Comparing a Refinance
by Gary Foreman
Dear Gary, My husband and I want to refinance our mortgage and add a credit card debt. We owe $44,000 on our mortgage at a rate of 7 1/8% and we have 11 years left. We want to add a credit card debt of $17,000 at a rate of 9.99%. The best mortgage rate that I have been able to find is a 15 year fixed at 6.25% with a fee of $1161 and no points. Would we be wise to refinance? Thanks. I hope you can help me with the answer or point me in the right direction.
Love Is Blind, But Creditors Aren't
by Gary Foreman
Dear Dollar Stretcher, I am getting married next year and have a question concerning our individual credit histories. I have good credit and my Fiance does not. I have worked hard to maintain a good credit rating, paying more than the minimum amount due each month. My Fiance however is not good at paying his bills and unfortunately his credit is suffering because of it. If we get married will whatever he has owed previously (before me) affect my credit or not? I don't want responsibility for something I had no involvement in. I understand that whatever we do together after we are married is "ours" but what about before? Can you please tell me what is right?
Harassing Collection Calls
by Gary Foreman
Dear Dollar Stretcher, My husband and I have one credit card debt to the tune of about $3,500. I cancelled the account so we can't charge any more. We have been making payments of $100 every month, which is well below the minimum payments that the credit card company requests. They call nearly every day, most often more than once...Is there any way we can stop the phone calls? Are we breaking the law by not paying the entire minimum payment?
Debt Collection
by Gary Foreman
Dear Dollar Stretcher, I had an outstanding judgment against me for $1,000 to pay off an apartment lease that was broken when my ex-husband and I divorced. The total amount owed prior to the judgment was $1,700. The third-party collector who's been calling me insists that I pay that amount. The court said I owe $1,000 which has been paid in full. What can I tell the collector to make him go away?
Inherited Debts?
by Gary Foreman
I've heard that when parents are in debt and they die the debts are left to the children to pay off. Is this true? My parents had gotten a divorce a few years ago. My mom is doing well because she is a saving queen. My dad had remarried two years ago. His wife does not work but loves to spend money. So now they have a $20,000 debt. If my father dies, his wife is responsible for the debt, right? What happens after she dies and there is still that debt? Also, what happens if she dies first, and then my father--who gets the debt?
Friendship Loan
by Gary Foreman
Dear Dollar Stretcher, I would like to provide a loan to a friend from my 401k plan. What are the rules? How do I go about making this type of transaction? What are the guidelines for re-payment?
Frightening Future
by Gary Foreman
War is on the horizon. What should we do to prepare ourselves? I was a young teenager during most of Vietnam and I didn't have to make the financial decisions for my family. What do I need to know in order to plan for this frightening future?
Single Parent Homeowner
by Gary Foreman
I am in the process of a divorce and want to keep the family home. Are there any programs out there for single parents that would offer a more favorable interest rate for re-financing?
Auto Lease
by Gary Foreman
I would like some advice on how to sell, trade-in or otherwise get rid of a car. The lease is up in 2004. The last car dealer I spoke to told me that I needed to wait for the lease to be up in order to trade down. He said...
College Credit
by Gary Foreman
Dear Dollar Stretcher, I just finished reading another article about credit card offers to college students that likened credit card company representatives to drug pushers and I agree. Is there no way to make the credit card companies responsible for the unreasonable risks they accept when they offer credit to college students?
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