Student Loan Cancellation Programs—Big Hassles, Even Bigger Payoff
Under federal law, you can get your federal student loans canceled or discharged for many different circumstances.
Reasons for loan discharge:
The Real Reasons You Can’t Get a Mortgage
If you missed my segment on ABC News NOW, I discussed the real reasons that you are unable to qualify for a mortgage.
1. You Can’t Properly Document Income
Explanation: You can have an 800 FICO score and $1 million in the bank, but if your tax records don’t show enough income, most banks will deny your loan.
How Can I Protect Myself and My Credit if My Ex Husband Does Not Pay the Mortgage?
Maintaining a good credit rating while going through divorce can be very tricky. On the one hand, even if the two parties who are separating can agree on how assets and liabilities (like that mortgage) are supposed to be split, that does not mean that your creditors are bound to those terms. In fact, whatever deal you work out with your soon-to-be ex-spouse has no bearing whatsoever on your legal responsibility to repay debts for which you and he were both co-signers. In a nutshell, this means that if the two of you co-signed for credit cards, your house, a car note, or anything else, then your creditors can still legally come after either one of you for repayment.
What Exactly Is Perfect Credit?
If your FICO credit score falls between 760 and 850 points, you rate among the top tier of all consumers and have the cornerstone for what I call Perfect Credit. Getting a great FICO score, however, is just part of the achievement. Fair Isaac reports that, among consumers with credit scores of 760 or higher, only 1% risk defaulting on a debt. So having Perfect Credit also means being able to access a whole host of products and services—mortgages, automobiles, credit cards, business lines of credit, and personal loans—at the most favorable terms available in the marketplace. Once you snag that impressive credit score, and all the benefits it entails, does having Perfect Credit today mean you’ll have Perfect Credit tomorrow? Unfortunately the answer is “no.”
How to Remove an Old Debt From Your Credit Report
A man has an old credit card debt that is over 12 years old. The problem is that the debt still appears in his credit report. What should he do? Click now to hear Lynnette’s answer.
All Debt Is Not Created Equally
Debt is a massive problem in America. We’re up to our eyeballs in debt of all types: mortgage loans, credit cards, student loans, automobile loans. Moreover, the average mortgage balance in the U.S. is about $200,000; the typical family carries a monthly credit-card balance of $10,000; the average college graduate owes more than $20,000 in student loans; and the median car note now exceeds $27,000. Is it any wonder that Americans owe $2.5 trillion in consumer debt, excluding their mortgages? Throw in another $14 trillion in home loans, and it’s clear why our collective debt won’t go away any time soon.
Should I Pay off a Few Credit Cards Using My 401(k)?
I’m 61 and Plan to Retire at Age 62, Though I Would Work Until 65 If needed. I would Like to Pay off a Few Credit Cards Using My 401(k). Is This a Wise Choice? I Have About $10,000 in Credit Card Debt.
Can a Creditor Seize My Husband’s Bank Account If I am Sued?
Q: I Live in Michigan and Lost My Job in May 2009. I have Quite a Bit of Credit Card Debt that is in My Name Only. My Only Income is Unemployment. I Do Not Have a Bank Account in My Name. My Unemployment is Deposited to My Husband’s Bank Account. If I am Sued, Can a Creditor Seize My Husband’s Account Even Though It Isn’t His Debt, since the Unemployment is Going Into His Account?
Student Loan Horror Stories
With $830 billion in student loans outstanding in America, mounting student loan debt is increasingly wreaking havoc on the lives of U.S. college graduates and dropouts alike.
As unemployment remains stubbornly high, delinquencies and default rates are rising as indebted borrowers struggle to repay hefty student loans that often reach six-figures.
Unfortunately, college debt isn’t just taking a financial toll on millions of borrowers. It’s also inflicting staggering costs on the health, careers, emotional well-being and personal relationships of those burdened with big college loans.
Where Can I Find the Government Agencies That Pay Your Student Loans?
Editor’s note: Be sure to check out our list of 85 Government Agencies that will pay off your student loans at the end of this post. As you probably read in one of my previous articles on this topic, the program in which the government will pay off your federal student loans is called The […]
Best Place to Find Grants, Loans and Financing for Entrepreneurs
The best resource to find grants, loans and financing for entrepreneurs is the federal government’s website https://www.sba.gov/. There, you will discover a wealth of resources for all kinds of small business owners, including: those just starting a business current entrepreneurs trying to grow their operations women minorities people with disabilities those in rural communities home-based […]
Am I Responsible for a Motorcycle Loan My Husband Took Out in My Name?
If your spouse has taken out a motorcycle loan in your name—especially without your consent—you’re likely feeling shocked, frustrated, and worried about your credit. While every case depends on the specific details, here’s a breakdown of what you need to know about your legal responsibility, credit implications, and the steps you can take to protect […]
The Statute of Limitations in a Nutshell
Question: I am a 23-year-old college student with a bad debt of about $12,000 with American Express. I believe the Statute of Limitations in Maryland is 3 years. I do not remember the last time I made a payment to them. I found a receipt showing a payment in December 2006. But when I called […]
Should I Get Married Even Though My Girlfriend Has a Lot of Debt?
A subscriber wants to know if he should get married even though his girlfriend has a lot of debt.
How to help Generation Y Survive the Great Recession
Young adults suffering through the Great Recession are having serious problems getting a handle on their spending, credit and debt woes, according to a new survey out from Western Union.