Question by skycat: Describe your philosophy on personal debt. POLL: ?
Best answer:
Answer by megalomaniac
I avoid it at all costs. I prefer to save up for whatever I want and buy cash. (though there are exceptions to this)
By the way I don’t consider a mortgage a debt because you have equity in the house and are not squandering away your money (if you play your cards right).
What do you think? Answer below!
Question by CAROL P: Can a credit card company take money from your personal checking account for business debt without notificatio
Best answer:
Answer by ucbearcats4life
No. Unless you have set up some form of autopay that you have not yet cancelled credit card companies cannot take from you unless you ok it.
I have worked for Citibank Credit Card Services for over 5 years.
Know better? Leave your own answer in the comments!
Question by liz0628: Can anyone tell me their personal experience with debt consolidation and if it helped you solve your financial
problems? And if you can give me the name of the company that you used. We are thinking about consolidating our debts but are a little scared about the outcome of the procedure we
Best answer:
Answer by Leonard L
Any debt consolidation plan must have a foundation based on lower interest rates to pay on outstanding loans.
Unless you can obtain lower rates, it may work against you in the long run.
Many credit cards want to charge you over 18%.
If you carry balances at this rate (or higher), you are doomed.
Debt consolidation doesn’t wipe out debt, it merely proportions it out so as to free more month up for you to meet your living obligations better.
I devised my own plan which gets me lower interest rates all the time…by paying back more than the minimum required payment on most loans.
I also invest steadily, and use my savings plan with my employer to the maximum (in other words, pay myself first before I pay others each month).
Be advised that many organizations who advertise that they will clean up your credit will also charge you, so thred carefully.
I can’t recommend anyone since I’ve never consolidated through a professional.
I created my own plan, and it seems to be working.
You should devise your own plan and see if it works before you go with anybody who may take you for hidden fees.
Eventually, people go bankrupt when consolidation doesn’t work out.
What do you think? Answer below!
A few Personal Debt products I can recommend:
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Question by LongTermCapitalManagement: Is it ‘immoral’ that people can go into PERSONAL bankruptcy over MEDICAL debt?
That’s the system we have in the US right now. The system is slowly cracking under its own weight. Recently, I have seen people making a MORAL argument for universal health coverage – that it is immoral for such a rich country to have people going bankrupt due to medical debt.
Is this really a moral issue, though?
Regardless, it keeps getting bigger, and I bet we will have nationalized health care eventually, just due to political trends.
Best answer:
Answer by captaincollector@sbcglobal.net
Yes it is remember you are your brothers keeper
What do you think? Answer below!
Question by kwest: If a debt collector gives personal information or discusses my debt with an unauthorized person…?
what can I do? Do I have legal options?
This has happened on more than one occasion with the same collector.
Best answer:
Answer by laughter_every_day
No law requires the debt collector to keep your info private. Many will use the disclosure to try to enlist others into persuading you to pay your debts.
What do you think? Answer below!
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Question by jesssm1982: Personal loan to pay off credit card debt?
Is it a good idea to take out a personal loan to pay off credit card debt, then there will only be that 1 bill to worry about?
Total CC Debt is $ 11,000.
CC #1 APR = 18%
CC #2 APR = 27%
CC #3 APR = 28%
Best answer:
Answer by MisMischievous
If you are getting a reasonable interest rate, meaning lower than the credit cards, and you are going to GET RID OF THE CARDS, then yes. If you are just moving your credit card debit to another loan, and then running up the credit cards again, well no…that would be really stupid…….now wouldn’t it. Does that answer your question?
Know better? Leave your own answer in the comments!
Question by JRandV: How much debt do you have?
How much of the credit card,student loans,car loans and other personal debt do you have?Realistically would you ever be able to pay your debt off?
Is there anybody in America right now who dosnt have any debt at all?
I pesonally have about $ 3000 on credits cards.
Best answer:
Answer by loki
I was drowning in debt….more than I made in 5 years.
I checked out some companies that offered to help me clear my debt…I chose one (Not telling which…this isn’t a commercial)
Now I’m 3 years away from being debt free.
It ain’t easy…but it can be done
What do you think? Answer below!
Question by Lill Miss: Can anyone recommend me a debt collectors?
Hi I live in New Zealand, I need to recover some funds can anyone out there recommend any relatively cheap yet good debt collector agencies, that are willing to take on demostic/personal debt recovery.
Best answer:
Answer by koogy
Have you taken this person to court, yet? New Zealand has district tribunals that can help if the claim is relatively small.
Give your answer to this question below!
