Unlike Chapter 7, which can completely wipe out unsecured personal debts such as credit card bills and medical debt, Chapter 13 is a way to re-organize your finances and pay off some or all of your debts over a period of 3 to 5 years. Chapter 13 is also known as a wage earner’s plan, […]
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Right before and after the holidays you’ll probably get a lot of bank offers to transfer credit-card balances from one account to another. If you see balance transfers as an opportunity to go on a shopping spree, chances are you haven’t quite learned how to manage credit and debt wisely, and that balance transfer deal
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Chapter 7, also known as “liquidation” or “straight liquidation,” is typically the simplest and fastest form of bankruptcy. Individuals, married couples and businesses can use chapter 7 bankruptcy protection to wipe out all unsecured debts, completing eliminating financial obligations such as: * credit card debt * medical bills * collection accounts * civil judgments * back rent * overdue utilities *
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A 401(k) plan has lots of fees, and savvy investors may be aware of various investment-related charges – such as a management fee to a mutual fund manager’s or the sales commission paid when making a transaction. What most people don’t know, however, is that 401(k) plans also include several other hidden fees that can
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When federal authorities want to keep airline passengers informed about air safety, they use a color-coded system to convey various levels of risk. Red is the highest level – symbolizing a “severe” threat of a terrorist attack. An orange threat level means “high” risk; while green means “low” risk. What if there was a similar
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Q: “I’m going crazy trying to pay my husband’s student loans off. He got three loans in the 1980s at eight percent. He has done several deferments and has acquired thousands in interest. I was behind several times, but I have everything current now. I consolidated the three loans and want to get a lower
How Can I Get a Lower Interest Rate on my Husband’s Student Loans? Read More »
Q: I have a question from a reader who wanted to know what she should do from a loan she received from her job. “I requested and received a loan from my 403(b) plan to payoff credit cards. It was for $12, 800. I was told it would take 90 days to process, but the
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Q: “I do not have credit cards, but I do have loan obligations: monthly car note, insurance payments, rent and outstanding debt that I would like to get cleared up. I need help in getting my finances back on track and getting out of financial ruin. I am in debt trying to start over because
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Where Can I Get Help So That I Don’t Lose My Home? When financial hardship strikes—especially due to sudden job loss or mounting debt—keeping your home becomes a top priority. If you’ve already fallen behind on credit card payments and are now worried about foreclosure, know that you have options. Whether you’re considering bankruptcy or
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Buying a timeshare has always involved some financial commitment—but now there’s another hurdle: passing a credit check. In addition to paying upfront costs and ongoing maintenance fees, potential buyers may now be subject to credit screening, especially in resale situations. And this new requirement could impact not just buyers, but also current owners looking to
Buying a Timeshare Now Requires a Credit Check—Here’s What You Should Kno Read More »
Q: I have a question from a reader who wanted to know whether or not she should file for bankruptcy protection. And her situation is a little bit complicated, so let me first lay out pretty much exactly what she wrote to me saying. She said, “Lynnette, four years ago I had really good employment,
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Q: I have a Discover card that is used for mostly all household expenses. I have had this card since 1985 and have been paying on time and I have an agreed status with the card, meaning ‘paid as agreed. ‘I normally pay off the full balance on the Discover card after the statement cycle
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Q: “I am 29 and I just borrowed money from my bank to establish credit. What else can I do to establish credit without hurting myself? I am not able to get any loans or hardly anything because of my lack of credit.” A: I understand how it is to be young and trying to
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FAFSA season, the financial aid and college admissions period, officially began January 1. If you’re hoping to earn an undergraduate or graduate degree, or are the parent of someone going to college, you need to know all you can about the FAFSA, the Free Application for Federal Student Aid. That’s the all-important document that must
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To hear most financial experts tell it, members of Generation Y are a coddled group of young adults who rely economically on Mom and Dad, routinely rack up big debts and don’t know the value of a dollar. But are those perceptions really true? A new study hints at a different portrait of 20- and
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