A Look at Borrowing, Repayment, and Bankruptcy Rates by Age

Household debt balances increased in the third quarter of 2018, a seventeenth consecutive increase. Total debt balances reached $13.51 trillion, a level more than 20 percent above the trough reached in 2013, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. With today’s report we … Read more

Why Dave Ramsey Fans Need to Think for Themselves

Yesterday on Facebook I posted a link about this recent article, How to Borrow Your Way Out of a Student Loan Default and Lower Your Payment. I thought the article was filled with some really important advice about how to get your federal student loans out of default and avoid being sued, having tax refunds … Read more

It Was Surprisingly Easy to Settle Our Debt with Chase Bank

“Dear Steve, We have negotiated a $6,000 one time settlement with a CA (Client Services, Inc – St. Charles, MO) who are representing Chase. Chase charged off our credit card debt ($26,000) one month ago after 6 months of non-payment, but they still own the debt. We had tried to settle with Chase for $10,000 … Read more

We’ve Borrowed From Life Insurance and Profit Sharing and Still Underwater. – Julie

Three years ago, my husband lost his job. He spent about 8 months on unemployment at which point a friend of his offered to train him in the field of Medical Recruiting. He was led to believe it would be easy money and one placement would equal 2 months salary or more in other fields. … Read more

Should We Borrow From 401k and Life Insurance to Settle Our Debt? – Moke

“Dear Steve, My wife and I are 81K in unsecured debt and 5K in back taxes. All the unsecured debt is now reflected as judgements. We are now both facing garnishments. We are both working and have a yearly combined gross income of about 110K. We own a home and are paying off two cars. … Read more

I’m Borrowing Money to Pay My Credit Card Bills. What Should I Do? – Lowell

Lowell “Dear Steve, I am barreled into credit card debt. I am current but only because I am borrowing more to pay current bills. It is about to come to an end though because cc co have reduced my limits. What is best way back to normalcy? Lowell” Dear Lowell, The best way back is … Read more

We Moved for a Great Job But My Husband Became Ill. – Seree

“Dear Steve, We recently moved for my husband to get this great new job. Was not a great new job–My husband began to have physical illnesses due to the stress and he is a strong man. The the great new boss changed his job…all of the sudden we were making half the money. I began … Read more

Should I Borrow From Family Member to Settle My Debt? – Charese

“Dear Steve, I live in California and a judgement has been entered against me for a credit card that was in collections in 2003. I set up stipulation payments, but I’m unemployed with no compensation. I have not made a payment for 5 months. I contacted the woman that handles my account by mail and … Read more

How to Start Your Own Successful Business With Little Money

Tired of the 9 to 5 grind? Considering going into business for yourself? You’re not alone. Millions of people have a similar dream. A few brave ones take the next step. Unfortunately, for many, the dream can turn into a nightmare quickly. The U.S. Small Business Administration statistics show that well over half of all … Read more

How Should I Borrow? The Pros and Cons of Different Types of Loans and Debt Solutions

If you’re in debt you may have considered borrowing to consolidate your payments, lower your interest costs or even to stay afloat a little longer. Before you borrow, consider your options carefully. No matter how attractively some loans are marketed, they can’t solve your debt problems. The only way to do that is to spend … Read more

I Want Bank of America to Leave My Interest Rates Alone. – Debbie

“Dear Steve, I have overextended on my home equity line my condo is not worth the money now. I have been working overtime as much as possible to keep paying bills I borrowed 10,000 from my 401k to cover some of the debt and 5,000 each from 2 friends of mind now the interest rate … Read more

Should I Use a Debt Settlement Company?

“Dear Steve, Have a total of $74,000 debt to 5 different credit companies. My mortgage payments went double because of variable rate. I am current with my payments. Cannot pay my credit bills anymore. I want to settle with them. I can borrow around $ 22,000 from close relatives and selling some stuff. My questions … Read more