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Dump Your Debt: Don't Borrow & Pay it Down! | Forum profile
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Forum profile page for Dump Your Debt: Don't Borrow & Pay it Down! on http://www.clarkhoward.com.
This report page is the aggregated overview from a single forum: Dump Your Debt: Don't Borrow & Pay it Down!, located on the Message Board at http://www.clarkhoward.com.
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Posting activity on Dump Your Debt: Don't Borrow & Pay it Down!:
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Dump Your Debt: Don't Borrow & Pay it Down! Posting activity graph:
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Top authors during last week:
user's latest post:
Curadebt Co. - Forums powered by...
Published (2009-11-26 12:16:00)
Forget all debt settlement companies. They take your money and let all your debts go 90+ days past due. Then they make lowball settlement offers. Not only will this trash your credit but most credit card companies refuse to play and will sue you. The settlement company won't be helping with the court case. Instead check into a NFCC credit counseling company. These are legit, non-profit companies who offer debt management plans for a...
user's latest post:
paying off debt/stopping credit...
Published (2009-11-27 18:20:00)
If you can't control your spending on your own, not a good idea to borrow from relatives. If you cut up the cards, you can't use them. You can still pay the bill, you don't need cards for that. Give them to your relative who is lending you the money if you can't control yourself and only get them back after you have learned to live on a cash basis for a while. Freezing your credit, only means that you can't apply for...
user's latest post:
WHAT TO DO? - Forums powered by...
Published (2009-11-25 09:44:00)
A little more info is needed. In general, you should pay off the ARM loan. What no one here knows is where that leaves you. If this leaves you with no savings, bad plan. Have at least 10K in the bank before you make this move. Then you must save all of the add cash flow until you have 6 months in savings. Other items not discussed your age your retirement funding children? You can see many variables go into making a good decision. A society...
user's latest post:
Student Loan disaster - Forums...
Published (2009-11-21 09:46:00)
He was studying engineering and didn't finish because he didn't feel like it I guess. This all happened before I met him. He currently works at a distribution center and makes $15.50/hr. He won't get a second job b/c his parents have given him anything and still do. He doesn't think he needs another job, he says the bills are fine they get paid. But we live paycheck to paycheck and I have never had to live like this and it...
user's latest post:
Unlocking the mystery of credit...
Published (2009-11-23 17:30:00)
Since the Amex card is the one you have had for the longer period of time, you would be wise to keep it open and use it two or three times each year and pay the amount charged in full at the end of the month. In that way you will have no concern about the interest rate and the length of your credit history, which is a factor in credit scoring, will not be compromised.
user's latest post:
Debt collector. Need advice -...
Published (2009-11-19 16:41:00)
If you could elaborate on this I would appreciate it. I am in unknown territory. Have never owed anything or not paid a debt before. I am irritated that I signed without reading the agreement, (which was very large) without reading it fully, and that the company was deceptive in their sales tactics. But now I want to know will it get me in a lot more trouble if I ignore it and do not pay. What are the consequences of doing so. If you know...
user's latest post:
CC judgement - Forums powered by...
Published (2009-11-19 16:04:00)
All it says is installment order entered for $150/month. I'm just wondering if the CC company can raise that amount.
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Latest active threads on Dump Your Debt: Don't Borrow & Pay it Down!::
Started 3 days ago (2009-11-26 12:16:00)
by opiesmama
Forget all debt settlement companies. They take your money and let all your debts go 90+ days past due. Then they make lowball settlement offers. Not only will this trash your credit but most credit card companies refuse to play and will sue you. The settlement company won't be helping with the court case. Instead check into a NFCC credit counseling company. ...
Started 3 days, 1 hour ago (2009-11-26 10:43:00)
by wmj
Your post raises some red flags. That you are worried about what you can do to not get into the same shape says that you have not learned your lesson from carrying so much debt. You don't say how much debt you have how it breakd down, what you incurred the debt for, or how it compares to your income. However, that you are going to a family member rather than a bank ...
Started 4 days, 4 hours ago (2009-11-25 07:23:00)
by 1character
If you pay this off, will that leave you a good 6 to 9 months of emergency funds? I never would take my emergency funds to pay off such a low interest debt. Why not look at your budget and finances and see if you can start throwing some extra at this while it is still at this low rate and get it paid off, then if rates rise, you can then determine how much you ...
Started 4 days, 21 hours ago (2009-11-24 14:37:00)
by opiesmama
First, paying off derogatory items on your credit report won't improve your score. The damage is already done and will remain for the balance of the 7 year reporting period. However, creditors look at more than just your score. They review your entire credit report. Paid old debt always looks better than unpaid. Second, get any settlement/payment agreement in ...
Started 5 days ago (2009-11-24 12:09:00)
by fuzzbutt
Unless you have a better solution, take the offer. "Don't believe everything you think." Fuzz
Started 3 weeks, 1 day ago (2009-11-06 15:15:00)
by gr7070
> > > I have run a typical ramp-up amortization schedule...and we could pay off most of it in 3-years. But, the amount of money it eats up out of our monthly income is fairly large.
Started 1 week, 2 days ago (2009-11-20 08:36:00)
by fuzzbutt
Cheer up. 6.25% isn't a bad rate. When you consider the tax deduction and inflation the real cost isn't all that much and isn't like you didn't get something for the money. As far as making a dent, it's a snowball thing. You are paying it down and with each reduction of the balance more of the next payment goes to principal and less to interest, that becomes ...
Started 5 days, 22 hours ago (2009-11-23 13:41:00)
by opiesmama
That 3.9% rate sounds like it was a special offer that you convinced them to give you when you missed the opt out date for a rate increase. When you made the late payments, you lost that special offer rate. You can try to find another credit card with a low rate and do a balance transfer. However, if this is a large balance, you may have problems finding a new ...
Started 5 days, 15 hours ago (2009-11-23 20:34:00)
by opiesmama
I didn't see a NFCC membership on their website. I recommend you stick to NFCC member credit counseling services.
Started 5 days, 19 hours ago (2009-11-23 16:47:00)
by Jav3472
just an idea but have you contacted them offering a settlement but on the condition that they remove all negative postings to your credit? Sample letter at the following link: http://www.debtconsolidationcare.com/letters/sampl e25.html
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Hot threads for last week on Dump Your Debt: Don't Borrow & Pay it Down!::
Started 1 week, 1 day ago (2009-11-21 03:34:00)
by chirple
Husband needs to put that expensive education to work and find a good paying job, perhaps one in the many fields that have student loan forgiveness/payment options. Put every spare penny into paying that loan off. My student loan debt was similar, over $75,000. It took 10 long hard years of work, but I paid it off last month!!! I even got a $31 refund check just ...
Started 3 days, 1 hour ago (2009-11-26 10:43:00)
by wmj
Your post raises some red flags. That you are worried about what you can do to not get into the same shape says that you have not learned your lesson from carrying so much debt. You don't say how much debt you have how it breakd down, what you incurred the debt for, or how it compares to your income. However, that you are going to a family member rather than a bank ...
Started 1 week, 2 days ago (2009-11-20 08:36:00)
by fuzzbutt
Cheer up. 6.25% isn't a bad rate. When you consider the tax deduction and inflation the real cost isn't all that much and isn't like you didn't get something for the money. As far as making a dent, it's a snowball thing. You are paying it down and with each reduction of the balance more of the next payment goes to principal and less to interest, that becomes ...
Started 5 days ago (2009-11-24 12:09:00)
by fuzzbutt
Unless you have a better solution, take the offer. "Don't believe everything you think." Fuzz
Started 5 days, 22 hours ago (2009-11-23 13:41:00)
by opiesmama
That 3.9% rate sounds like it was a special offer that you convinced them to give you when you missed the opt out date for a rate increase. When you made the late payments, you lost that special offer rate. You can try to find another credit card with a low rate and do a balance transfer. However, if this is a large balance, you may have problems finding a new ...
Started 5 days, 19 hours ago (2009-11-23 16:47:00)
by Jav3472
just an idea but have you contacted them offering a settlement but on the condition that they remove all negative postings to your credit? Sample letter at the following link: http://www.debtconsolidationcare.com/letters/sampl e25.html
Started 3 days ago (2009-11-26 12:16:00)
by opiesmama
Forget all debt settlement companies. They take your money and let all your debts go 90+ days past due. Then they make lowball settlement offers. Not only will this trash your credit but most credit card companies refuse to play and will sue you. The settlement company won't be helping with the court case. Instead check into a NFCC credit counseling company. ...
Started 5 days, 18 hours ago (2009-11-23 17:30:00)
by carriemuller
Since the Amex card is the one you have had for the longer period of time, you would be wise to keep it open and use it two or three times each year and pay the amount charged in full at the end of the month. In that way you will have no concern about the interest rate and the length of your credit history, which is a factor in credit scoring, will not be ...
Started 4 days, 4 hours ago (2009-11-25 07:23:00)
by 1character
If you pay this off, will that leave you a good 6 to 9 months of emergency funds? I never would take my emergency funds to pay off such a low interest debt. Why not look at your budget and finances and see if you can start throwing some extra at this while it is still at this low rate and get it paid off, then if rates rise, you can then determine how much you ...
Started 4 days, 21 hours ago (2009-11-24 14:37:00)
by opiesmama
First, paying off derogatory items on your credit report won't improve your score. The damage is already done and will remain for the balance of the 7 year reporting period. However, creditors look at more than just your score. They review your entire credit report. Paid old debt always looks better than unpaid. Second, get any settlement/payment agreement in ...
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