Right now I’m a college student that does not make a whole lot of income. However, I have a combined credit line of around 10k between two cards (Chase Freedom+ AMEX Blue). Still, I have 0 debt whatsoever. I have never been late one payment. I have some money in the bank that I dont think I will miss any future payments either. However, I was wondering should I ask my bank to lower my credit limit? AKA- is it better to hold two cards with a high credit limit but no debt or two cards with a low credit limit with no debt? (I’ve owned both cards for about 1 year so far)
I only use the Chase card regularly. The AMEX card, I only use it during trips because of the benefits. Otherwise I only use one card but it is always paid off every month.
Posts Tagged ‘debt’
Is it good to have high or low credit line if I have no debt?
07
Jun
bankruptcy..if your told you have to do a 13 and your in debt just in cards 40k what would your payment?
30
May
be to repay? does it go by pennies on the dollar? How does it work? and what about your house if you are forced to let it go? If I decided to neg with the CC companies would the house still haunt me in the future if its foreclosed on?
lol no chapter 13.
Bankruptcy: Will it prevent future lawsuits even if I don’t specify an existing debt?
28
May
Example: Say I have an apartment lease for 12 months. After 6 months, I abandon the apartment without further payment. After another 6 months, I declare bankruptcy but fail to mention the apartment lease as a potential debtor. Will the bankruptcy prevent the apartment owner/manager from suing me or will I have to just deal with it since I forgot to include it in the bankruptcy?
Young and in DEBT! Dreams that seem unreachable because of DEBT! HELP HELP?
27
May
ok! I am 21 years old and I have a huge amount of debt and bad credit. Yes, I know too young, but it happened. I now realized my mistakes but that is not helping me get out of this hole. I have a $470.00 car payment a month that I cant get rid of. Cant sell it because I still owe $15,000, I have $5,000 in credit card debt, and I live alone. Rent, utilities, and car maint. is a debt within itself. I have a desire to own my restaurant within the next 8 years. How can I reach my goal? I am paying bills every month but I cannot save a dime. HELP ME! How do I balance my life out. This is seriously damaging my future and every positive thing it holds. HELP ME!
What should I do? I am in debt almost 500k.?
23
May
On the bright side I own two prime real estate properties that are worth over 1.8 million dollars combined. Investors are inquiring about either property and want to purchase one of them. At the moment I don’t have a problem making my payments for the 500k that I owe but it would feel better not owing these 500k and be debt free. My question is do I go ahead and sell a property which is a great piece of land for future development or should I discard and just continue paying for my 500k that I owe?
How can I pay off a huge sum of credit card debt without ruining my future??
16
May
I am a 20-yr old student, halfway through college. When I began college, I recieved all of those “college” credit card offers mailed to my house. I made the mistake of not cutting up the cards and just threw them away and now someone in my family has used the cards to rack up between $15,000-$20,000 of debt in my name. I do not wish to press charges on them since they are in my family, and my creditors have told me that is the only way I can claim “fraud” on the accounts.
Now I have 4 credit cards in my name that are 6 months or more overdue in payments and I only work part-time at a daycare since I am in school. My parents/relatives will not loan me the money, nor can I drop out of school to work full-time. Creditors are calling me day and night and I just do not have the money to pay off this huge debt. What is my best option? Credit counseling? Debt Management? Bancruptcy? I know there is no “ideal” option but what can I do that would cause the least harm to my credit & future?
I can only afford to pay my creditors about $400 a month total. I would like to avoid bancruptcy at all costs because my fiance and I would like to get married and have kids in the next 7 years and even though he has good credit, mine will prevent that if I declare bancruptcy.
The family member who accumulated the debt will be paying me back eventually but this might not happen for awhile.
Also, I have already spoken with my creditors, they cannot come to an affordable agreement with me.
ok when it comes to debt consolidation companies…?
13
May
will it hurt me when i am ready in the future to get a credit card. i have 2 good cards with high limits and i just want to consolidate them to one payment but i have bad credit due to medical collections….so now i can keep paying the high interest cards and not get anyway or i can consolidate but then have trouble with getting cards in the future…i just went overboard with them these past couple months because i was home with my new baby and we were short and abused the cards…but like i said my credit is around 600 and the medical collections are huge so on top of me nearly maxing out my cards along with that my score dropped FAST! any recommendations?? i own a house but we’re in the process of trying to sell so i cant do a HE..any other suggestions?? ive tried prosper but no one even glances at mine, i wont get endorsements because my family and friends would be ashamed of me hitting debt so that didnt work?
Can a bill collector forgive interest on a debt without my receiving a 1099 form for taxes in the future?
07
May
A few people online have stated that if a bill collector agrees to forgive the interest on a loan, and only requires that I pay monthly on the principal debt, I will eventually receive a 1099 form for the amount over $600. However, the collector says since I am paying off the original amount due(principal), minus the interest and late fees, I will not receive a 1099 form since they are willing to settle for payment on the principal. Is this possible for a collector to do? Or is this a trick, and I’ll receive a 1099 form eventually? I will be making low monthly payments on the debt for the next few years and I’m currently on a fixed income without valuable assets.
Debt Management Workers or Fianancial advises if there are any out there.?
24
Apr
Last year I had an accident and had to stop working since that Ive struggled to keep up on credit cards, 2 months ago I applied for debt management. The 1st months payment they keep as deposit and then the 2nd months payment is split between your creditors, 1 of the creditors has accepted the offer, but one of them wont leave me alone they are saying that I still owe this money whilst the debt management programme is being set up the problem is I have given all my money to this debt management company (DMC) that has told me they will call them and talk to them which I think they do. The problem is this company keep on sending me letters saying that I owe them this money and its got to a Credit Reference Agency. I have called my DMC who have said they are waiting for their first payment (due any day) then they will discuss future payments and that as long as Im making a payment I can afford theres nothing they can do is this true? Im being told one thing from DMC and another from Credit
Should I help my boyfriend get out of debt?
02
Apr
I have been with my boyfriend for a year and a half. We are in a serious relationship, leading to living together in the future. We’re both in our early 50’s, divorced, older teen kids. As part of my divorce settlement my marriage home needed to be sold and I received a nice sum from the sale. I’m planning on using a large chunk for a down payment on my next residence. I’m currently renting an apartment and want to buy a condo. I will still have a nice amount left after the down payment. My boyfriend is in debt and wants to pay off all his debts, credit cards, etc., which will total about $25,000. He didn’t want to have to ask me if I could help him out, but he did and he wants to work out a repayment plan of putting a certain amount of his pay check into my account monthly. It will take about 5 years for him to repay me. He is willing to sign some sort of an agreement. I seriously doubt that he will not pay me back. What are people’s opinions of me lending him this money?
to answer some of your questions – neither of us wants to get married again. We had been in long term marriages before. I also don’t want to give up my alimony. Living together is a commitment, we just feel that we don’t need that piece of paper.
A couple of you mentioned that he should see a financial counselor. How do you find one? And how would you know if that financial counselor is a good one with good advice?
As far as me putting into an investment, probably for retirement – I do have a nice sum in a couple of retirement accounts. Actually this money is part of the money to be used to “hide” so that I will be able to contribute as little as possible for my daughter’s college education. She does not want anything to do with me so I feel I should not be obligated to have to pay for her college.
Keep the truck and pay it off or sell it to get closer to being debt free?
28
Mar
Ok, I have been on a venture to become debt free, including mortgage, so that I can save up a huge downpayment and move to a nice, big house in a good neighborhood. I am about 2 weeks away from becoming credit card debt free. I have 2 cars, one is a very reliable Honda Civic that I only owe 4500 on, and I have a 07 Dodge Ram that I owe 17k on. I owe 115k on my house. If I were to sell the truck I would free up 17k in debt and nearly $400/mo in payments- and I would come out with probably $3000 cash after selling it (nearly enough to pay off the Civic). However, I love my truck and I would hate to part with it. Is it smarter to sell it now and try to become debt free as quickly as possible and just buy another truck that I love with cash in the future? I know becoming debt-free takes sacrifices, but is it worth selling my 4×4 in Colorado to become debt free first?
when the 38% debt to income ratio is calucated for home loan, is the future mortgage payment included?
19
Mar
the monthly payments that show on my credit report are
1.579
2.102
3.40
and the future mortgage payment should be
$606
my gross monthly income is 3250