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Ask The Get Out of Debt Experts

Should I Use My IRA and Tax Money to Pay Down Debt? – Tim

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“Dear Steve, My wife and I have accumulated considerable credit card debt ($70K)while she was out of work for 5 plus years while raising 4 children. I have approx. $120K in a SEP IRA. I am 47 years old and my wife and I combined make approx. $150K per year. I owe $190K on my mortgage, house is worth approx. ... Read More »

    Citibank Lowered My Credit Score. – Robert

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    “Dear Steve, Citi Bank recently raised my interest rate from 9.5 to 29.99, even though I had a perfect payment record. This raised my monthy payment from $300 t0 $750 per month. I called them, and they agreed to return my interest to 9.5 if I agreed to not use my card and allow them to draft the $300 from ... Read More »

      What is the Fastest Way to Get Out of Credit Card Debt? – Joseph

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      “Dear Steve, I have 4 credit cards with the total of $20000. What is the fastest way to get out of these credit card debt? Been paying the minium payment for a long time. even consulted with companies but not sure they are a good solution in terms of how it will effect my credit. Joseph” Dear Joseph, The quickest ... Read More »

        Bank of America Close My Father’s Line of Credit. Is There a Class Action Suit About This?

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        “Dear Steve, My father had a line of credit with BofA and they canceled with out notice They had no just cause. No late payments on the account or anything else. I read there was a class action lawsuit against BofA. I can’t find that article or any info on it. I believe the law firm is out of the ... Read More »

          Can I Get a MasterCard After Bankruptcy? – Cassandra

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          Cassandra “Dear Steve, My debt was discharged is 2003. Recently I have had 6 negative accounts and 1 negative public record (Child support) deleted from all three credit reporting agencies. I do have four installment loans (federal, private school loans) and one fashion store card both being paid on time and in good standing. My credit score is 660 and ... Read More »

            Money Management international Gave Me a Monthly Payment That is Too High For Me. – Valeria

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            Valeria “Dear Steve, After reading your section on completion rate, I am terrified of consolidating my loans. Sounds like you are happier with bankruptcy and I don’t think I need to go that route. I am about $50 thousand in debt. I can no longer make payments on one of my credit cards in order to get gas and groceries. ... Read More »

              I’m Supposed to Pay Her Student Loan But Can’t. – Stoney

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              “Dear Steve, I am on unemployment and divorced and in the agreement I had to pay her student loan. First off she said it was mine but I never had a student loan when I went to school . I have been unemployed for over 6 months and all the websites I have visited want the person whose name is ... Read More »

                I Think My Student Loan Will Be Cancelled By My Bankruptcy. – Decker

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                “Dear Steve, I am in the process of filing for bankrucpty. It is to be ofically discharged next week. I have a student loan that I was told could not be discharged, however the loan center is reporting to the credit companies that my loan is in forbearance and included in the bankrucpty. I was told by the attroney at ... Read More »

                  Is Credit Counseling Worth It? – Ross

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                  “Dear Steve, We have about 60K in secured and unsecured debt. Credit cards are about 40K, student loan 10K, and the rest is a timeshare loan at 10K. We also have a tax debt and will owe taxes again this year. I work on a temporary contract basis making 70K/year, but that will end later this year and there’s no ... Read More »

                    Should I Use a Debt Consolidation Company to Make One Payment Each Month?

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                    “Dear Steve, I am 25 years old and have $10,000 in bad debt all of the debt has been sent to collections. I want to get all of this paid off in a year. I moved back home inorder to be able to pay this off. The reason I am in so much debt is due to legal troubles and ... Read More »

                      My Mortgage Company Left Me Liable for a Deficiency on My Short Sale. – Karen

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                      “Dear Steve, I short sold my home and lender left me liable for deficiency, I did not learn this until after the fact. Lender says it may or may not pursue. My credit outside of my home situation is (was) perfect. I expect my previous excellent credit history and the fact I still have a job make me a candidate ... Read More »

                        My Social Security Check Will Be Garnished for a Student Loan I Did Not Take Out. – Verna

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                        “Dear Steve, My child took a student aid loan in 1996. I was contacted today by a collection agency stating that they will garnish my soc.sec.disability check if this loan is not paid. I did not take this loan out even though it is in my name. The collector stated that I must press charges against my child for this ... Read More »

                          Should We Make a Deal With Chase Bank on Repaying Our Debt?

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                          “Dear Steve, My husband has a credit card with a $10,000 balance and interest at 23%. needless to say it is impossilbe to get the balance down. he was also laid off last year which doesnt help. i am interested in making a “deal” with Chase if its an option. we have been late on a couple payments over the ... Read More »

                            “How Do I Go About Making My Credit Score Better” – Antoine

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                            Antoine writes in to the Get Out of Debt Squirrel and asks: I don’t have credit card dept of any kind. I’ve never filed bankruptcy. I have bills on my credit report some of them I’m unaware of and the others are overdue bills. How do I go about solving the problem to get it off my credit report? How ... Read More »

                              How Can We Easily Pay Off Our High Interest Rate Debt? – Dea

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                              “Dear Steve, We have high interest rate credit cards totalling $60,000.00 that we need to pay off. We own a home. We think it would appraise for about $250,000 & we owe$198,000. We own two 2002 vehicles. We would like to get rid of the credit cards expect one a piece with a low limit. We are both full time ... Read More »

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