152nd Carnival of Debt Reduction

Welcome one and all to the 152nd Edition of the Carnival of Debt Reduction! I got a ton of submissions when I was worried about getting none ... the question every future parents considers in Should We Pay Off Credit Card Debt Before Having a Baby ... to choose their own debt payoff strategy in Figuring Out Your Financial Style 3: Debt Reduction [more...]

Date: 2008-08-11 13:00:20

Blog posts (34) | Videos (18)
 

Terrance Says His Debt Problems Are Worse Than Anyone He Knows

Terrance wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy ... , and one credit card. Some happened before I was even 18. But I talked to a friend of mine who said [more...]

Date: 2008-11-12 18:51:44

In This Failing Economy A Multitude Of Business Owners Are Searching For Fresh Marketplaces In Which To Do Business

This terrible financial system is leaving a lot of people that were in business looking for a new means of income ... particularly credit card debt. The standard American family has somewhere around ten thousand or more in debt ... . In particular the debt settlement industry Some people would question why get into this market. Well [more...]

Date: 2008-11-29 04:11:23

Credit Card law questionable

There’s no shortage of blame for the mortgage crisis that drove the economy into the ditch ... Act of 2005, households could erase their unsecured debts by filing for Chapter 7 liquidation ... the reform, overindebted households might file bankruptcy and get rid of their credit card debt [more...]

Date: 2009-01-13 10:09:00

Believe It, YOU Can Be DEBT Free

Yes, I hear you asking, “HOW is it possible to be debt free”? Fair questions require answers that make sense ... mortgage payment, water bill, credit cards, etc. can cause serious problems. As you know, banks and credit card firms have huge fees waiting to hit us between the eyes if we are late with a payment [more...]

Date: 2009-01-10 00:34:38

Going Down the Path of Consumer Debt - Again

At creditslips.org, Bob Lawless raises the most reasonable question I’ve seen so far about Treasury Secretary Henry Paulson’s decision to shift the ... s the question from Lawless, an expert on credit and bankruptcy at the University of Illinois College of Law school: Why? After two decades in which consumers piled debt on their credit cards without [more...]

Date: 2008-11-14 13:52:32

Expect Calm Under Pressure?

Experts tell us that when the going gets rough - brain chemicals get going. My question is, Do they move you into calm or chaos? ... in the dumps because you’re sinking under financial pressures or caught in credit card debt. Add ... that you are going to try a few solutions to pay off credit cards. For instance, you might download [more...]

Date: 2009-01-08 15:22:22

Navy Tells Jonathan to Contact Me For Advice

Jonathan wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy ... to foreclosure, 1 vehicle repossessed, and 15 major credit cards maxed out and not paid for 2 yrs+. Everything [more...]

Date: 2008-10-09 02:53:22

Navy Tells Jonathan to Contact Me For Advice

Jonathan wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy ... to foreclosure, 1 vehicle repossessed, and 15 major credit cards maxed out and not paid for 2 yrs+. Everything [more...]

Date: 2008-10-09 02:53:22

Compare Credit Cards After the Holiday

With the holidays almost upon us it is without question that many of us went over the top in terms of spending this year, ... loans that will cover all of our debt. But what many people will do in terms of making things a bit easier, freeing cash flow, and lowering interest rates is to consolidate all credit card debt onto [more...]

Date: 2008-12-18 20:00:57

Debt Reduction Methods and Philosophies: Snowball, Avalanche and More

When someone who has accumulated debt across a number of credit cards embarks on the journey to rid himself or herself of this debt, and when that person is generating enough monthly income to cover all expenses and the minimum payments due on all cards with additional funds left over, there are two main philosophies describing the best way to achieve this goal. Although all approaches are good, there is no question where I stand on this issue. [more...]

Date: 2009-05-29 11:00:32

Having Problems Paying Your Bills?

Take a few minutes off and answer the following questions.1. What financial concerns are giving you headache right now?a. Credit card billsb ... in debt, try this next suggestion. My Fapturbo is an automated trading system that will help ... 1?a. File a loan to pay other loansb. Drop the insurancec. Declare bankruptcy d. Take second [more...]

Date: 2009-01-15 20:15:28

Mary Lou Writes In And Wants To Know “Why Does My Credit Score Keep Going Down?”

Mary Lou wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy ... on one credit card and $7,300 on my car for a total of $12700. In January 2008, I owed over $26000 [more...]

Date: 2008-10-09 21:13:13

Money as a Dealbreaker?

Is money a “dealbreaker” in relationship?  If you meet a great person and found out after a few months of dating, they had massive student loans, some credit card debt, and a car loan; is that a deal breaker?  Would you run for the hills or stick around? It was an interesting question posed on a message board I read.  But currently two [more...]

Date: 2008-09-04 13:00:04

Declare Bankruptcy, or Tough It Out?

One of our readers, Jill, had this question for us: Mr. Credit Card, We have kept up all our payments and haven’t been 30 days late in 5 years ... us any? We currently owe 38,000 in unsecured debt, 116,000 on two mortgages on our home which is valued ... go about taking that path first, then we’ll look at the reverse situation. Right now, you are [more...]

Date: 2008-11-11 09:45:44

Reader Mailbag #30

Each Monday, The Simple Dollar opens up the reader mailbags and answers ten to twenty simple questions offered up by the readers on personal finance ... if it would be a smarter idea to take the money I would be investing to continue paying off my debt over the next 6 months, after which I will have eliminated my credit card debt and half of my [more...]

Date: 2008-09-29 14:00:56

Should I Declare Bankruptcy?

One of our readers, Alicia, asked: I have one Credit Card debt with a balance of $15,000 can not pay the Min amount they want like 3, ... then to have to file Bankruptcy and they get no money it’s all i can sent (not only Debt i have) should ... of my debt within the next 5 - 7 years? There are two reasons for the 5-7 year question. The first [more...]

Date: 2008-11-19 13:59:48

What is Debt Reduction Credit Card Consolidation?

Amazon.de Widgets Credit cards, some would say, have created a massive debt issue, leading to an increase in the number of people using credit card consolidation and various other forms of debt management. The introduction of credit cards has, without question, been a success story for the financial institutions as the convenience factor has basically pushed the use of paper money into the modern day equivalent of the dark ages!It seems there is nothing we cannot buy with plastic nowadays but, [more...]

Date: 2009-09-22 21:07:25

Do You Have Interest In "NO INTEREST"?

CarCareONE It's the solution to the question "Where do I get the money to fix my car? ... *No annual fee *Optional debt cancellation Keep your vehicle in tip-top shape with the CarCareONE card ... " CarCareONE is a credit card with a line of credit that is used just for your car. Now you don't [more...]

Date: 2008-12-11 18:02:14

Help Me I Need To Consolidate My Debt

No matter how well you plan, at times you can find yourself the victim of unfortunate financial circumstances ... to your debt consolidation questions and concerns can be fairly straightforward. “When someone ... paying on each loan or credit card,” says financial advisor and business writer Carl Walins. “ [more...]

Date: 2009-01-14 03:05:42

Debt Payoff Refinance - Mortgage Rate and Tip For 1-7-09

Real Mortgage Rate and Tip For Today One min. Podcast Ask Terri A Question - Click Here! ... like credit cards or car loans. You can’t use all of your equity. There has to still be 10% equity left in your home or an loan to value of 90%. These used to be very popular right after the holidays to payoff [more...]

Date: 2009-01-07 16:31:45

Collection Agency Demands “Lump Sum”

A reader asked for advice in response to a collection agency demanding a lump sum and refusing to accept a payment plan.. Hi Barry, I have a question for you regarding a collection agency. I have a credit card account ... . I’ve been working with Bank of America through a payment program, but they recently sold the debt [more...]

Date: 2008-11-12 01:48:47

A Few Quick Questions -- Divorce Deadlines

There are several issues that have different ending dates in Texas divorces. Here are some that people often wonder about.1 ... to terminate my responsibility?Answer: New debt created by your (ex)spouse after the decree of divorce ... the decree is signed, you are each on your own.Example: If either spouse charges on a credit card [more...]

Date: 2008-12-15 06:15:00

In a World of Hurt Writes and Wants to Know “Should We Tell My Parents?”

I got the question below through the GetOutOfDebt.org site from someone that identified themselves as In a World of Hurt ... , and $17,000 in loans and credit cards. Monthly out go currently $3,500.00 including utilities ... to most likely end up in a world of hurt? Forget the refi, and find a nother way to get out of debt [more...]

Date: 2008-10-03 15:03:19

Ed Is Scared But Courageous In The Face Of His Debt

Ed wrote to me through the GetOutOfDebt.org site and asked the following question ... very on top of my accounts. Now, I have approximately $41,000 in credit card debt (two different ... all the credit card debt via bankruptcy for whatever fees that may cost? At this point (even though [more...]

Date: 2008-10-11 22:44:24

debt consolidation

we all are aware that the financial situation these days are not looking good, with companies cutting down employees and recession going on, ... that will help you compare the various debt management and credit counseling programs. and they even ... questions about credit related problems, credit card consolidation, and much more. but still [more...]

Date: 2009-01-08 05:15:44

Patching up shortfalls can mean postponing retirement savings

This Michelle Singletary column on the Washington Post website has answers to a few readers’ questions regarding debt and debt reduction ... when the credit card balances start going up. I think this would especially hurt someone ... .  And if there’s debt to be reduced, then this is even a stronger reason for not investing. [more...]

Date: 2008-12-27 04:59:43

Kayte Has Drained Her Savings And Can’t Pay The Bills Anymore

Kayte wrote to me through the GetOutOfDebt.org site and asked the following question ... your credit card debt through bankruptcy might be worth looking into. I’d suggest that you speak ... in credit card debt. Due to the economy, we both have experienced a substantial decrease in our income (i.e. [more...]

Date: 2008-11-11 22:11:33

Should You Pay Your Credit Card Bill Late? The Answer May Surprise You

One of our readers, Jay, sent us this question about debt negotiation: My wife and I earn $145,000 per year combined but have over $600, ... card debt. Although our debt is exorbitant, we have been making real progress towards paying off debt ... -interest credit card that will soon be paid off, our interest rates are pretty manageable. After [more...]

Date: 2008-12-09 15:49:26

Finance Fiesta #7: Mamma Mia Edition

Welcome one and all to the 7th Edition of the Finance Fiesta!  This is the first carnival I have ever hosted, so hope it’s a good one for you ... she knows best.  I give these posts the thumbs up as the best of the week. Mr. Credit Card from Ask Mr Credit Card answers a question from a reader “A Collections Company Sold my Debt After it was paid [more...]

Date: 2008-07-17 13:00:20

Are Bailouts Fair?

Paul Solman of The Business Desk on the PBS website received a question from an individual wondering if government money wouldn’t better be spent to pay off all of the outstanding credit card debt of Americans.  While to some extent we’ve already got a system to handle out of control credit card debt - known as bankruptcy, the thought [more...]

Date: 2009-01-08 23:46:33

Peter Is Trying to Find Shelter In These Uncertain Economic Times

Peter wrote to me through the GetOutOfDebt.org site and asked the following question ... credit card debt each month, still saving up to the company match on dividend-yielding, 3.5% return ... , leaving no way to take on new debt in an emergency to cover ourselves. In other words, the credit card [more...]

Date: 2008-11-10 16:41:32

Robert Says “Please help. I never knew financial burdens can cause so much stress.”

Robert wrote to me through the GetOutOfDebt.org site and asked the following question ... w/escrow. I am $66,000 in credit card debt @ $1520. per mo. Married with 4 children and over my head in bills it’s hard to put food on the table. My income is $5400 mo. I have $34,000 of credit card debt [more...]

Date: 2008-10-19 22:04:31

Bank of America Seeks Second Bailout From Treasury Department

Yesterday, I speculated on the question of whether a bailout of those in credit card debt would be fair ... bailout funds to one of the nation’s largest credit card issuers. Just when I had begun to think ... of banks that would survive the banking crisis and benefit from consolidation in the industry [more...]

Date: 2009-01-14 23:32:04

34 Results