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Thursday, May 19, 2022   
 
Articles about "Question and Answer"
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So Far In Debt; Can't Seem To Breathe So Far In Debt; Can't Seem To Breathe
by Scott Bilker
Help please! I am so far in debt and can't seem to breathe. I have 6 credit cards and I am $25,000 in debt. I know you hear this all the time, I have been paying for over 2 years not charging anything and still can't get anywhere. I cut them 2 years ago, and called the companies to ask for a lower rate. They gave me like a year with low interest, and lower payments so my credit reports would not be hurt.
 
Make Payments For Son's Car Make Payments For Son's Car
by Scott Bilker
My son purchased a car for $15,000 at a high rate of interest. He's been paying for 32 months and he still owes $11,000. He has just been laid off and to top it off the car has blown the engine. I would like to help him pay the loan off to keep his credit rating but would like to negotiate the amount down. What are the chances? Would he be better off to let it be repossessed? This would be to nobody's advantage. Please advise.
 
Amortized Loans Amortized Loans
by Scott Bilker
I would like to know what the formula is for an amortized loan. How exactly do they calculate each payment? I suspect that all the interest for the loan term (i.e., 30 years, 15 years, etc.) is loaded up front in some way, but I would like to know exactly HOW? I want to teach my teenagers about this. I think it's very important for everyone to know.
 
Wanting a Newer Car Wanting a Newer Car
by Gary Foreman
My husband and I are in quite a bit of credit card debt and my husband wants a newer car. He says that his car won't last two more years. We are trying to save a little bit but we don't have any money to put down on a car. We have money to pay our bills which is not the problem. We just don't have a whole lot of money left over after paying our bills. What would you suggest we do about this situation?
 
Which credit cards look better on your credit report? Which credit cards look better on your credit report?
by Scott Bilker
I have been told that certain credit cards (e.g. Capital One, Cross Country, and others like those) do not carry a lot of weight on your credit report. I was always under the impression that all credit cards carried the same weight. What is the truth?
 
Helping Daughter With Debt Helping Daughter With Debt
by Scott Bilker
Our daughter, who is 31 and single, has $15,000 in credit card debt that would we like to help her get out from under. This debt consists of two different maxed out credit card accounts that are both charging very high interest rates, as well as late charges and over the limit fees. We are considering refinancing our mortgage, which currently has a balance of $47,000 and a 5.75% rate. Is this a good solution or not?
 
Temporary Downsizing?  Temporary Downsizing? 
by Gary Foreman
We're wondering if we should sell our house. Our mortgage payment is $1,030 a month--no problem when we were both working full time. Now that his income has been drastically reduced, the mortgage feels very steep. What about selling the house, using the equity to pay off our $20,000 second mortgage, and moving into a place that costs less per month?
 
Equity Used For Down Payment Equity Used For Down Payment
by Scott Bilker
My husband and I want to buy a home being built in a new development. Our present home worth $260,000 has no mortgage except a $30,000 home equity loan. We need about $15,000 down payment for the home being built. Should we open a home-equity line of credit to pay the down payment? If not, where is the best place to get the $15,000?
 
Don't Sell the Cattle! Don't Sell the Cattle!
by Scott Bilker
I am a 53-year-old female with a husband that abuses credit cards. I have sold 2 houses and taken out an equity loan to pay off credit cards. Tell me how to talk to a man and tell him how stupid he is. I have the only retirement account. He has some cattle. I just heard you on the radio today about using credit cards to pay off the debt. Maybe I could convince him of that...
 
Consolidating credit cards to one account Consolidating credit cards to one account
by Scott Bilker
I am a recent college graduate and I have accumulated about $4,000.00 worth of debt spread out in 4 different credit card accounts. I would like to transfer all of the balances to an account with a lower APR to save money and to make monthly payments more convenient. The problem is that I have not been able to be approved for a credit card with a limit of over $1500.00. Is there anything that you can recommend?
 
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