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Home > Author Archives: Steve Rhode (page 691)

Author Archives: Steve Rhode

Banks, Wall Street, and Mortgage Companies Screwed Consumers And Now Want to Leave You Hanging

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I just watched the CNBC special “House of Cards” about the inside of the mortgage industry, rating agencies and the Wall Street banks that pumped loans to consumers that they knew people could not afford. And now that we are faced with a national foreclosure crisis, the very same banks and lenders now won’t workout arrangements to allow people to ... Read More »

    I Have Several Credit Cards That I Haven’t Been Able to Pay On. – David

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    “Dear Steve, I have several credit cards that I haven’t been able to pay on, I am currently paying on one of them, Im just now starting to get calls from lawyers for collection. My wife and I also have a time share that we havent been able to use let alone afford, we havent made payments on that either. ... Read More »

      Mortgage, Bankruptcy, Nonsense

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      Not that long ago I wrote again about the pleas from banking to not allow bankruptcy judges the authority to modify mortgages, in limited situations, to allow people to stay in their homes and avoid foreclosure. See “Mortgage Bankers Association. A Bunch of Whiny Bitches?“. Today an article in the Wall Street Journal has got me going again. Todd Zywicki ... Read More »

        I Don’t Have a Job to Pay My Debts. What Should I Do? – Reanna

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        Reanna “Dear Steve, I don’t have a job and I am currently 1,000 dollars in debt with my bank and credit card. I owe 500 dollars to each. What should I do? Reanna” The Answer   Dear Reanna, I’m thinking that getting a job would be the right answer here. If you were making an effort and still not able ... Read More »

          I Just Needed to Laugh

          Living through money troubles and debt is stressful and depressing. I’ll never forget my days in the pits of debt hell. Ironically I seem to live those emotions every day when i answer your questions. I’m too much of a softy, I still feel the pain and have compassion for all in trouble. But luckily when it gets to be ... Read More »

            Are Muzak and Sirius XM Radio, Better Than You?

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            I was reading the latest news about the bankruptcy filing of Muzak, the elevator music people, and the new merged company of Sirius XM, the satellite radio people. Sirius XM has not filed Chapter 11 bankruptcy just yet but it looks like they will any day now. It has always struck me as odd that we applaud business for using ... Read More »

              What is the Damage to Our Credit Report if We Settle a Debt for Less Than the Full Amount? – Lara

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              Lara “Dear Steve, My husband and I have over $45,000 credit card debt. Our income has been seriously reduced by about 65% lately. We are thinking of best ways to reduce debt amount or get payment plans over a period of 5 years. If the creditor decides to accept to settle the debt for less it will appear as settled ... Read More »

                I Want You to Meet Who You Helped Today – German Coronel

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                It is important for you to meet who we helped today through this site. As I mention, all over the place, revenue from people clicking on ads and using the service of advertisers is used to help sponsor people in poverty through Kiva. Please visit or use the services of advertisers on the site so we can help more people. ... Read More »

                  I’m a College Student and Gotten Myself in Very Bad Credit Card Debt. – Meredith

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                  “Dear Steve, I am a college student and gotten myself in very bad credit card debt. It is so easy to get a card and I have managed to run up a debt close to $10,000. I had three credit cards; I have gotten rid of them, can’t use them, but still owe the debt. How do I get rid ... Read More »

                    I’ve Depleted My Savings, Creditors Are Calling And I Feel Like a Criminal. – Avria

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                    “Dear Steve, Early in 2008, I had a sudden turn of events. I had to quit my job due to health problems and lost half of my household income when my ex and I split up. I had just bought a new car and signed on to what would have been smart loans to transition into a more comfortable state ... Read More »

                      How Can I Negotiate a Lower Balance to Pay Back My Credit Cards? – David

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                      “Dear Steve, I’m several months behind on several credit cards. Now have money to pay them off through a loan I got on my house. Can I negotiate a lower payoff with the credit card companies? David” The Answer   Dear David, Technically, yes, but watch out. Your creditors are going to play you and lie to you. They are ... Read More »

                        I Have Eleven Cards I Want to Close Some But Should I? – Ariel

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                        Ariel “Dear Steve, I have 11 credit cards with zero balances and want to close them and keep paying out my other 5 open credit cards. if I close these 11 will it hurt my credit score or should I close them regardless? Ariel” The Answer   Dear Ariel, Your question brings up the greater issue of do we need ... Read More »

                          I Need to Put My Debt Behind Me. I Have No More Money to Make Payments. – Chris

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                          “Dear Steve, I turned my car in about a year ago. I have perodically made small payments to a collection agency. This loan was through Capital One Auto Finance. The reason for turning the car in was it was costing me more to keep it running than I could afford. This was a nice car with very few miles and ... Read More »

                            I Want You to See Who You Helped Today

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                            I thought it was important for you to meet who we helped today through this site. As I mention, all over the place, revenue from people clicking on ads and using the service of advertisers is used to help sponsor people in poverty through Kiva. The reason I give money to Kiva to help people all over the world is ... Read More »

                              Mortgage Bankers Association. A Bunch of Whiny Bitches?

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                              So in the Wall Street Journal the Mortgage Bankers Association answered a op-ed about the need for bankruptcy mortgage modifications with the following response. In “Loan Modification Can Stop the Foreclosure Crisis” (op-ed, Jan. 30), Rep. John Conyers shortsightedly calls for allowing unelected bankruptcy judges to unilaterally modify mortgage contracts to help keep borrowers out of foreclosure. Mr. Conyers talks ... Read More »

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