Who should we turn to? Who should we trust?

We need help...we%26#039;re in big trouble. We have a TON of credit card debt. We have a decent income, SOME equity in our home. and our credit scores aren%26#039;t THAT awful. We bought this house 2 years ago and thought we could afford it. Due to unforseen circumstances, turns out we couldn%26#039;t and we HAD TO rely on CC%26#039;s for anything extra we needed...groceries, kid%26#039;s clothes %26amp; school supplies, gas, etc. This has been going on for about 20 months. We were doing all right paying all of our bills on time, but it looks like this may be the last week we will be able to do so. It%26#039;s gotton to the point that after we pay all of our bills, there is no cash left for the living expenses, so in a vicious circle, we use credit cards to live. Currently, the breakdown of our monthly income is as follows: Mortgage 46%, Auto Note 12%, Utilities %26amp; insurance premiums 18% and Credit Debt 34%. Notice, this ALONE adds up to 110% of our income...there%26#039;s nothing left to live on.

Who should we turn to? Who should we trust?

You can%26#039;t afford the house. Sell it. Yes, the market is bad but you are sinking lower and lower into the pit.

Check this site for a NFCC member in your area: http://www.nfcc.org/ These are legit non-profit Consumer Credit Counseling Services. They can look at all your finances and advice you how to proceed. They even have debt management programs available.

Who should we turn to? Who should we trust?

If you have equity in your home..... roll the credit card debt into it. Rates are extremely low right now.

If you unsure about a company... research them on the Internet. Check if their articles of incorporation are active, contact previous clients, check website, licenses, etc.

Who should we turn to? Who should we trust?

I see 2 large problems, first your mortgage payment is way to high for your income, nobody should ever exceed 30% of their income for a mortgage payment and I am amazed that your lender let you do that.

Second is your credit cards, I would suggest calling Consumer Credit Counseling Services at 1-800-388-2227 they are the oldest and largest non profit credit counseling service in the nation and have offices in all major cities.

Who should we turn to? Who should we trust?

I would try to open up a home equity line of credit and use that money to pay off all of your high interest debt. The payments will be lower, and best of all the interest can be written off on your taxes, unlike your credit card interest.

I really do wish you the best of luck.

Who should we turn to? Who should we trust?

I agree, if you have equity you should look at refinancing, maybe for a longer term, to get rid of that credit card debt. That%26#039;s what%26#039;s killing you, the high interest rates. If you can re-fi, it%26#039;ll pull that monthly payment off your books (lower it substantially) and let you keep your head above water.

Beyond that, try to maximize income. Get a second job if you can, and put that directly to debt servicing, get it down at any cost.

Who should we turn to? Who should we trust?

Your debt ratio is too high to qualify for a refinance or HELOC....bad idea anyway....

Get tough....lose the cable.....lose the cell phone......somebody better delivering pizzas at night.....garage sale......lose the internet....sell the computer....have the kids clean the neighbors garage and give half to the household.....

You need to list your debts and decide which ones need to be paid......and focus on them one at a time.....

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.

A friend of mine is arguing that the credit symbol (Visa) on my debit card doesn%26#039;t actually %26quot;build%26quot; my credit. I%26#039;m telling her it does. That i can use my debit card like a credit and pay the money back. The money is drawn from my bank account because i have the money and im in debt to the bank. She%26#039;s saying it%26#039;s my money to begin with. If i didn%26#039;t have the money in my bank acount i%26#039;m overdrawn; being in debt to the bank anyway. She also argues that when u are in bad standing with a bank, it DOES NOT go on your credit; decreasing your credit score, giving bad credit. Correct me if i%26#039;m wrong, i%26#039;m only 17, still things about credit i don%26#039;t know, but i know i%26#039;m right on this.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

Debit cards only build credit with YOUR bank. If you want to build real credit get a credit card with no annual fees and freeze it in a bucket of water in your freezer. That way you don;t get in debt but at least you are building credit with time. :-)

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

I agree with your friend! However, over time, it MAY help to boost you credit rating

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

debit cards do not affect your credit

it is not a line of credit nor a loan

it is linked to your checking account if the funds are there it works otherwise declined transaction

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

A 17 year old is not old enough to enter into a legally-binding credit contract (which is what a credit card is). The Visa logo is only there so you can use the card at places that don%26#039;t take debit cards. I don%26#039;t think it does anything to your credit score.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

There%26#039;s NO SUCH THING as a credit rating! You can build up a credit %26#039;score%26#039; with your bank, and new banks will %26#039;score%26#039; you based on what you tell them. Only bad debt goes on a database for banks to make credit decisions. As far as your card goes, if it says %26#039;credit card%26#039; you will get a bill every month stating how much you owe etc. If it says %26#039;debit card%26#039; then the money comes straight from your account. I fully recommend you speak to your bank if you are unsure - if you leave it too late tou will muck up your finances and get into trouble. Please listen to a bank, not your friends.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

debit card logos just tell you what atm machines you can use . if your travelling , you have to find a machine with a same logo on in order to use it.

Can anyone explain to me how those debt-reduction companies work?

I%26#039;m about 10,000 dollars in debt, and despite trying, I am unable to crawl out of this hole. I do make more than my required payment on time monthly, only have debt on three credit cards, but my debt stays the same. I was thinking of one of those debt consolidation companies I see advertised on TV all the time, but someone told me they are a bad deal. Can anyone tell me how they work and why they are a bad deal?

Can anyone explain to me how those debt-reduction companies work?

They call the credit and try to negociate interest rate reductions and forgiveness of debts.

They usually charge a percentage for this.

You can do it yourself, and save what they charge.

Any debt that is forgiven, counts as income for your taxes, unless it is discharged in a bankruptcy. So that has to be considered.

Your best bet, is to contact a Bankruptcy Attorney, they can do the same negociations, and are a lot more honest about their fees. They can help even if you do not file for Bankruptcy. Usually, their initial consultation is free. They have more negociating power I think since they know the laws quite well, and collection agencies cringe at dealing with bankruptcy attorneys, since a bankruptcy can stay all their contracts and stop all collection efforts except through the bankruptcy court.

Debt Consolidation is a loan that combines all your payments into one, and you normally pay less per month, but a heck of a lot more inthe long run. They tend to keep you in debt longer.

Can anyone explain to me how those debt-reduction companies work?

They don%26#039;t will scamm you.

Got to a nationwide bank

Citi, Bank of America. Wells Fargo.

Talk to a loan officer and develop a program to reduce your debt

It will be free. The consolidations will pound you for eveyr cent you have

Can anyone explain to me how those debt-reduction companies work?

They consolidate your debt to put you deeper in it; with them. It%26#039;s just another loan. You may benifit by having one lowered payment each month but it will be over a longer period of time. You will pay more in the long run than you would if you paid for the debt you currently have. If you do not pay more than the minimum you will not get out of debt.

Can anyone explain to me how those debt-reduction companies work?

before going to them companies see if you can transfer your debt balance to a intrest free balance account,that way youl only be paying what you owe,you can try diong that a few times! thats what that finance guy on tv used to say anyway

Can anyone explain to me how those debt-reduction companies work?

To consolidate debts, you don%26#039;t need any helper company. You need to find good balance transfer offers that minimize your interest or, even better, talk to each of your current c/c companies to reduce your interest and offer additional credit line for transfer.

To reduce debts, you generally need a helper company. They negotiate with your creditors, trying to convince them to %26quot;forgive%26quot; you some part of your debt. Some creditors will do, if they believe that you can stop paying them at all. If this happens, the debt reduction company will take a good chunk of the money you save, and this whole deal will greatly damage your credit record, so you will be paying more for credit for years and years to go.

If you spend less than you make, keep making payments on time and talk to your creditors yourself, you will be out of this hole on your own.

Good luck.

Can anyone explain to me how those debt-reduction companies work?

Here is a website that may help. They can send you free email information on debts and how to improve your debt load with handy LEGAL tips. They also point you in the direction of reputable legal aid should your case merit one.

Can anyone explain to me how those debt-reduction companies work?

what they do is not pay your creditors for months and then try and settle for less. It will trash your credit and you will be treated as if you have filed bankruptcy if you try to get a home loan.

You can save the fees they charge to do this and do it yourself.

Also, If you use one of these companies and they don%26#039;t pay your debt. You, and you alone are still responsible for the debt. Your creditors will sue you and not the company you hired.

Can anyone explain to me how those debt-reduction companies work?

Under your circumstance,I suggest here for you to have a visit.http://debt-consolidation.featured-resou...

Can anyone explain to me how those debt-reduction companies work?

Tackling multiple credit card debts can be quite confusing and will require a lot of effort. Consolidation of various credit card debts is an obvious solution. But, finding a company which takes care of this task most efficiently is not an easy job. The five questions mentioned below will help you find a right credit card debt consolidation agency, which won%26#039;t burn a hole in your pocket and get you the best deal.

1. How professional they are?

Checkout the credentials of the credit card debt consolidation company. Did they help out customers with similar problems? Ask for references and contact them. Get a feedback about the company. Know about the professional expertise of the people involved in the company. This will help you gain confidence that your problem of credit card debt will be handled efficiently.

2. Is it non profit?

Yes, there are companies out there who offer free credit card debt consolidation help. Its your duty to find them out. These companies have people who don%26#039;t work for profit. The fact that they don%26#039;t charge you doesn%26#039;t mean that they are inept. Many such organizations are run by people who themselves were once a victim of credit card debt. They bring their genuine experience of tackling such problems. Lookout for one such company and get help without paying a penny.

Read more from: http://www.credit-card-gallery.com/artic...

All those people that want credit cards?

that are young and can%26#039;t afford to pay on the cards. Why do you get them? Do you read the fine print before signing up? Do you realize that if you don%26#039;t pay your debt to the credit card company, they will destroy your credit, the ability to get loans for cars, homes. Even a job or an apartment. Help me understand why you do this to yourselves, please!!!!

All those people that want credit cards?

i did it and i regret it, i suppose you apply for one really when it comes in post offering you one i aid to my self just for emergenies but it dont work like that before you know it you owe a large bill and find it hard to pay back i have just finished with mine and i am never going to have one again

All those people that want credit cards?

It is because our public school systems and parents fail to teach the lessons of financial responsibility and, more importantly, the ramifications of irresponsible financial behavior.

All those people that want credit cards?

Theres definately an eliment of %26quot;keeping up with the jones%26#039;s%26quot; these days, young people see the likes of the Beckhams et al with all sorts of designer goods and they want a piece of the pie, unfortuantely this ends up being to thier detrement when they find they cannot pay the money back, I think credit card companies are partly to blame tho, they should have stricter guidelines on who can and cannot get one and definately be stricter with credit limits, when i was 17 I was an out of work student but Barclaycard let me have a credit limit of 鎷?000 of which it took me nearly 5 yrs to pay off....hard work!!

All those people that want credit cards?

It%26#039;s too bad that you folks don%26#039;t have confidence in our young people. A few points: first off having credit card is not a bad thing. It needs to managed correctly, used for the right purposes and used responsibly. Secondly, debt on an overall scale IS A GOOD THING. It is good for the economy and economic growth of our country. Please refer to any economic books.

There are countless companies that are on the stock market and privately held that use debt to better there financial position. You have a %26quot;personal%26quot; financial position and that may require borrowing money.

Credit is one of the most important things regarding your finances and starting early is the best thing you can do.

I think that rather than spending time typing criticizing these young people, I think your time would be better spent directing them to some literature to help be responsible with using credit. There are many classes that can be taken for financial learning as well.

I just think that you guys have a bad approach, take it or leave it.

All those people that want credit cards?

Perfect Question!!!!!!!!!!!!!!!!!

Each and every coin has two sides. Like that there is a good and bad side of a credit.

I dont know what your age is but i think you are new to credit and you dont have a knowledge of What the Credit is?

Good Credit will always helps you to get the loans at lower interest rate and it is still depend upon the FICO score you got.

Bad Credit will affect adversely in the case above may be you will denied to have a loan and may be you will not get a job in the company who checks your credit and hire you for the job. If you have lower FICO score you will get higher interest loans and you will pay much more than the one with a good credit.

Above 94% of the individuals not read the Cardmember terms and agreements that comes in Fine Print. The reason behind this is they dont care too much initially when they are new to credit. Some of the terms and conditions you will not able to ammend with the agreement you sign up with the company. And overall the company keeps the right to change any Clause at any times without giving any reason behind it. This is the reason the people do not read the Cardmember agreement and terms of use of the credit.

Credit card companies nowadays very aggressive for the credit line they give to the individuals. They will try to get maximum money from you if you are default in payments with them. The best you can do in this case is to file a bankruptcy and get the reid of the Credit card bills. This will distroy your credit score and it will bring it to the lowest mark where you start your credit. But still you have a plenty of chance to make your credit good in long run.

All those people that want credit cards?

In my country thoes who apply credit card has to have a proper income or work to get the card . maybe some country don%26#039;t have the system, the requitment in my country to get a credit card is not easy as doing nothing

Best way to straighten out my debt?

ok i have several credit cards to pay off. the collectors are calling and some lawyers office is calling i think. theyre just trying to scare me.

i have a good paying job now and i want to pay it all off. what is the best thing to do...now they have turned it over to collection agencies? do i still pay the credit card company?

what is best for my credit....use debt consolidation or just pay them off? all together its under $10k. i want to fix my credit, it was good before this got out of hand...

Best way to straighten out my debt?

just let the collection agency know that you are willing to pay.., and let them tell the paying instructions..

Best way to straighten out my debt?

Pay the credit card company, if they will accept it. In some cases, they have sold the debt, so they can%26#039;t accept payment because you no longer owe them; you owe the collection company. The sooner you get something paid off, the soone it starts to recede into the mists of time. Creditors put a lot of weight on recent activity.

Best way to straighten out my debt?

pay off as soon as possible,charge offs as to collection agency%26#039;s

will appear as paid, but they will still be there.

Best way to straighten out my debt?

negotiate with the collection agency for 60 cents on the dollar %26amp; make them give you a letter that verything is paid in full.

then contact a firm to restore your credit score

Best way to straighten out my debt?

If it was sold to a collection agency than you have no recourse but to pay them. Prior to paying them tell them you would like to settle the debt but with the provision that is settled they will remove it from your credit report, by the way you want this in writing, if not it will although shown as paid, remain on your credit report as a detriment for 7 years.

Best way to straighten out my debt?

Contact me directly ASAP before you make the mistake of trying to deal with this yourself.

Patrick McCullough

Debt Analyst

irishmactx@yahoo.com

Best way to straighten out my debt?

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Best way to straighten out my debt?

Once you have decided to consolidate credit card debt, consult the professionals. There are various good credit card companies and banks, who can handle your request. Do your research before hand, so at the time of consolidating credit card debt, you are sure that it is beneficial for you. Check out for the hidden fees charged by various consolidation plans. A thorough research will save you money later on. http://www.freewebs.com/getanswer/Credit...

Do people run up huge debts on credit cards, just before they know they are moving abroad..Buy what?

one person i know who did it just bought clothes and jewellery and paid for all her groceries. no good buying anything huge if you are moving abroad.

trouble was they decided to come back here to live and now she cant get credit . i wonder why lol, people should consider that it might catch up with them.

.........although you can apply to have all the VAT refunded if goods you buy here are to be taken abroad, another of my friends who emigrated did that, was cheaper to do it that way for all their large items such as furniture and ship it rather than buy it when they got there.

If I have 21k in my 401k, how much will I get if I take it all out? I'm only 28?

I%26#039;m planning a cross-country move. I have worked for my currently employer for 6 years. My girlfriend gave me the ultimatum of moving out there so I must go. I don%26#039;t have a job lined up, but am confident something will happen once I get there. Thing is, my spending habits have been absolutely AWFUL and I only have a few thousand dollars and nearly 6k in credit card debt. I figure if I can make a mass withdrawal from the 21k I have in my fidelity 401k, I can pay off that debt and have cash to live if I don%26#039;t get a job right away. So my question is, being way under 59.5, how much could I get total after taxes and penalties, of that 21k? and is this just a totally bad idea to pay off my debts and make sure I have cash to live off of? I figure my 401k isn%26#039;t going to grow that much anyway. And yes, I sincerely do anticipate changing my spending habits for the better. I just don%26#039;t want to arrive there broke and with credit debt.

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

You would pay a 10% penalty so $2,100 plus the 21,000 would be added to your income for the year which means you would pay regular tax on it as well and probably at a higher tax rate than you other wise would. Fidelity will be required to take out 30% to pay taxes and you would need to wait until you file the years tax return to get back any overpayment, or of course pay any underpayment. This means you would currently recieve $21,000 - 2,100 - 6,300 = 12,700.

This is a bad idea if you must move I suggest you see how far you can go on the money you have and only do this as a last resort. You may get lucky and find a job quickly and not need to take this money out at all. At that point you have a choice of leaving the money in the 401k or rolling it into an IRA tax and penalty free, of course the money still would have the same penalties if you take out before 59 1/2.

By the way when you say this money won%26#039;t add up to much anyway, if you figure an 8% average growth rate which is below the S%26amp;P 500s average growth of about 10.4% you would have $334,000 by the time you turn 64. Not that small a sum of money. At the average 10.4% it is close to $650,000 at 64 thats the magic of compounding. You have done well to start early with your 401k you should do your best to keep it. Remember even though these sums sound like a lot inflaition is compounding also so great start but you still need to keep working and you should try your best not to have to start over.

Good Luck

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

As told, you would pay about 40% in taxes. As far as your girlfriend, you can always get a new one and keep your job.

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

My friend please don%26#039;t go ...if she gave you an ultimatum that equals divorce or breakup in the long run....you gotta list the pros and cons of the situation. if you go and she breaks up with you ,man your screwed......you%26#039;d lose everything...your asking for help on here ..which means you gut is telling you to stop and think about this,,,plus no job credit will be ruined...you will become a diffrent person.. a person she wont like ...ive seen it happen to many times...and to myself also...The best answer is to find a new girl...trust me dont make a mistake like the rest of us...shes not worth it ...and if she willing to ruin you like that .and control you ...control will be a big issue lol....no job no money maxed out credit ....she will own your balls....just dump that death trap ...good day

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

postpone the wedding and see if it is true that distance make the heart wonder or fonder == mean while keep you job and get you debts under control == no one should make a major change like this heavy in debt == but back to your original question since love is blind == off the top of my head lets say 2100 for fees plus taxes maybe you would net 14K!!!