The Get Out Of Debt Brain Trust is made up of other personal finance bloggers who help to take a new look at a debt related topic and offer their point of view and feedback.
Quick Answer: Having and using a credit card is a privilege, not a right, according to personal finance experts who emphasize that credit cards are services granted only to qualifying applicants. Credit card companies evaluate applicants based on credit history and financial responsibility, often declining those without established credit or offering high interest rates to …
This weeks personal finance brain trust question was:What goes through your mind when people say that they HAD to use their credit card to get by? Is using a credit card when you can’t afford to pay a smart or necessary thing to do?WC – A 27-year-old writer living in Chicago and writing about personal …
Quick Answer: Debtors should have rights to fair loan modifications and responsive communication from lenders, as demonstrated by Bank of America’s program that only emerged after state lawsuits over predatory lending. Most lenders remain unresponsive to consumers seeking sustainable payment plans to avoid foreclosure and bankruptcy.This weeks brain trust question was:Question:Bank of America is proudly …
Quick Answer: Personal finance experts generally recommend prioritizing debt repayment over savings since credit cards charge 16%+ while savings accounts pay 4% or less, making debt reduction a better financial return. However, religious tithing should be treated as an essential expense like food or medical care, though kept at sustainable levels during debt repayment.This weeks …
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Think of this as me — just in AI form. I've walked in your shoes. I filed bankruptcy myself in 1990, and in over 30 years of experience I haven't seen a situation that can't be worked through or a person who deserves judgment. Everything here is built on that experience, that research, and genuine care for you. I can't be there in person. But I can be here.
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