 My dad advised me to ignore all my credit card/student loan debt? |
| last night i told my parents i was in $13,000 credit card debt, and about another $15,000 student loan debt. my job sucks right now and can barely pay. my dad advised me to just ignore everything ... |
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 Is it possible to get a $10,000 loan and then use that money to get a CD so that you can pay the loan off? |
Is it possible to get a $10,000 loan and then use that money to get a CD so that you can pay the loan off with the interest earn from the CD?
Is this legal?... |
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 If you were rich...? |
| ..., would you spend some of your money in helping the world?... |
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 How do you Save Money? |
| I am really bad at saving. I want to have a baby but I also want to save money before I do. So how can I save I really need help, I tell myself I am going to save but then when I see what is left ... |
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 I need a personal loan... Which national bank should I go to? |
I need one for about $2000-3000. I have "average" credit.
Where should I go??? Which interest rates are better? Would it be to my advantage to just go the bank where I have my ... |
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 I have $15,000 in debt. Would it be a good idea to file bankruptcy? |
| I have medical bills, 2 repos, 2 judgements from the courts over the repos, and some cell phone and bank charges that werent of my fault all this dating back to 2005 to now would it be a good idea to ... |
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 Is it bad to refinance and borrow 95% of the equity in your home? |
| Right now our single family home is worth @$290,000.00. We have a debt amount of @40k in h. equity and credit cards. We owe on our current loan @ $240k. I've been debating refinancing from a 3... |
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 Atm not gave me money? |
| jusy tried to withdraw some money out of a cash machine, i typed in the amount and it then returned my card and said please take your cash, but no cash came out.... the machine then got suspended.... ... |
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 Is it bad I'm always broke even though I have a job? |
| I'm in school, I work, I live alone and support myself. I can never seem to get ahead bill-wise and have been late on my rent the past 3 months. I always pay my bills when I have the funds and ... |
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 How can I realistically make money from home (UK)? |
| I'm out of work at the moment and looking to make some money to stay a float e.g. £100 ... |
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 Is it possible to take out a personal loan for $25,000 with a cosigner? |
| We are trying to consolidate some debt from business transactions which occurred 16 months ago. We've been paying credit cards on time with more than the minimum payment since then. We've ... |
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| How can i get out of debt.? |
| i have a wife and two kids,i'am desperate.... |
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 I need $7,000 fast...? |
I need $7,000 and fast to buy this mustang I found. Any ideas of how to come up with the money other than loans or selling drugs?
I would love to take out alone however I am not 18 and my mom ... |
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 Should I be upset that my girlfriend is buying an Altima ($450/mth) car when I support her most of the time? |
| My girlfriend has over 10k dollars in dept (two medical bills because she was not insured, credit cards, late school loans, etc) and when we go out on the weekends, I flip the tab for everything. S... |
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 Would it be different if my hubby took a loan from the bank as opposed to car finance from dealer? |
| I asked a question a few days ago concerning wether the car registration document could be in my name if the car finance was in my husbands name, generally most people thought it wouldnt be allowed. I... |
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 How can i get some money? |
| I need like 80 dollars to by thing blazer for my graduation and like i want new shoes to but that would add up to like 160 dollars, and like i have no money right now and my mom bought me some grad ... |
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weswe | I have an opportunity to pay off my mortgage- $280,000 left on it.? |
I feel like I would feel more secure with no debt. My husband would like to invest it - so it will grow. I think we should take the money we usually use for the mortgage payments and invest that. (Automatically deduct it from our paychecks) We are both almost 50 years old and have 18 years left on our mortgage.
Any advice??? |
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likepepsi
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I understand exactly how you feel about wanting to have no debt. But in this case, I think the best financial move would be to invest the money.
If you pay off your mortgage, you can't get access to your equity without paying interest on a home equity loan. Your money is tied up until you sell your home. Remember, your mortgage interest is tax-deductible (assuming you itemize your deductions) and you might find even a very safe investment will give you more return than you would gain from paying off your mortgage and saving that interest cost.
And if you invest it, you still always have the option of using the money to pay off the mortgage if and when you want.
With the amount of money you are talking about, I'd suggest getting in touch with a fee-based financial planner. That means you will pay a few hundred dollars for someone to look at your entire financial picture in detail, ask you what your goals are, how much risk you are comfortable with, and work up a plan for you that also considers the tax implications of different options.
You can find people who will do that for free, but they will want to sell you the products they make a commission on. That's not automatically a bad thing, but a fee-based planner will be completely unbiased.
I should mention I am not a planner myself, but I know enough to recognize that to answer your question properly requires a lot more details regarding your specific situation than we know. For example, your retirement plans, current savings and investments, income level, tax situation, etc. The few hundred dollars a planner will charge will be well worth it.
It sounds like you have a great opportunity to build a solid financial foundation for the years ahead. Please get professional advice so you can make a fully informed decision. Best of luck to you! |
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Gary
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Pay it off. You do not need any debt when you are in your late 60s. Just look at your tax situation both ways. (1) If you continue in what you are doing such as paying a mortgage plus investing or (2) pay off the mortgage and start investing using the amount that you were using for the mortgage. I paid my mortgage off ten years ago and I am 53 right now.
I'm glad that I did. I can't itemize either. |
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pissy_old_lady
 |
Pay off the mortgage....the extra you are paying (interest) will be money saved for investments. |
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Angie
 |
It depends on the interest rate on you mortgage, vs. the percent return you can get on any given investment. If the investment return is more than the interest, put it there. If your interest rate is high, then it would be better to pay that off sooner. |
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magy
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Hard to say without knowing if you have a fixed rate or ARM, what your rate is, what you already have in savings, what your expenses are ( car loans? credit card debt? kids in college?). Seriously, email Suze Orman for the best advice.
http://www.suzeorman.com/
The answer depends on many more factors than you list here. |
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arch0049
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As long as you are not raiding retirement accounts to pay off the mortgage, I would do that. Can I ask, why do you have that much money? A windfall? Or in savings? I am one for paying off debt.
The person who said do half and half probably had a good idea too! |
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Doctor Deth
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refinance mortgage by paying it down to a level and getting a 15 yr mortgage that will lower your monthly payments to a level you're comfortable with - will pay it off by retirement and let you invest for retirement - other - also pay off all car loans and credit cards |
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dark_s_talker
 |
Well I'm assuming that you've got a half decent APR on your mortgage. Generally if you invest money you'll make more on it than the interest you're paying in interest on a mortgage.
Of course the problem is that most investments will carry some kind of risk where you can lose some of your money.
It depends on how you feel. It's really nice knowing that your house is paid for an nobody is going to come along one day and throw you out. It's one less thing to worry about.
Of course the people that have lots of money are the risk takers who will buy a second house to lease out or play the stock market. It's all down on personal preference, sounds like you and your husband have different ideas.
Halfway house would be to invest some and high interest savers account for the rest. (That way they money in the savings account will be earning more interest that you're paying on the mortgage but you don't have to worry about losing it) |
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dennisgonzalezdgm
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This is going against the flow but i agree with your husband. Id invest and keep paying the howse so you can get the tax advantages of paying interest. |
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robertdr60
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If your mortgage is a traditional 30 year fixed rate with a good interest rate, I would use your windfall money to pay off your higher interest rate debts first, such as credit cards or car loans. If it is one of the "creative" adjustable rate mortgages with a time bomb ready to go off, or balloon payment about to explode in your face then by all means, pay off the mortgage now, or at least refinance at a fixed rate. |
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Jes
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Invest half, pay half on the mortgage. It will lower payments and interest. You both win! |
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The Scorpion
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If you have a low fixed rate you are better off keeping that debt, that's GOOD debt. If you have a lump sum of money like that, take full advantage, get it invested and well diversified, safe and risky and everything in between. |
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