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I Have $120,000 in Credit Card Debt. Can I Eliminate That With Debt Invalidation? – Isabel

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Isabel “Dear Steve, I have $120,000 in credit card debt. This is due to a 3 year court case and paying attorney bills by credit card. My credit rating is 670+ and I have no late payments despite my 72% debt to income ratio. I am considering debt consolidation, debt elimination or debt invalidation. I don’t want to hurt my ... Read More »

Can I Really Use a Balance Transfer Deal to Get Out of Debt? – John

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“Dear Steve, I have one credit card with a balance of $22K and an 8.5% interest rate. I want to pay it off in the next 2 or 3 years or so. Would it make sense to do a balance transfer to another card that is offering 0% APR on all purchases and transfers until January 2010 and then 9% ... Read More »

Can I Trade My House In For a Smaller One Instead of Losing it in Foreclosure? – Hollis

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Hollis “Dear Steve, I am severly under water financially having lost a second income. Now my house is upside-down by probably $80K, both my credit cards are topped out and I owe $40K on those and I have been advised to declare chapter 7 bankruptcy. My retirement savings have plummetted because of the volitility in the market, so there is ... Read More »

Your God Loves Debtors

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So many people tell me about how ashamed they feel about their financial problems. They feel like losers, cheats or just bad people for not being able to honor their repayment promises. It is truly unfortunate that people find themselves in money trouble with debt casting a huge black shadow over their life as far as they can see. But ... Read More »

We Have $225,000 in Credit Card Debt. – Jane

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“Dear Steve, My husband is on disablity ($1300 per mo) and I am employed and take home about $3,000.00 every 2 weeks. We have $225,000 in credit card debt. Although we have not been late on a payment, we have been borrowing from Peter to pay Paul and can’t go on much longer as our monthly payments now total $4,800. ... Read More »

My Friend and Fellow Motorcycle Rider is Worried About Getting Laid Off

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The economic blues are hitting more and more people. I just learned that a friend of mine who works at a Bridgestone tire plant is on the bubble for the next wave of layoffs. My friend and fellow Suzuki Burgman rider is known as the Smyrna Cowboy and he publishes a regular vlog on riding and life. And by the ... Read More »

We Lost Our Home in Foreclosure And Now The Banks Wants $56,000 From Us That We Can’t Pay. – Trevor

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Trevor “Dear Steve, Several years ago my wife and I lost our home to foreclosure in NC. The bank sued us for a deficiency judgment which of course we were unable to pay, because we could not even keep up the house payments despite emptying our life’s savings. Today, four years later, this judgment still hangs out there, gathering enormous ... Read More »

What Do We Need to Do to Consolidate Our Debt? – Ayanna

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Ayanna “Dear Steve, My husband and I just got married, together we owe about $60,000. They are all in collections, due to job losses, unemployment, and only one of us was working. We both now have jobs, and would like to consolidate. What do we need to do to consolidate our debt? Ayanna” Don’t miss our free Get Out of ... Read More »

Big Boy Home Builders Being Taken Down By Banks

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It a time of financial uncertainty many people, of all walks of life and income ranges face trouble. We normally think that only middle class or poor people suffer from debt problems. That’s just not true. Previous high income earners are impacted by troubles as well. Former Wall Street employees are now looking for entry level jobs at $8 an ... Read More »

How Can I Save Money and Get Out of Debt at the Same Time? – Rob

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“Dear Steve, I read an article that said if you want to pay down your debt quickly, it is ridiculous to try to save money at the same time . You should put all available funds into debt reduction so that you can snowball your payments and get out of debt faster. The conventional wisdom is to build your emergency ... Read More »

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