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by eric731

Question by Hot Pursuit: 14.6 trillion national debt and16 trillion personal debt= .6 trillion total debt, is this all the debt?
or there is more? and who lent all those trillions? if China only lent just $ 1 trillion http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt

Best answer:

Answer by Climbing Up the Walls
You’re also forgetting each States debt.

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Question by Steven M: Is this personal bad debt? Is it fully deductible?
On June 6, 2003, Susan Stewart, one of Bernard’s stylists, left town to get away from a troublesome ex-husband. To help Susan establish a business elsewhere, Bernard loaned her $ 5,000. Susan signed a note dated June 4, 2003, that was payable on demand and provided for 5% interest. On October 5, 2006, Bernard learned that Susan had just been declared bankrupt and was awaiting trial on felony assault charges. Bernard has never received any interest on the loan.

I think this is personal bad debt. Is it fully deductible in 2006 though? I also think it would be a short-term capital loss, so if it is fully deductible then only $ 3,000 would be deducted in 2006. Is this right?

Lastly, where on the tax form is such a deduction reported?
Where in turbotax is this reported?
Bernard loaned Susan the money so she could start a business of her own.

Best answer:

Answer by Charles G
Depends. Did Bernard loan the money to Susan, or to her new business?

Assuming you are right, and it is a bad debt, she reports it on Sch-D. There is a 3000 limitation, but he can carry it forward. I don’t use Turbotax.

Add your own answer in the comments!

Question by Stalin B: I need to take a ,000 personal loan, which bank has the best interest rate for this type of debt?
I need it for investment purposes overseas, if there is a better option outthere please share it with me. P.S. I do not own a house, do not have a collateral but I do have have good health, steady income and A+ credit. thanks for your help.

Best answer:

Answer by Nilay
For small business loans or personal loans you may try following P2P – Peer to Peer (or Person to Person) sites:

They are simple and many individuals will loan you money at an interest rate you can afford.

To know more visit the link below:

http://en.wikipedia.org/wiki/Person-to-person_lending

Following is the list of Site / Organizations where you can
seek your money need.

1. you can seek money from
www.Propsper.com.

2. http://www.virginmoneyus.com/PersonalLoans/tabid/54/Default.aspx

3. http://www.lendingclub.com/

4. http://www.zopa.com/

5. https://www.fygo.com/

6. Coming soon:

http://www.loanio.com/

Please note that you should provide a good, honest and detailed reasoning about Why you need money and how and when will you replay it.

Finally here is a nice article with some reviews.

http://reviews.cnet.com/4520-3000_7-6530959-1.html

Good Luck.
-N

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Question by John: is it fraud to report personal loan as income? This would allow reporter to improve debt to income and borrow?

How about investor funds in a business paid as salary to CEO reported as income for the same purpose?

Best answer:

Answer by wizjp
Of course it’s fraud.

Loans are loans and income is income. They are not the same

Generally any salary not coming out of income are going to trip issues with the IRS.

Money laundering.

In other words from the frying pan to the fire here.

Give your answer to this question below!

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Question by JR: I heard a radio avertisement to eliminate debt by a group called Campos Chater Law Firm is this the real deal?
They say they’ve helped thousands of people, basically what they claim to do is buyout all your debts which lowers the cost, charge you their interest free fee and you pay them off just like that. My personal debt is one $ 6500 charge off and one $ 6500 consolidation loan. The guy told me that they can get my total down to anywhere from $ 4500 to $ 10000 from $ 13000. Will these guys actually help me or is there another option?

Best answer:

Answer by chad f
sounds iffy to me.

Give your answer to this question below!

Question by Jessie Martinez: Are people reducing personal debt in this economy?

Best answer:

Answer by gosam777
Yes. And saving more also. And it’s pissing off the feds off to no end. When they issued $ 600 checks to everyone a few years ago, the population used it to pay down debt. The government was expecting us to irresponsibly spend it like they do, or risk it in high risk investments like the investment banks.

Now that the general public has made a statement will no longer participate in their foolish spend with no end attitude, they and the Fed have no idea how to get out of this current deflationary downturn they created with their out of control spending, and getting into bed with Wall Street

What do you think? Answer below!

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Question by bulabate: USA What is your personal debt VS your income is this really the biggest threat Financial Security?
Your share of the National debt today is ,357.78 of which you had no say in! 30 year fixed mortgage three quarters of the monthly payments goes to the mortgage lender! Interest rates on other loans & financing can put people on the street! It is very difficult to find a decent job that pays enough to keep pace with the consumer retail price index.

Best answer:

Answer by ronnie b
wait a minute, who had no say in this?…little kids who dont pay taxes and cant vote yet?..voters elected people to office to manage this, so first blame the voters, then try some real examination of the economics of it all….some real good has come out of it, probably some bad also and some wasted dollars.

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This Is What Constitutes A Personal debt

This Is What Constitutes A Personal debt

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Home Page > Finance > Personal Finance > This Is What Constitutes A Personal debt

This Is What Constitutes A Personal debt

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Posted: Jan 05, 2010 |Comments: 0
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Personal debts refer to those liabilities that a person accrues as a result of acquiring financial assistance from financial institutions. The assistance comes in different forms including loans, credit cards and interest rates. Why its referred to as assistance is because, one is able to make use of money that they do not necessarily have in order to meet immediate needs. Payment in cash for this extension of facilities is done at a later date and this is what constitutes personal debts.

Sometimes personal debt can get overboard, such that one finds themselves overwhelmed with liabilities yet they are not getting enough cash inflow. It is always advisable to avoid getting into debt, but when it is unavoidable, one then has to be prepared to meet the consequences, if they are unable to meet their part of the bargain.

Now, if personal debt gets out of hand and you are not sure what you can do to repay your creditors, you may want to consider different mechanisms available for getting rid of the debts. To start with, there is the personal debt consolidation strategy. This refers to putting all your debts together and determining how much you will need to clear them all. You then approach a lender who gives you a debts consolidation loan, based on the amount you need to clear off all the existing debts.

The loan so acquired goes towards clearing with all other creditors, such that, you are left with only one creditor to deal with. One advantage that you can accrue by using this method is that, at the end of the day, you will have paid lower interest rates than you would otherwise be subject to without consolidation of your debts.

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Peter Gitundu -
About the Author:

Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Deal With Debt, Read More Of His Articles Here PERSONAL DEBTYou Can Also Add Your Views About How To Deal With Bankruptcy On His Blog Here PERSONAL DEBT

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I am a sole director of a limited company, If i add my husbands name on and the company gets a loan could he be the guarantor, would we both have to be the guarantors . As have some personal debt
I strictly use my checking debt card for everything and i don’t have personal checks with my name and address on it. Can i find a 100 day loan

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