Q: My daughter’s private school at our church is closing this year. To keep her in private school we will need to pay double the tuition costs we are currently paying. I am not comfortable with this as we are trying to become debt-free and this will hinder the process. Is there a general debt-to-income […]
Is There a General Debt-to-Income Ratio Related to Tuition Costs? Read More »
Q: For the first time in 22 years I can’t make my mortgage payment. It will get paid via a little help from the mortgage company but I am very concerned. I am living in the red by about $400 each month. When do I say enough is enough and stop paying certain creditors to
Which Debts Should You Stop Paying Read More »
You are correct in your assumptions. Yes, you can open two IRAs (one for 2009 and one for 2010), and safely convert them into a Roth this year because of the removal of the income limits on Roth conversions. I double-checked with an expert on this, David Mendels, who is a Certified Financial Planner and the President-Elect of the New York Chapter of the Financial Planning Association. David is also an adjust faculty member at New York University, as well as the head of the fee-based financial planning firm, Creative Financial Concepts, LLC. So he is very well-credentialed and I’m confident in his knowledge ane expertise. He told me to offer you two caveats, just to make sure your efforts go smoothly.
How to Benefit From Opening a Non-deductible IRA Read More »
Q: I have a credit score of 625 and am trying to refinance a loan. The bank says I need a 700 credit score to get a loan with them. I have an existing loan and when I got it 4 years ago, my credit score was about a 710. I need to fix my credit score because
How to Quickly Boost Your 625 Credit Score Read More »
Should I Rent Out My Home to Pay Off My Debt? Q: I purchased a two-family home after I graduated with the intention of building equity and eventually selling the house so I could pay off my student loans quicker. I always planned to sell my home in about 5 years. But several people have
Should I Rent Out My Home to Pay Off My Debt? Read More »
Q: How long does a negative item stay on your credit report? A: This debt should have long since fallen off your credit report. Under the Fair Credit Reporting Act, negative information such as the 90-day late payment you mentioned can only legally remain on your credit file for 7 years from the time of
How Long Does A Negative Item Stay on Your Credit Report? Read More »
Q: I Have a Property About to Be Put on Sale for Tax Delinquency in Florida. I Have Medical Debt Due to a Spinal Injury and Was Diagnosed Disabled by the Government Rehab Serv Admin. I am Going to School and Have no Job. My Debt is About $15,000. I Live off an Annuity Pension
I Owe Back Taxes on My Home and Have Medical Debt. Should I Sell My House? Read More »
Q: I am a single mother of 3 kids and have a debt total of more than $30,000. I don’t have any savings or investments, and nothing saved for retirement or college education. I am facing garnishment of my wages due to one of the debt I currently have. Would bankruptcy be the best option
I Am a Single Mom with $30,000 in Debt. Should I File for Bankruptcy? Read More »
Q: I Would Like to Save My Daughter’s Money That She Receives for Birthdays and Holidays. Where is the Best Place to Put It? A: It’s great that you are thinking of your daughter’s financial future. That shows that you are a conscientious and loving mom – two traits I’m sure your child will appreciate
Where Can I Invest My Daughter’s Money That She Receives for Birthdays and Holidays? Read More »
Q: If I dispute something on my credit report that I feel is not legit will it re-start the time on the debt? I have a debt that will drop off in another year and I want to dispute it but I don’t want to restart the clock on the debt. Should I dispute it
The Impact of a Dispute on Your Credit Report Read More »
Q: I am a 24-year-old graduate school student who accumulated a lot of credit card debt as an undergrad. About $7,000 of my credit card hasn’t been paid on since 2005. The other $3,000 or so hasn’t been paid in a year or two. I am not in a position to pay these debts and
Advice for College Grads That Are Deep In Debt Read More »
Question: I went to Culinary School not realizing my student loans would cost me around $1,000 a Month. We had to file a Chapter 13 bankruptcy to hold them off for 5 years, but I will still be hurting when it is over and Sallie Mae will not even consolidate the loans anymore. I am
Dealing with Student Loans After Bankruptcy Read More »
This is, unfortunately, a bad case of identity theft. You need to protect yourself and your son in a number of ways, starting by pulling your most recent credit reports, examining them for any other accounts that you may not know about, and then putting a credit freeze on your credit reports. Read this article for more information about how a credit freeze can protect your credit rating.
Removing False Medical Claims From Your Credit Report Read More »
Q: I am at month 11 of a student loan rehabilitation program for a defaulted loan of about $80,000. I have made 10 on time monthly payments of $550. My parents will help me offer a lump sum payment to settle this debt. I am looking at offering $30,000 to $40,000. The collection agency wants
Can I Offer A Settlement For A Defaulted Student Loan? Read More »
Q: I am a medical student. I have a total of around $300,000 in student loan debt taken out in both Stafford and Grad Plus Loans at around 6.5% and 7.5% respectively. I now have to complete a residency. Is student loan consolidation my best option? Also, where might I be able to refinance at
Can I Refinance My Student Loan Debt? Read More »
