Question: Dear Steve, I have 25K in high-interest credit card debt. What’s the best loan to take care of it? Personal vs. home equity? Or what would you suggest? I do not know the best way to pay it off or down to a manageable level. Any help you could provide will be greatly appreciated. … Read more
Question: Dear Steve, I have about $70,000 credit card debt. I finally got a reliable full-time job and could make about $2500 to $3000 monthly towards it, but the interest rates are killing me. I’ve never had a late payment, and the only thing bad on my credit report is my debt ratio. I’m in … Read more
Question: Dear Steve, Over the last year – two years, I have found myself to be in a huge debt hole. I can’t even say exactly how I got here or why I went down the path that I did. Since 2014, we have slowly maxed out our credit cards, and then in late 2019 … Read more
Question: Dear Steve, Hello, and I want to say thank you for helping us. Here it is in a nutshell: I’m a 75-year-old woman. My husband is 72. We met late in life, and we have no children. We have an apartment in a rent-control property, and we own a property that gives us a … Read more
The highly respected and well-regarded financial expert Ray Dalio had published a video back in 2018 about his Principals for Success. What utterly amazed me was how much he says also applies to people trying to get out of debt or dealing with bad debt. I’ve embedded the video above, but here are the key … Read more
Question: Dear Steve, I incurred a credit card debt of about $9,000, and I stopped making payments on this card. I signed up with a large debt consolidation company and made monthly payments of $250 toward my escrow account. My credit keeps getting hit every month because the debt consolidation company and the credit card … Read more
Question: Dear Steve, I earned a pretty good living in the healthcare field and was paying my debt, saving and investing well until a family illness struck last July. My Mom was hospitalized and sent to hospice due to heart failure. I took time off work to be the primary caregiver to care for my … Read more
Question: Dear Steve, I owe 46,000 on 3 credit cards, with a monthly combined payment of 930.00, and the monthly combined interest of 464.00. I get debt consolidation offers in the mail which I have thought of using, but I am not sure they are legitimate. I have thought of trying to get a second … Read more
The holidays are done, the gifts have been unwrapped and all you’re left with in the new year is a big fat credit card bill. From gifts to holiday parties to flights to family, it’s easy to spend more than you were anticipating in the span of a few short weeks. But don’t worry — … Read more
Question: Dear Steve, I owe at least 60k on credit cards, 35k on a truck, 100k on a 30 yr fixed mortgage. House mortgage and insurance cost per month are about 1300, car note 630; credit card payments almost 1500. Our net monthly income is 4000 for a family of 5. after asking a debt … Read more
Question: Dear Steve, I have $25,000 in credit card debt. I am not behind on my payments, my son is going into high school and I am turning 56. I want to pay off the debt as quickly as possible and start to save money for college and retirement. Mika Answer: Dear Mika, I applaud … Read more
Question: Dear Steve, Just retired in after 26 yrs. in NYS Corrections as an officer, wife left me 2017, finalized divorce in 2019, have $17,800 on 2 credit cards that are in divorce settlement that I have to pay off in minimum of 3yrs, (plus gave $25,000 to sign off on house, remortgaged house), and … Read more
Question: Dear Steve, I was just sued by one of my credit cards and another isn’t too far behind. They are all wanting to set up payments, but I can’t financially do it. I feel like I am treading water all the time. I don’t know what to do. What to do when all the … Read more
Question: Dear Steve, My husband and I both went to school about ten years ago. He has federal student loans ($30k-ish) and I have both federal student loans (40k-ish) and private student loans (30k-ish). We are both currently enrolled in school again, full time online. So all of his and my federal student loans are … Read more
Jordan Weissmann over at Slate posted this article recently. Weissmann was in somewhat disbelief that the post “Debt: A Love Story” could be a truthful representation of a couples financial condition. “To be entirely honest, I didn’t really believe the Kate and Tom story was real when I first read it. It was just too … Read more