Question: I have a question from a reader today who wanted to get some information about an auto that was actually repossessed via voluntary relinquishment. He wrote to me saying, “I’m recently divorced, and my ex decided to voluntarily relinquish a car that was in both of our names just before our divorce was final. […]
Q: I Have a Student Loan With a Company. What Can I Do To Keep This Company From Garnishing My Check and Taking My Federal and State Taxes? A: It sounds like your student loan is obviously delinquent, and possibly already in default status. When you have such overdue loans, you are subject wage garnishments
Q: I am a single mom who makes about $28,000 a year. I try to save around $200 from my paycheck every second pay period each month, but it’s hard. Do you think $200 is enough? And if I want to save more where should I start? A: Even though $200 a month in savings might
How Much Should a Single Mom Save? Read More »
Q: Dear Money Coach: I would like to buy a second home for retirement in 5 years. How much house can I afford, what should my down payment be and how can I use the equity in my first home to possibly pay cash for the second home? A: You’ve indicated three key facts to about your finances:
Can You Afford a Second Home? Read More »
Question: One of my readers wanted to know whether or not they should use their tax money to pay off all of their debt, or perhaps some of their debt and put the other half in savings. Answer: Basically, I think it’s not a good idea to use an income‑tax refund check exclusively to pay
Should I Use My Tax Refund Check to Pay Off All of My Credit Card Debt? Read More »
Q: Is it a good idea to make an extra mortgage payment annually? How much do you advise that I put away every month to pay a $300,000 mortgage down in 10 years? A: If you can afford to do it, yes, it is a good idea to pay extra toward your mortgage and pay
How to Pay Off Your Mortgage Early Read More »
Q: I am a self-employed massage therapist in Colorado. I have made over $50,000 a year, but this year is different. My income is down by half, and I owe $9,000 in credit card debt. I eat only when I have the money to eat. I spend nothing more that gas and dog food as extras other
Advice for the Self-Employed When Business is Slow Read More »
Q: I am a student at Southeast Missouri State University. About 10 months ago I opened my first student credit card. I eventually got my credit score to 728. In October, I opened an account with a jewelry store in order to buy an engagement ring. I’ve noticed a huge dive in my credit score
How Store Credit Cards Impact Your Credit Score Read More »
Q: I have 6 major credit cards and several department store credit cards. I want to close some of these cards but don’t want to hurt my FICO credit score of 700 – 720. Should I close the newest cards and keep the cards that are the oldest? A: If those major credit cards are costing
Can I Close a Department Store Account Without Hurting My FICO score? Read More »
Q: My understanding was that the IRS could file up to six years later. I have a small business and have been keeping my records six years. What is the current ruling for this? A: Under section 6501(a) of the Internal Revenue Code, the IRS is required to assess tax within three years after a tax
How Long Do I Need to Keep My Business Tax Records? Read More »
Q: I am Almost 63 Years of Age and Thinking of Retirement. What Should I Do at the Present Time to Make this a Reality in 2 or 3 Years? I am a Registered Nurse Working Full Time in a Hospital. A: Retiring in two to three short years from now means you’ve got to
At 63 years old I am ready for retirement. What should I do? Read More »
Q: I owe Dell Computer about $3,000 due to lack of payment. I tried to pay them monthly but they won’t accept that. They want a settlement of $1,800 or payment of $450 a month which I do not have. I am dealing with their collection agency. How do I handle this? A: Even though
When a Collection Agency Wants More Than You Can Afford Read More »
Q: I have a car that was repossessed about 5 years ago. My credit report states that it will report for another year. Is that true that it will fall off or will it be reported by another company. If so, should I try to settle the debt? How long does a repo stay on
How Long Do Repossessions Stay On Your Credit Report? Read More »
Question: I live in las vegas. I owe $300,000 on a house that is valued at $150,000 and dropping. What would be the best alternative for me? Should I do a short sale, deed in lieu of foreclosure, or file bankruptcy? At present I am unemployed and can not afford the payments and HOA fees.
Should I Do a Short Sale, Deed In Lieu of Foreclosure, or File Bankruptcy? Read More »
Q: I’m a College student and my soon-to-be husband just purchased our first home. Last year I bought a car and I’m paying for college out of pocket. With so many bills, how can I save? I do have a 401(k) but I’m tired of living check to check. A: Congratulations on your upcoming wedding
I have so many bills I can’t afford to save any money. What should I do? Read More »
