 Financial problem help?!? |
| ok heres the deal my husband is in iraq we just got married may 2nd then he had to go back on the 12th. well im in the process of finding a good office job but not having much luck. I wanna go to ... |
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 This letter I'm showing you, do you think it is a scam it says i won a million pounds..? |
FIRST THEY SENT THIS;
LOTTERY HEADQUARTERS
The Marina Offices, St Peters Yacht Basin,
Newcastle upon Tyne, NE6 1HX England Dear Winner,
We are pleased to inform you of ... |
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 I'm a single mom at age 23. My income is less than 30K. Which way should I go? |
After a long 2 year struggle, I finally can say I have no debt. Thank goodness.
Now I need to focus on step 2. But what IS step 2?
Saving for retirement, a downpayment on a house,... |
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 My father recently passed away from Liver Cancer, he ran up $18k in debt .Who is responsible for this debt? |
He gifted a car to me right before his death. Will creditor's come after the car????
Additional Details
He gifted a car to me right before his death. Will creditor's come ... |
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 You have $5000. You never want to work again. How would you do it? |
'Work' means for someone else... In otherwords, acting independently and legaly, how would you parlay 5 grand into enough money to support yourself on an ongoing basis....
Additional ... |
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 How do you become debt free? |
I'm tired of paying bills!
Additional Details
Thank you everyone!!! I'm glad most of you guys had meaningful things to say tht will help me! =D... |
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 What costs 250 dollars? |
I have 250 dollars and wanna spend in something cool what should i get? (not counting phones)
... |
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 Are you/have you been in debt? |
| How did you cope, if you did?... |
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 What would you do with $10,000? |
just out of curiosity...
Additional Details
i just happen to have been awarded a little over $10,000 in a settlement, so it's tax free. i have a student loan to pay, but i don'... |
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 Can someone please tell me what a 401(K) is?? |
| Can someone please tell me what a 401(K) is? I am really not to sure.... |
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 I owe $8000 in credit card debt. I have 4 different cards? |
First owe $4800
2nd owe $2400
3rd owe $640
4th owe $90
How can i get this paid off fast?... |
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 Can an 18 year old get a car loan with no co-signer? |
| I have a steady job, have three credit cards, a cell phone account, and have always paid my bills on time. I'm completely paying off my credit cards in a month and I'm hoping my credit ... |
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Sharon C | I will soon receive an inheritance of 25,000 should I pay off bills and get out of debt or put in a CD? |
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Fred S - AM Cappo Di Tutti Capi
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Since the debt probably carries a higher interest rate than the CD, pay off the debt. Would you borrow money at 10% to invest it for a 5% return? |
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tiescore
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1) If you will owe any taxes on this, prepay it! But most likely it will have been through the estate process.
2) Pay off your current bills, no reason to add additional black marks to your credit rating.
3) Pay off past due bills.
4) Take a look at your debt. Try to pay off the highest rates first, but be sure to cover the minimum on as many as possible.
5) Squirrel away a little for emergencies (I emphasize this word) I wouldn't use a CD, too illiquid, I personally have several online savings accounts one of which is designated my emergency fund. You racked up that debt somehow, have a contigency plan to keep from tapping new debt if your car breaks down, or you blow a tire, or your kid buys a boat on your eBay account.
6) Go to a used book store and get a fairly recent version of a PERSONAL FINANCE GUIDE (Idiot's or Dummies or "The Only Investment Guide You'll Ever Need" -Tobias). Read the parts about Savings & Budgeting. Tailor their advice to your needs.
7) Make spreadsheets - nothing has helped me get my financial house in order in a shorter amount of time than by making spreadsheets. Chart out your financial assets, your liabilities, your monthly payments, do snowball debt repayment calculations on your debts ( see below ). You can't get where you want to go, if you don't know where you are, spreadsheets are your roadmap. After struggling to pay off seemingly limitless debts for years, in a couple of months once I made spreadsheets of all my assets & liabilities I got things under control, even started saving for big ticket items, added to my investments, and started the emergency fund... all without really sacrificing very much as far as life style. My Spreadsheets give me a reason to pay down debt faster, and save for things I really want, rather than spending on a little bit here & there on impulse... |
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G--Dogg
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Pay off debt. Keep a little aside and treat yourself to something nice. But debt is a ***** to carry around. |
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kramerdnewf
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How disciplined are you to STAY OUT of debt once you pay off bills? If you are, then pay off the high interest credit cards and put your payments into a savings plan or stocks instead.
Personally I would use half to pay debts and invest half. But a CD won't get you anywhere. Buy into a good mutual fund or something that will 1) Be hard to touch and 2) Have an opportunity to grow at a faster rate. |
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excelcarpet
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If the interest rates of your bills are higher than the interest rate of the CD, pay the bills. |
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louis
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No CD you may purchase has as much income or as high of interest rate as what you are paying on a loan. Or the banks would go out of business. People who borrow and then put it in the bank have to make me laugh. While they are earning 4% interest tops are paying out 9 or 10% on the loan.
That makes about as much sense as buying a shopping card.
Verus cash. You are paying to turn your money witch is refundable anywhere into something that only that store cashes and at a less than what you paid rate.
Why do people fall for this type of thing where they pay more for something than it earns?
Pay off your bills get out of debt and then save money to put into a CD. Never borrow money which is in essense what you would be doing to buy a CD. |
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metroactus
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simple; do you care about your credit? if yes, then check combined cost of debt versus gain via relative interest rate of both. if no, put it in a cd. |
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Michelle W
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Contact your creditors, and see if they will offer you a settlement for paying off the debt. Also be sure that if they agree, they will report positively to credit report bureau. If all goes well, you may be able to do both. |
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STEVEN F
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If you were out of debt, would you borrow $25,000 to put in a CD? What is the difference? |
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teresathegreat
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Pay off your debts, definitely. The longer you hold a debt, the more debt you accumulate through interest, so it's better to pay it off as soon as possible.
It's rare that any investment would make enough money to counteract the amount you are losing in interest on your debts, and a CD certainly never could - it is a highly over-rated investment and not worth your time.
Think about it - just an example, if one of your debts charges you 12% percent interest for every month it goes unpaid; and you earn maybe 3% on a CD or 10% on a really good stock, you're still losing the difference (9% on the CD or 2% onthe stock).
Most of your inheritance will be eaten up in taxes, but the rest should be immediately directed to your unpaid bills and debts. Then read up before you spend another dime or even think about investing. Head down to the library for these easy but essential guides:
Some good, easy reads:
-The Complete Idiot's Guide to Personal Finance in your 20s and 30s
-The Complete Idiot's Guide to Managing Your Money
-“Smart Women Finish Rich” or “The Automatic Millionaire”, by David Bach
-any Suze Orman books |
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dormi22
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Make a budget. Pay off some bills. Put some in a CD. Treat yourself a little. |
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Serena
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Fred S is right. Best to get out of debt. Then your paycheck is yours to keep instead of paying interest charges on credit cards. I payed off a credit card a couple years after I got divorced and became a single mom. It was the absolute best thing to do. I had money to pay my bills and I was finally able to have a great credit report. It's been 5 years, and I still don't have a credit card. It's the best decision I ever made. I set up payment plans in order to keep my credit report healthy and enjoy NOT having to scrape together money for food. |
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frissy
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If you had no debt, and no money, would you *borrow* $25,000 to put into a CD?
(P.S. If you decide to invest any of the left over, put it into something getting decent rates of return, and not a CD, fer cryin' out loud!) |
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jperrit
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First : Pay your taxes ...whatever you have to pay in your city, state etc. Then pay off the debts with the highest interest first, then go to the next...and next. And whatever is leftover, save half and enjoy the rest. |
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Noah G
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What kind of debt? If credit card then yes pay it off immediately. CD's are often not a great return, why not invest in a S&P 500 Index Fund, like through Vanguard? You'll average 8-10% return over the years. Or open a retirement fund. If the debt you have has a rate less that 8-10% (for example some mortgages) then invest. Otherwise pay off the debt. |
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Einstein
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I'd go for debt. Gets a load of you mind. Plus, debt always grows. Pretty soon, you'll drown. |
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just me
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Hi Sharon! Debt interest is astronomical, but investment is important, too. I would split the 25 grand in half and put half in a CD and half towards the debt. Good luck! |
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skygodess003
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well if you start a loan company can i borrow some..lol.. |
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