 What should I do with this debt? |
| A friend used my name to purchase a car and the car was later repossessed leaving behind a debt under my name. Now, a debt collecting company is haunting my family as I am no longer staying with them.... |
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 Is it true that my credit may suffer if I cancel a credit card? |
| I've got a credit card with no outstanding balance. The company cancelled the rewards program for which I originally got the credit card, and so I want to close the account. But my father tells ... |
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 I am in debitet,and no one abil to help me ,please anyone knowes what i have to do?without any bank krupy ? |
| i have got littil problem with my creditores,and no loan or credit card not abile to help me because i miss one payment.i am improving after that missing i never miss any other,but no one abil to ... |
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 My credit score is 729, is that good? |
| I am a 19 yr old Male in college, I just checked my credit score, is 729 good? How good?... |
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 How do i cash a $20,000 money order? |
| my friend wants to send me a $20,000 gift out of his trust fund. he lives out of state now though. but when he sends the money order in western union or fed ex, how do i cash it? i whould normally go ... |
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 What do I do about collection agency filing law suit over over credit card debt.? |
| I was given 10 days to respond to the petition. They are asking for 1500.00, I believe this is an old credit card that went to collection that the available limit was about 500. I need to write a ... |
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 Can you send a cease and desist letter to a credit card company -or does this only work 4 collection agency's? |
| Mom mom is in bad health and can not work, but Sears calls her daily harrasing her to pay a debt she is truly unable to pay. She has no real assest, so she is judgememnt proof. Would telling them ... |
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 Help Finding A Credit Card? |
| For my boyfriend. I don't know how his credit is. I would say fair to good.. Not bad or excellent. But what he is wanting to do is buy a cheap car (Under $2000) on a credit card (so his limit ... |
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 Paypal and Ebay? |
HI,
I have just sold an item for £250 in ebay and the fella who won has paid via paypal. It says that the payment from him is completed so i requested the funds are transfered to my ... |
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 What to do with check? |
| I have got a check it looks real for 2,940.00 dollars it is from Latex Finance Inc they say i have won 50,000 and the check is for help in paying some of the fees,from what i have found out this is a ... |
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 How can i figure out if someone used my ss number to get a credit card? |
| My wallet was stolen with my Social Security Card and Birth certificate in it. How can i figure out if someone has used my social security number to get a credit card? I have no other credit cards, ... |
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 Can a 15 year old have a check card? |
| what do I have to do to get a check card? what kind of account should i open up?... |
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 Bankruptcy and pets? |
| My husband is swearing that he remembers the bankruptcy lawyer saying that getting a new pet before bankruptcy is something they don't recommend doing. He is filing but I am not (we've ... |
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 Does anyone know an actual way to "quickly" raise your credit score? |
| I am in dire need of a house at the moment. We can afford quite a few around the city but our credit score is currently 565. There are several items on our report that were charged off in chapter 7 ... |
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 Credit cards?? |
I dont really no anything about credit cards but i need 10,000 pounds. I have a few questions.
1. how mnay credit cards can you have?
2.when do you pay back the money?
3.how much money ... |
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 Will my credit improve from paying off medical bills that were delinquent? |
| I just paid off two small ($300) medical bills that had been on my credit report for a few years. They were reported monthly as "key derogatory". Now that they will be considered "... |
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 I applied for a store credit card and i was denied why? |
| I dont have any other credit cards so i dont have good or bad credit i have no credit why didnt the accept my application Im old enough to have one im in my 2nd yr of ... |
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Mohsin M | Is it true that debt rips your life apart? |
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xbabe82517
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It very much depends on the person and the type of debt they're in.
I'm in a lot of debt, but thankfully it's all unsecured debt, ie. credit cards and personal loans. I was stupid and got a credit card as soon as I turned 18, while I was only working part-time. That escalated to more credit cards and store cards, then balance-transfers, and then a loan to consolidate them all...and then I ran the credit cards up again!
I was working full-time by then, but had got into so much debt that I still couldn't afford the monthly minimum repayments. I'm now on a debt management plan - not an IVA - which means that my interest and charges are frozen and I pay off what I can afford each month until the full debt is repaid. I chose not to go down the IVA route (where you pay the debt off for five years, then the remainder is written off), because by repaying the whole debt over a longer period of time, my credit rating won't be so bad once it's all repaid.
I now have to live off what I earn - which isn't very much after my monthly debt repayment has gone out - but I manage, and I feel a lot better knowing that I took steps to get help.
Other people might not cope so well, though. I'm the kind of person who generally doesn't worry about things I can't change. I was stupid and I'm paying the price. I certainly wasn't the first person to get into this mess, and I won't be the last. There's nothing I can do about it, and I've never lost a night's sleep over it!
The only thing that does get to me is that I'm 25 and I'll be living at home with my mum until my debt's repaid, because I could never afford or even get a mortgage while I'm on debt management. Other people younger than me have more or less got their life sorted now, and I wish I could. But I will one day...I'll just have to wait!
So I wouldn't say that being in debt has ripped my life apart. It's an inconvenience. But debt that's secured against property CAN rip lives apart, because people can lose their homes over it. As someone who works for a financial institution, I see repossessions every day. And I can't imagine what it must be like to lose your home through debt. I'm just grateful I never had any property in the first place to secure my debts against, because I could so easily have ended up in that position. |
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minniemouse1234
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No, it doesn't if you get things under control. We had a lot of debt pile up over the years. Many different credit cards piled up. We later were able to consolidate them and put them on a loan. Now instead of having a lifetime of credit card debt, we are paying them down every month on the loan. We have an END date, meaning, we took out a 5 year loan so when that time comes, we're done! Otherwise, the credit card companies will milk you forever. It take a lot of self control to get things in order, but it can happen! Don't let it take you over! |
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Luke G
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find out what fractional reserve banking is, and how the financial services industry operates, before you borrow any money.
Watch this film called 'money as debt' it's pretty informative. |
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TG
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Debt 'may' rip your life apart depending on how it's dealt with. |
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kr@zyk1w1
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Depends on the size of the debt and whether its manageable or not. I have debt mortgage, hp but am having no problems keeping up payments etc. I have had problems in the past and I just dealt with it. That is I went to the people I owed money to and told them my situation and they let me pay it off. |
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wh
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Yes my husband hid 60,000 in credit card debt and it is tearing us apart! 20,000 can easily turn into this is 25% fees and late fees. Do not buy the bigger home. Be conservative! |
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MONEYWIZ
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Of course - you become a slave to your debt - feeling trapped and burdened. That's why you have to create your own wealth and for those living at home, make sure you work while at home and refrain from buying frivilous things and invest. First, from a young age, get a life insurance policy that builds cash value so that way your premiums stay low so in the event that you become ill (father forbid), your premiums are still low - invest in bonds, stocks, (I personally do not like CDs because they are not real investments - they do not give real interest because you need to take inflation into account but I will tell you what they are good for momentarily). Invest in FOREX....learn it - open a practice account on forex.com. Build wealth and don't create debt!! If you want a car - find out how much your monthly payments will be, and start paying your self that amount for a couple of years - if you find it hard to do, then you aren't ready for that particular one. After the couple of years, you would have saved x amount and be able to pay for your car...or at least half of it. Keep in mind you if you want a $20k car and your payments are going to be $400 a month for five years, so much of that payment is interest but if you pay yourself that amount in two years you would have $9600 - go on ebay...Take your $9600 and put the funds into a CD Secured loan - borrow against your CD so it shows up on your credit. Your bank will charge you 5% but you are earning 3-4% so technically you are only paying 1-2% for your loan. There are many ways just don't fall into the buy today and pay tomorrow game - only on certain occassions (with good debt - not credit card debt). |
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Alterfemego
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yes it can and relationships especially. |
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tamrn02
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Yep....don't do it!!! Be debt free! Old fashioned way was to earn the money then buy the goods. It's best to continue with this. Possibly, a home or a car on credit and that's it. |
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