Should I Payoff Debt or Save My Money?
Q: I had to take out a very large loan to pay for one year of my son’s college tuition. I anticipate it taking a minimum of 5 years to repay. I am also repaying a HELOC loan. What is the best way to handle this? Should I payoff debt or save money for retirement? Should […]
Advice When You Can’t Pay Estimated Quarterly Taxes
Q: I am going through a very acrimonious divorce and paying through the nose. I am a private practice epsychologist. I usually had no problem paying estimated taxes, but can’t make ends meet anymore. My ex refused to sign the joint return last year which cost me $20k. I’m afraid that every year i’ll get […]
Is There a General Debt-to-Income Ratio Related to Tuition Costs?
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 […]
Which Debts Should You Stop Paying
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 […]
How to Benefit From Opening a Non-deductible IRA
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 Quickly Boost Your 625 Credit Score
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 […]
Should I Rent Out My Home to Pay Off My Debt?
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 […]
How Long Does A Negative Item Stay on Your Credit Report?
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 […]
I Owe Back Taxes on My Home and Have Medical Debt. Should I Sell My House?
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 Am a Single Mom with $30,000 in Debt. Should I File for Bankruptcy?
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 […]
Where Can I Invest My Daughter’s Money That She Receives for Birthdays and Holidays?
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 […]
The Impact of a Dispute on Your Credit Report
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 […]
Advice for College Grads That Are Deep In Debt
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 […]
Dealing with Student Loans After Bankruptcy
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 […]
Removing False Medical Claims From Your Credit Report
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.