Some of the best ways to quickly boost credit scores. 1) Don't close credit cards, especially your oldest one. Instead you can just shred the card if you never intend to use it. This keeps your credit line open on your credit report. 3) Ensure you have enough credit, this sounds counter intuitive but having the right amount of credit in good standing shows that you can handle it and helps in the algorithm, even if you pay it off every month.
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Re: What are some really effective ways to boost a credit score?

Briana ·
These are all great tips! Thank you so much! I was always questioning whether I should close one of my cards or not, so now I have my answer.
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Re: What are some really effective ways to boost a credit score?

Drumtrip ·
@Briana It is a balance, you want to keep your credit utilization low, you don't want to have too much credit, and you don't want to have too little If you have too much then closing an account is fine, just don't close the oldest one, that is actually a factor in calculating your score (at least in the older models). I suggest using something like creditwise from Capital One, its free, you don't have to have an account with them and it gives you tips!
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Re: What are some really effective ways to boost a credit score?

Kirsten Cherry ·
I was always told to stay away from credit cards. Even as an adult, I had moved out of the house and lived on my own for 7 years without having a credit card. So what I struggle with is lack of credit. I got my first credit card a year ago and then a few months after that, I bought my first car that required a loan. I have a decent score but hardly any history. I guess I just have to play the waiting game?
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Re: What are some really effective ways to boost a credit score?

AverageJoe ·
All at once is the best way to go! We did it, and we've never regretted it for a minute. We'd rather have that money going into the bank every month than into interest to another bank for what we borrowed. After the crash, the banks raised everyone's interest rates with promises to lower the rates. This wasn't the case. By taking away that interest payment on what you had borrowed, you're not only showing that you can get out of debt, you're showing your disapproval with the way they lied...
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Re: What are some really effective ways to boost a credit score?

FreebiePharm ·
Some banks are flexible with this such as Discover. Others such as Chase will not lower your APR. I recently negotiated with Discover and they agreed to do a 6 month hardship at 9.99%, which is nearly half my previous APR. It has really helped me zero in on paying off that debt!
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Re: What are some really effective ways to boost a credit score?

FreebiePharm ·
There are also credit score stimulators online which can help you when debating how quickly and how much you want to pay off. For instance, you can plug in reducing your debt by $1,000 v. $5,000 and it will tell you how much your score will go up. Great for planning whether you want your money to go towards debt or emergency funds.
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Re: Debt Pay Down Tool - Now THIS is Cool!!!

Bonnie Squires ·
thank you this is my biggest thing now credit card debt and a light bill from our old place than my house payment
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Re: Debt Pay Down Tool - Now THIS is Cool!!!

FreebiePharm ·
I LOVE Bankrate! It allows me to visualize my paydown plan and edit as I need!
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Re: Payday loans - essential or evil?

Moore Income ·
I personally have never used a payday loan. However, I think they ultimately are hurting people when it comes to managing money. I can see how in some cases there may be a need for one but I don't think they should become something that anyone should rely on. The idea of getting your money now instead of waiting creates an attitude of instant gratification and if you are not careful, can lead to much deeper financial issues. Developing a mindset of getting everything "now" will only...
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Re: Payday loans - essential or evil?

Nicole ·
I have never taken out a payday loan & never intend to, as I believe that they are EVIL. I have heard that the interest is extremely unreasonable & it seems that these places pray on people that are unable to get credit for various reasons that need some sort of immediate help. It seems that they are located in some of the poorest areas of town with a lot of vulnerable people in the neighbourhood. That & cheque cashing places that charge extremely high fees. The government...
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Re: Payday loans - essential or evil?

Former Member ·
I was listening to The Indicator podcast the other day, which focused on payday loans. It shared the story of a woman who got a payday loan when she had a financial emergency, but then it spiraled out of control when she could never catch up after taking out that one loan. She explained that she would use a credit card to pay off a loan, then a new loan to pay the credit card, and so on and so forth. She's in a better situation now, but it helped put into perspective how an emergency...
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Re: Payday loans - essential or evil?

Vivienne Stephen ·
These loans are absolutely predatory and evil. They are concentrated in poor minority neighborhoods to take advantage of people who historically, have little or no access to credit. They are yet another tax on the poor. I include the rent-to-own stores and the buy-here pay-here car lots in that category as well.
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Re: Payday loans - essential or evil?

Arthur Pember ·
I have never had to take a payday loan, but I believe they are a financial tool that serves a need for un-banked or under-banked persons. The purveyors of these loans do not and could not remain in business by servicing customers who use the loan products to provide a stop gap in an emergency. The purveyors prosper by enslaving the customers to long periods of indenture paying increasing interest to service the loans. I actually compare the companies to drug dealers, bar owners, and casino...
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Re: Payday loans - essential or evil?

Bonnie Squires ·
I never had to use a pay day loan but fro hearing my daughter store. I would never use them. It took her about 2 to 4 months to pay her loans off. to me they just use people that are poor or can't get a real loan.
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Re: Payday loans - essential or evil?

Caroline Jones ·
I have used payday loans,unfortunately. However they got me out of a difficult situation..My goal is always pay it off asap.
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Re: Payday loans - essential or evil?

KerryE ·
Years ago I was stuck in a vicious cycle of payday loans. The only way I got out from under it was to borrow less and less each time I repaid/reapplied. Took me several weeks but I got away from them and never looked back. They are like escaping an abusive relationship. LOL
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Re: Payday loans - essential or evil?

AnnieB ·
Payday loans prey on the poor and minority population. They are evil. Source: I used to work for one. Quit the job because I could no longer live with myself. We were taught to battle objections for paying back the loan. We had an entire BINDER on collections practices. I have seen employees take checks to the bank to convert the check to a cashier's check when clients did not come in to pay the loan. I have seen employees who would ask the questions of bank tellers, "Is this check good? If...
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Re: Payday loans - essential or evil?

Adam ·
I would like to see post offices adopt more financial services so that payday loans would become obsolete
 
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