Is consumerism the dark side of capitalism?

In a bygone era, the golden rule was never create debt unless that debt creates wealth.

Today%26#039;s generation seems to been convinced that the measure personal wealth is the amount of personal debt.

Middle and lower income people are easy targets for companies that market credit. Credit companies offer seemingly easy terms to buy now and pay later. Many people don%26#039;t realize that the pay later period can require as much as 35 years, particularly with credit card debt.

When an individual over extends their credit, society blames the individual for his ignorance. Yet, society never educated that individual on the dangers of spending future earnings or living within their means.

On the other hand, people who manage credit companies are highly educated and would never personally accept the credit terms they sell to others.

Is it okay to allow highly educated people to take advantage of less educated people? Debt doesn%26#039;t eliminate poverty. It creates it.

Is consumerism the dark side of capitalism?

That and price-gauging, pollution, obesity, overspending,credit card debt, and waste.

A grotesque picture for sure.

Is consumerism the dark side of capitalism?

Capitalism is a system that by its own nature cannot ever understand externalities.

Is consumerism the dark side of capitalism?

As opposed to socialism, where their is no excess income to save, or products to purchase? Keep trying. I think it%26#039;s the duty of the educated to separate a fool and his money. They%26#039;ll learn one way or another.

Edit: No...the elimination of entitlement programs eases the pressure for them. Poverty isn%26#039;t a drag on the economy, it%26#039;s the absence of economic activity. Taxes imposed on producers to support looters and moochers drags down the economy.

Is consumerism the dark side of capitalism?

I do have a problem with all the high risk credit being given to those that don%26#039;t understand the concept of interest rates. I receive new credit card applications nearly every day, and you have to really search for the interest rates. It should be required that the interest rates be printed in bold, at the top of application, even some examples of payments at certain credit levels.

Is consumerism the dark side of capitalism?

Its not consumerism, its flat out personal greed. Consumerism also assists in promoting the jobs within the economy.

For economic conservatives, however, the term %26quot;personal responsibility%26quot; got mixed up and became synonymous with %26quot;personal greed.%26quot; For example, I%26#039;m sure you%26#039;ve heard at least one member of the upper crust of America%26#039;s white trash proclaim that a businesses%26#039; only responsibility is to make money - regardless of the cost.

Common Law partner filing personal Bankrupcty how will I be affectedt?

I recently found out my boyfriend who I%26#039;ve lived with for 7 months has an outstanding credit card debt of 5 k.This debt is all on a credit card he had 5 years ago he never paid off and they are now taking him to court. I%26#039;ve been working two jobs to get me and to some extent us out of debt we had incurred when I was off work sick for a few months and didn%26#039;t qualify for unemployment sick pay, and he had been laid off at a greatly lower rate of pay then he would normally make. All debt in my name is paid off, things in his name still aren%26#039;t (we both decided we would pay off out own accumulated debt). He is thinking of filing personal bankruptcy because of this added debt, and the fact he will be laid off in September and I am going back to school. I was wondering how this would affect me, first off at 7 months living together am I considered common law? Will I be ordered to pay any of this off? Will they make me sell my personal possessions I had before him living with me? (computer/car)

Common Law partner filing personal Bankrupcty how will I be affectedt?

As you are not legally married you are not responsible for any of the debt he has accumulated years before meeting you. Common law %26quot;marriages%26quot; are not bound by all of the laws of a traditional marriage. There have been many new changes in the bankruptcy laws also concerning the filing on credit cards. If he has any other assets that can be sold to pay this or if he can make some type of payment arrangements (chapter 13) the credit card debt can no longer be written off in a bankruptcy. He should contact a bankruptcy lawyer to discuss this before he jumps in there. There is no charge for the initial consultation to see what can be done. Good luck to you and your boyfriend. You and your belongings are safe.

Common Law partner filing personal Bankrupcty how will I be affectedt?

If you%26#039;re not married you shouldn%26#039;t have any obligation at all.

Common Law partner filing personal Bankrupcty how will I be affectedt?

What state do you live in? Not all states even recognize %26quot;common law%26quot;, and it%26#039;s doubtful that living together for 7 months would qualify even in the ones that do.

What it will do is affect your joint credit if at some point you do decide to get married, and will affect things that you buy together (house, car, apartment lease, etc.). It shouldn%26#039;t affect anything that is solely in your name, or any personal possessions of yours.

You may also want to take a look at what this says about him and his attitude about personal responsibilities, if this is something that is habitual of his, or if it%26#039;s something he hid from you, or whatever. A lot of relationships break up because of financial problems and challenges.

Ok, my ex owes me money, should I not let her see the kids?

I know I%26#039;m going to get a lot of flack for this question. When my ex and I were together, we got a home equity loan to pay off all her credit cards (cause she was going crazy and using plastic as therapy), when we got married I insisted no credit card debt, so we had none, we were fine and she started spending the more depressed she got (becuase having 4 kids in a short time is stressfull etc) Anyway, she charged up to 60 grand in credit card debt, so I got a home equity loan, consolodated her debt and that was fine. She started cheating, racking up another 30k in debt, and we got divorced, she%26#039;s finling bancrupcy for the 30 k, but the 60k loan is in my name. When we got divorced, the judge ordered her to pay 1100.00 a month in %26quot;child support%26quot;, but it was ONLY for her loan, the lawyers classified it as child support since I said I didn%26#039;t need anything from her except for her to pay her loan. She agreed. Now she won%26#039;t pay. Should I not let her see the kids? I have custody.

Ok, my ex owes me money, should I not let her see the kids?

thats not fair for the kids

take her back to court

good luck

Ok, my ex owes me money, should I not let her see the kids?

Just let her see the kids then threaten her saying that she won%26#039;t see the kids if she doesn%26#039;t pay the child support

Ok, my ex owes me money, should I not let her see the kids?

Money is no reason to hurt the children, afterall that is who you will be hurting. Kids need both parents when possible and money is no reason to keep kids from either parents. Put the shoe on the other foot, would you like someone to keep your kids from you b/c of money. Don%26#039;t hurt those kids that way

Ok, my ex owes me money, should I not let her see the kids?

Usually if a parent is not paying court ordered child support they are not entitled to visitation rights (the court must order it if you have court ordered visitations).... but its a crappy thing to do. It%26#039;s hurting the kid%26#039;s when this is done. I would threaten to cut down the amount of visitations but if you cut off all contact the kids will blame you when they are missing mom.

After reading the added info I now say don%26#039;t let her see them if you can get away with it and her not go to the courts complaining that you are keeping her from her kids. The whole fact that she can%26#039;t see her kids even if she wanted to might be enough to get her to realize she is going to have to pay. If she doesn%26#039;t then that%26#039;s something she will have to explain to her kid%26#039;s when they grow up. Don%26#039;t be surprised if her behavior affects the people your children grow up to be.

Ok, my ex owes me money, should I not let her see the kids?

that depends....is your children%26#039;s relationship with their mother worth only 1100.00 a month to you or is it not.i know its seems like it would make her pay up but in the end its the kids that pay when the parents start the tug of war with the kids over money.please think about it ........

Ok, my ex owes me money, should I not let her see the kids?

You have no right to keep her from seeing the kids. First of all in most places that%26#039;s illegal, second , you are taking a financial issue between you and her and putting the kids in the middle of it. That%26#039;s absolutely inappropriate. Figure out a way to deal with this issue between you and her and the court if necessary, but keep the kids out of it.

Ok, my ex owes me money, should I not let her see the kids?

look it%26#039;s money--that%26#039;s all it is. Your kids are life... so would you choose money over life? Let them see her. But make it known to her you haven%26#039;t forgot about the $ just don%26#039;t let it control your, kids, and her life. it%26#039;s not worth it.

Ok, my ex owes me money, should I not let her see the kids?

What hell no you cant do that to the kids you know how sad they would be. expecialy since its there mother maybe if it was there aunt or uncle or something like that but not there mom. Just have a meeting with her and talk about it and ask her to pay littles at a time.

Ok, my ex owes me money, should I not let her see the kids?

Don%26#039;t take that law into your own hands. She%26#039;s doing you wrong. And two wrongs don%26#039;t make a right.

She has to pay as agreed. And if she won%26#039;t, then threaten her with court action.

If you withhold the kids from her, that will look bad against you before a judge.

Protect yourself. Keep yourself looking good legally. Let her look bad in front of the judge.

Ok, my ex owes me money, should I not let her see the kids?

the kids have nothing to do with your battles over money....let her see the children......call your lawyer and fight it out in court.....

Ok, my ex owes me money, should I not let her see the kids?

you already know that it isnt the way to go.The kids didnt spend a dime of the money so they shouldnt have to pay for her mistake. The issues are seperate and you need to deal with them that way. The kids need to see mom and mom needs to see a lawyer

Ok, my ex owes me money, should I not let her see the kids?

That would be punishing your kids for the sins of their mother. Unless she is a bad mother and is abusive to them, it%26#039;s not fair to them to keep them away from their mother. How would you like that. They will resent you, not her. She will become a saint in their eyes and you will be the mean one.

Eventually she will get hers if she skips enough. Have her held in contempt, have her license revoked and maybe they will give her some jail time. Deal with it with her, do whatever you have to do to her in court, but don%26#039;t use your children as a weapon, it%26#039;s not fair to them.

I don%26#039;t know where you are, but my husbands uncle just spent a month in jail for failure to pay child support. He was given many chances to pay, but so far hasn%26#039;t. He lost his license and had to go to jail. The child support will never go away. She may think it%26#039;s a big joke now, but it will catch up to her. If she is due a tax refund, the child support enforcement agency will take it and give it to you. Even when she retires. If she has arrearage, they will deduct it from her Social Security. You need to stay on top of it though. Maybe when she is facing jail time or actually does some she will change her tune. I%26#039;m in Ohio by the way.

Keeping the kids from her will only hurt your kids. If she is a selfish mother and only comes around when it is convenient for her, your children will come to that realization all on their own (sadly enough). If you stand in the way at all, you become the bad guy. As hard as it is, you have to seperate your children from your hatred of her and love them even more. They didn%26#039;t do this, she did.

Can%26#039;t you have her wages garnished?

Ok, my ex owes me money, should I not let her see the kids?

Let me get this straight -you bailed her out two times and she hasnt paid.... now you want to use the children as blackmail to get the money from her.

First off no matter who spent the money -you got the loan, when you got it you accepted responsibility for it. With 4 kids certainly some of that money was spent on them, some on you and some on her.

By allowing the judge to call the loan child support she cant add this to her bankruptcy and maybe she simply can not pay it. $1100 is a lot of money to pay each month. Maybe you could lower the amount for a while or work with her so your children are not deprived of their Mother. Refusal to attempt to work with her shows you are truly only talking about the money and not what is in the best interests of your children.

Ok, my ex owes me money, should I not let her see the kids?

you can%26#039;t do that to her. i know what you are going throw. the kids will only hurt and her to .looks like you have to talk to your lawyer about payment. for you to get your money

Ok, my ex owes me money, should I not let her see the kids?

What state are some of you in - Because she is not paying child support is no reason to take visitation away - Yes, SHE NEEDS TO BE PAYING, but in Texas one doesn%26#039;t justify the other and is a violation of a court order, so you would be no better than she is. Sounds like she is a real winner - take her back to court for full custody. If you do decide to do that - you need to be DOCUMENTING everything to back you up in court. Such as missed visitations (dates and times) and the excuses she gave, phone calls (if any). missed payments, (although if theses payments are going thru the court, they will have records)

Good luck to you, but think about your kids, and trust me, they will eventually she her for the mother that she really is, and make up their own minds about her - she is just digging her own grave. Don%26#039;t keep your kids from seeing their mom, now if they don%26#039;t want to go, keep a positive attitude with them, and don%26#039;t belittle her, as you will look like the bad guy, and don%26#039;t make excuses for her, be honest with them about what is going on, without badmouthing her, you will see that you come out smelling like a rose in their eyes.

GOOD LUCK TO YOU!!!!

Ok, my ex owes me money, should I not let her see the kids?

THE STATE I LIVE IN CHILD SUPPORT IS TAKEN STRAIGHT FROM YOUR CHECK. MAYBE YOU NEED TO TALK TO YOUR LAWYER.

THE CHILDREN DO NEED THERE MOTHER DEPENDING ON WHAT AGE THEY ARE SOME MAY UNDERSTAND. THEY WILL NOT RESENT YOU IN THE LONG RUN. LET THEM KNOW WHO THERE MOTHER IS AND WHAT SHE IS DOING THAT IS ONLY FAIR. TELL THEM IT WILL HURT THEM BUT MAYBE THAT WILL WAKE HER UP.

I'm going to be getting a check for approximately $50k?

in the next couple of months. My husband and I have a new mortgage ($150k), one vehicle loan ($22k) and credit card debt of approx $8k. The credit card debt is entirely from 2004/2005 when my husband had his own over the road trucking company, we don%26#039;t use credit cards in our household.

How should I invest / pay debts? Obviously, I don%26#039;t think I should use all the money to pay the debts? Should I? What should we do?

Thanks for any help.

I%26#039;m going to be getting a check for approximately $50k?

My advice, get all of your debts paid off. That way you are free from headaches. That way if you wanted a personal loan sometime in the future, you%26#039;ll be able to afford it.

I%26#039;m going to be getting a check for approximately $50k?

pay the car and credit card off they are alot higher interest then the home loan. so you would save a lot more money that way. then reinvest some on home improvements and a nice savings what you have left go on vacation

I%26#039;m going to be getting a check for approximately $50k?

Pay off the car loan. Pay off the credit cards. Put enough into a savings account for a rainy day fund. If you have any left, invest it.

It doesn%26#039;t make any sense to carry credit card debt and a car loan when you have that kind of money. Especially the credit card debt because of the outrageous interest they charge.

Oh...your rainy day fund should be enough to cover ALL of your expenses for at least three months.

I%26#039;m going to be getting a check for approximately $50k?

Pay the credit card debt. You won%26#039;t find an investment that will pay more than the interest on that.

50 - 8 = 42

What is the interest on the vehicle loan? Most likely you won%26#039;t find an investment that will pay more than that either. Pay it off.

42 - 22 = 10

Look for investing the rest in ...

1) keep some %26quot;rainy day%26quot; cash. Fixing your house? Car trouble? Medical bills?

2) pre-tax retirement account?

3) A mutual fund or certificate of deposit

I%26#039;m going to be getting a check for approximately $50k?

How much interest could you make if you invested the entire 50K - 4 or 5 percent? Even if you were a saavy investor, that STILL would be hard to do.

So how much is the interest on you credit card, or you auto loan, or your house? I will bet they are ALL over 5 percent.

If so, the answer is simple - use the entire amount to pay down your debt. First the credit card ( which has to be the highest), then the car, and then use the rest to pay off the house - IF you can pay off early. If you cannot pay off the mortgage early (and some of them you cannot), then I would either put the remaining 20K in the bank, or go enjoy a holiday or some combination of the two.

But if you can - ALWAYS pay off the debt first.

I%26#039;m going to be getting a check for approximately $50k?

Personally, I%26#039;d pay the credit cards off because they are going to end up costing you so much more in the end (and already have if you%26#039;ve had them since 04 and 05. After that i%26#039;d go look up one of these loan calculators that so many of the banks have posted on line and see how much it would save you in interest if you paid say 10k on the car or the house. Other than that i%26#039;d say put it in savings, it sounds like you guys have done great so far in not getting into debt over your heads but things come up and it%26#039;s nice to have the safetynet..you may even have some fun investing it...Call Edward Jones or someone to that effect...Oh and i%26#039;d take a cruise, you%26#039;ve got to have a little fun with it too ;-)

I%26#039;m going to be getting a check for approximately $50k?

It all depends on your personal preferences. If you are uncomfortable with your debt, then lowering your debt might be a priority.

If your debt intrest rate is higher than the intrest rate you make on your investments than pay down as much debt as you can. However take tax incentives (your mortgage) into account. Mot likely your credit card debt should be paid of, which would have a positive effect on your credit score.

I%26#039;m going to be getting a check for approximately $50k?

Pay off the the debts!

You will feel so much better not owing anything but the mortgage.

I did it and it is a great feeling.

The extra $30k should be invested.

I won%26#039;t and can%26#039;t give you a mutual fund to do it, but check Morning star ratings for Mutual Funds the last 10 years.

That will include the 2002 dump and the run up since.

Maybe check 20 year returns.

Pick your best and hold for the returns.

I%26#039;m going to be getting a check for approximately $50k?

Definately pay off the credit cards. Don%26#039;t put this money on the house, that%26#039;s likely good debt at a good interest rate. But I would take 40k and invest it broadly, mutual funds, bonds, securities, blue chips, the whole works. Get a financial advisor at Smith Barney or elsewhere and get this lump sum of money working and growing, and add to it regularly each month.

I%26#039;m going to be getting a check for approximately $50k?

You need to look at the interest rates on your debt versus a moderate estimate of rate of return on any investments. For any extra cash you%26#039;re investing instead of using to pay off debts, you%26#039;re essentially borrowing money to invest. So, if the interest rate on investments (say, 8%) is higher than your interest rate on mortgage (say, 6%), then you should invest. Credit card rates are rarely lower than investment return rates (plus the interest on mortgage is tax-deductible), so I%26#039;d recommend paying off credit cards and maybe vehicle loan (if not from your home equity). Then if you can get a higher rate of return on investment, do that instead of paying a lot on your mortgage:)

I%26#039;m going to be getting a check for approximately $50k?

Yes. You should pay off all your debt.

I%26#039;m going to be getting a check for approximately $50k?

Payoff credit cards --- left with 42k

How much is interest on car note? If above what you think you can earn on $$ then pay it off

left (most likely) with 20k

Save in tiered CD%26#039;s for emergency fund Life happens, be prepared for it ---- You will sleep better for years knowing that you have your broken transmission paid for even before it happens --

With that kind of a backup fund you can even raise the deductibles on your auto ins and save $$ on yearly premiums.

Drive safely!

People in Debt??????

How are people getting $30,000+ in debt? How do you still have credit to qualify for credit cards and things that put you into debt? I have one credit card that I owed $1100 on and I can%26#039;t qualify for anything now.

People in Debt??????

Predatory Lenders

People in Debt??????

make your payments

People in Debt??????

It took me several years to pay off my thousands in debt from student loans. I also had a credit card which I used frequently and amounted to 3,000 in debt. I was able to finance a car and buy a home because I was never late in payments, nor did I only make the minimum payment.

They will almost always approve you because they WANT you to spend money of course.

If you aren%26#039;t approved you need to check (and rectify) your credit rating. Bad credit will haunt you.

People in Debt??????

Banks and organizations offering credit cards to vulnerable people who cannot afford it and they know it. 100% home loans make it attractive to people who have nothing as a down payment.

People in Debt??????

****************************************...

Sometimes it%26#039;s a matter of %26#039;the more you make, the more you spend.%26#039;

Also, in college, you can get credit cards till the cows come home.

And credit card debt is the worst type of debt there is I believe. You carry a high balance and make a minimum payment which does next to nothing to the balance. And if you keep your payments current, some credit cards will actually raise your limit which only causes you to go deeper into debt.

**************************************...

People in Debt??????

Good that they will not extend more credit to you. Pay off what you owe and to be honest, as a former financial adviser. Pay cash for everything if you can. If you can%26#039;t afford to pay cash for something then don%26#039;t buy it.

People in Debt??????

as long as you make your payment on time and have good credit, you are able to keep getiing more and more. I have a mortgage, student loans, a car payment and credit cards and added all up it%26#039;s well over 100,000 in total debt. But I make all my payments on time so I keep getting offers for more credit. Once you have bad credit by defaulting on a payment it is very difficult to get more. Thats why people can get into so deep of debt, they just keep on paying!

People in Debt??????

Private Club holds financial secrets that will blow your socks off!

You owe it to yourself to and your family to investigate.

Includes DEBT Elimination coupled with an income generation plan that will make you more money than you ever thought possible.

I urge you to watch a small film clipping wwwThebigmoneyswindle.com then go to www.no-limit-income.co.uk

This can run along side any other business that you may have.

People in Debt??????

Hi,

I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It%26#039;s legitimate.I came across this company on NBC News.Check it out here:

http://creditsolution.ez-mart.biz

Credit Default. What does that mean now (in australia)?

Ok here is the run down.

I am 20. I had an awesome state government job, lived in an inner city apartment etc. But I didnt think a rainy day (or personal crap) could break me financially.

I was unable to pay for a few months my overlimit maxed credit card and phone bill

So Here I am. I rang up to organise. $2k - 2.5k credit card was sold off though they have not recieved the account yet so its brand new. The $1300 phone debt is being sold off tomorrow if i dont pay in full (yeah right)

So im looking at 4 k of debt. Im pregnant single.

Credit card buyer chick said it is listed as a default but she%26#039;ll call me when the account arrives. does this mean I am screwed with credit rating?

From this info, whats the deal with credit rating and how long it will be bad etc??

If I pay off the full $4k in 6 months (payments plus baby bonus money) will it get me ratin bak quicker

Just any financial advice would be appreciated

just lookin at how long ill hold a bad ratin for???

Credit Default. What does that mean now (in australia)?

Once listed as a default you will be listed on BayCorp (the national default register) for 5-7 years. Even if you paid it off in full next week, that listing will remain for the full 5-7 years with a note added of the date you paid it off. So I suggest that if you are defintely listed as a default save your money for your baby and make a minimum arrangement with them to pay it of over a year or two. Even though your BayCorp default will look good if payment is made in full quicker, it is unlikely that any banks will give you another line of credit within the next few years. After the 5-7 year period is expired, all listings are removed (whether you have made any payments or not) and you start afresh again. So consider keeping your BB (or part of it) and make minimum arrangements if the companies insist on defaulting you. If not defaulting you yet, then agree to a comfortable payment plan to try and save your credit rating.

Credit Default. What does that mean now (in australia)?

Being pregnant and single shouldn%26#039;t be a badge of honor.

Secondly, you have lost any chance of getting a home loan, unless you can pay these bills off.

One other thing you can do to fix this is call the Telecommunication Ombudsman listed in the white pages and say you have tried to sort it out and they have been unhelpful. No evidence needed. They will direct you to the phone companies corporate office and corporate can assist you in a minmum payment plan.

The credit card, contact the financial instituation ask for the phone number for complaints, explain your issue and consider lying about the limit you believe was offered to you. Failing that, suggest a debt reduction plan to the credit card company and when they refuse ask how to make a complaint to the Banking and Financial Services Ombudsman.

No company will lodge a bad credit rating while you have a complaint with the Ombudsman%26#039;s office.

Credit Default. What does that mean now (in australia)?

Sorry to say but the debt is there untill its paid off, if you can use the bb money for that then try but ring up centrelink and they will put you in touch with some government agencies that will be able to help out in other forms eg office of housing accomodation, rent more affordable, budgeting tips and so on, if i were you i would hold on to the baby bonus money for in case of emergency with bubs i have a 16 month old and at times it can financially be tough but we get through without credit cards and so on.

and if you tell the credit company the most they can make you pay on your soon to be budget is 20 a fortnight each, so there is that also, but ring up salvos as well, they can all help in the right direction,

good luck

Question to bankruptcy attorneys and or trustees?

I%26#039;m thinking about filing Chapter 7 but do not know if im eligible. Here%26#039;s my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 credit cards. If i sell the car I still owe 8k. I tried to negotiate with my car%26#039;s creditor and that%26#039;s the best rate they can do. The reason why I want to liquidate my debt is because I want to go back to school full-time. Save money and rebuild credit while in school. If i continue paying my debt ( 5 more years ) I will not have savings and an education. I don%26#039;t mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don%26#039;t want to do Chapter 13 for my credit card debts-- this will waste my time, money and get a ruined credit report.

I%26#039;ll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.

Question to bankruptcy attorneys and or trustees?

The answer is yes, you will qualify. Your income is well below the median average, you have little property (give the car back)

Good luck

Question to bankruptcy attorneys and or trustees?

In either case you will ruin your credit score, instead look at Stafford loans for your college, they do not need to be paid back until 6 months after you graduate or drop out. Keep working and go to school nights or online, not easy but can be done I did it and my daughter is doing it now.

Question to bankruptcy attorneys and or trustees?

No don%26#039;t go for bankruptcy. It will remain on your credit report for the next 7-10 years . So be careful and try to consolidate your debts. You can consult with a debt consolidation agency for help. They will reduce your debts by 50% or less. You can also go for some debt consolidation loans.

To know more you can visit

http://www.debtconsolidationmanagement.b...

and

http://www.badcrediteasyloans.blogspot.c...

Question to bankruptcy attorneys and or trustees?

Try Consumer Credit Counseling Services instead. They are the oldest non-profit credit counseling service in the Country and will lower both your monthly payments and interest rates.

I used them several years ago and was debt free in 36-months.

You can contact them at 1-800-388-2227.

Bankruptcy will ruin your credit for several years and show for 10 if you file chapter 7.

Authorized users on credit cards?

Are they responsible for any debt accrued on the card. Here is my scenario, I am an authorized user on credit cards issued to a person who was deported a year ago, there is approximately 26,000.00 in debt on these cards and the deported person plans to stop making payments. What is my responsibility in this matter?

Authorized users on credit cards?

Only the owner of the card can take you name off. Even if you request to be taken off, chances are they won%26#039;t do anything. Have them do that ASAP. If that fails and it does show up on your credit, then dispute it with all three bueaus. You are not responsible. If you have that person take you off now before they stop making payments , the good history will stay there. But if all else fails, just dispute the entire account and state that you are not the owner of that card.

Authorized users on credit cards?

You are not responsible for the debt but since you are an authorized user it will show up on your credit report. I would have your name removed from the card immediately.

Authorized users on credit cards?

Have your name taken off as an authorized user ASAP.

Authorized users on credit cards?

there is really no need to worry let the deported worry about it you have no financial responsibility, maybe you should take a trip to see your friend that was deported on his credit card.

What would be best in this financial situation?

I am applying for a home loan and want the very best interest rate I can get. I have $5,000 in credit card debt. I know that they (the mortgage broker) count the monthly minimum payment for each one plus what the home loan payment would be to come up with my debt to income ratio. I want to get a loan to pay off my credit card debt, the loan payment would be about the same as what the min payment would be of all the cards combined, so no the payments wouldn%26#039;t go down, but the interest would be less, but would it benefit me when I get the mortgage? Would they like to see one loan or all the credit card bills seperately? I am looking for whatever would be best, I want to raise my score a little as fast as possible to get a better interest rate.

What would be best in this financial situation?

I would avoid another credit inquiry on your credit report. The available credit on the card will also factor into how that debt is viewed.

What would be best in this financial situation?

I can%26#039;t necessarily tell you the right thing that the credit places will look for I can give my opinion. I am wandering if you can borrow more than the amount of the house??? Borrow enough to refurbish the house and also to pay off the credit card bill. This way you have combined everything and I think you might be able to get a better interest rate that way. I wish you much luck.....

What would be best in this financial situation?

Lowering your rate is always good. But if it%26#039;s the same the Lender would want to see who all has given you credit and how good you have been keeping up with the payments and how long you have had a loan. If you have had good credit for about 3 years you pretty much will get a good precent. If the debt to income ratio is still gonna be the same I would leave it the way it is b/c if you refinance right before you get a big loan they may question it and not give you such a good precent. Plus if you have your credit checked more than 5 times in a month it can go down, not a lot just a few points but if you are trying to raise it then you don%26#039;t want that. The best thing to do is to get the home loan then refinance the other loans into one. Well I hope I%26#039;ve actually helped you and not jabbered away! Good luck!

What would be best in this financial situation?

your visit in this web site

I recently left my husband and he fled fraud charges against me of some sort?

HI! I recently left my husband and he filed fraud charges against me of some sort regarding our credit card debt.

there are about 4 cards taken out in either his name or both our names and I used those cards myself and paid on them myself. He took some out and I did too. Now he supposedly filed charges with the police dept of %26quot;forgery%26quot; of sorts. That he didnt know what the credit card activity has been for the past year when he just took out a home loan to pay some of these debts off in January this year and in that home loan was a list of %26quot;ALL%26quot; our debts. We both signed those papers only 3 months before I left him. How can he make such charges against me? Hes played head games with this debt since I left him. What are the odds that these charges will hold? I dont have a clue? I am makeing arrangements with the companies to pay them off. I wrote the states attny office incase there is an investigation and explained the situation. Hes my husband COME ON!

I recently left my husband and he fled fraud charges against me of some sort?

Forgery will not lie against you because you have a relationship as husband and wife when the expenses were incurred. Thus, prove in court that the expenses were for the sustenance of the relationship.

I recently left my husband and he fled fraud charges against me of some sort?

Since you are married, all money is joint money. You both are free to use the money no matter who put more in the bank or who racked up more debts. You are both responsible for paying the debts off. If it was to go to court, I am sure you would not get nothing for forgery. Both of your names are on the Credit Cards and since he signed the paper also for the home loan there is no way he can say that he didn%26#039;t know about the debts. To take out a home loan with both of your names on it he would have had to be present to sign the papers, there is no way you could have forged his name. You can also use the clerk at the bank who gave you guys the home loan as a witness that he was there in person and signed his name and was fully aware of all the debts in question. Don%26#039;t pay off all the debts by yourself. Go and file for a divorce and make sure he pays his share of the debts. It is not fair for you to pay for everything just because you don%26#039;t want to be with him anymore and he is trying to intimidate you with these fraud charges. Good Luck with whatever happens.

Should I take this loan??

So, I have quite a bit of credit card debt. Nearly all of my cards are maxed out. I don%26#039;t want my credit score to drop because of the maxed out cards, so I checked out a loan to pay off all the cards. My bank approved my loan (13K), but gave me a 24.99 variable apr. The payments are $366/mo for 86 months. This is about $30 less than what I%26#039;m paying right now w/minimum monthly payments. If I take the loan, I will have all of it (or the lions share anyway) paid off w/in a year. I%26#039;m debathing whether to take the loan (and the huge interest rate) and pay off my credit cards now and potentially save my credit score, or forget the loan and just pay off the cards over the next year, and let whatever might happen to my credit score happen. Any thoughts?

Should I take this loan??

Your credit score has already suffered by maxing out your cards but as long as you make payments on time then it won%26#039;t get any worse and will start improving eventually. Unless you%26#039;re already paying close to 25% interest on your cards then you probably don%26#039;t want the loan. Get an accountant to crunch the numbers for you and see where you%26#039;re better off. Maybe one monthly payment with 25% interest is less then what you%26#039;re paying on your cards. But keep in mind that since it%26#039;s a variable interest loan they can always raise the interest higher.

Should I take this loan??

no the interest rate is toooo high you will be paying back more than you took out

Should I take this loan??

I would just pay the minimum(or more if you can) on the cards as the cards apr is prob about 19.9 or so. As long as you keep paying every month, your credit score should be ok. You dont need to take out a loan and put yourself further into debt.

Should I take this loan??

The 24.99% loan...what are your credit card rates? Surely their not too much higher than this. If you pay down the cards as they are, your credit score will improve, right? Why do you need a good score?....to borrow money. If you are maxed out, are you gonna borrow more money before paying these down or off?...that%26#039;s not a good idea. One thing you might do is call the banks of the cards with the highest balances and ask them to lower the rates. If they say no, just tell them then that the next 0% offer you get in the mail, you will move the balance or the majority of it to a new bank. They%26#039;ll get the picture.

Should I take this loan??

If you are saying you can pay off your credit cards off in the next year without the loan that is the way to go. You can not get out of debt by taking more debt on.

If you are not planning on any major purchases having a lower credit score now is not going to hurt you. As you pay down the credit cards you will notice a rise in your score. Then when they are all paid off you will be in much better shape.

Should I take this loan??

It is saving you only $30 and you%26#039;ll have expenses for making the loan. I%26#039;d say it is not a good option. I%26#039;d suggest two possible approaches:

1) Shop around for a better loan - either one that lowers your payments more or especially has a better interest rate. Possibilities include using www. bankrate.com , or www.prosper.com . Or...

2) Keep the remaining loans. However work on paying them down. Commit yourself to a few months to get your accounts paid down to something manageable. Work overtime, take an extra, part-time job for a couple of months, stop going to McD%26#039;s and putting the money you save into payments,etc.

A good strategy is: Pay absolute minimum on all but the one account with the smallest balance. Make extra payments as large as you can on this until it is paid off. Then take the payments you were making on the small loan and start making extra payments on the remaining loan with the smallest balance. Do this, and your monthly payments will quickly shrink.

Once everything is comfortable, do something good for yourself to celebrate, and promise yourself you%26#039;ll never let your finances get so stressful again.

Good luck.

Is this a smart move?

I have worked for a successful, thriving, company for several years now and earned over $15,000 worth of profit sharing. The problem is i have $9,000.00 worth of credit card debt. I was thinking about quitting the company i work for then use the profit sharing to get out of Credit card Debt! Just can%26#039;t stand being in Debt,..can use that money and feed into a saving and retirement account. Always nice to have money saved up for a rainy day or if something were to ever happen then have the means to do something about it. So, my question to you. Is it a smart move to get out Credit card Debt by using your profit sharing?

Is this a smart move?

That would only make sense if you are very, very certain that you can get an equally good or better job after you quit this one - do not quit until the new contract is signed!

But even if you could find such a job, you%26#039;d still be giving up a job you know and like, and one where you%26#039;ve been working for several years, so you probably have a lot of job security. I would NOT quit such a job just to pay of the credit card debts.

Does your company do employee loans with good conditions? If so, you could take out the money to pay of your CC debt - then you%26#039;d still be in debt, but at better conditions, and pay out off out of your salary.

The more important questions seems to me how you ran up such a huge cc debt despite having a job in a successful, thriving company. If it was due to reasons beyond your control, like a medical emergency with no insurance; There%26#039;s nothing much to do (well, except getting insurance), but if you%26#039;re not really sure where it came from, or you know it came from poor buying decisions, you might want to speak to an financial/debt adviser.

(In fact, you might want to do that anyway. A professional with all your files in front of him is a much better resource than Yahoo! Answers, no matter how much we all love this site. ;D)

Is this a smart move?

No, i dont think its an good move b%26#039;cos if u have earned so much so far so u can earn much more keep working.It is better.

Is this a smart move?

In part, it is going to depend on how your profit sharing plan is set up and whether or not you are fully vested how much money you can even get out right now. You also need to look at the tax ramifications if you take that money out. Your tax liability may be a lot more than you want to pay, leaving you a lot less money to pay off debts.

You%26#039;ll need to read the plan documents to determine whether this would in any way be a good idea.

My gut instinct is no. Getting rid of credit card debt is a great idea. However, taking money out of your retirement to do it may not be all that smart. And quitting your job??? Why? If you%26#039;re not employed, what are you going to live on? You%26#039;ll likely wind up with even MORE credit card debt.

You need to stop using the credit cards and running up more debt. Don%26#039;t charge anything you can%26#039;t afford to pay off when the bill comes. The more you add on to those cards, the more you%26#039;re paying out in interest. That pair of shoes you decided you just had to have because they were on sale for $50 winds up costing you $100 by the time you%26#039;ve paid for them for 5 years and add all the interest on to them.

Start paying MORE than the minimum payment on those cards and stop using them for things you don%26#039;t need. You have to pay more than the minimum payment to ever see a dent in the amount you owe. Right now, if you%26#039;re just paying the minimum payment, you are barely covering the interest they are charging you every month.

Get them paid off but don%26#039;t use your future to do it. In other words, leave your retirement money alone. Spend less and pay off the cards.

Is this a smart move?

I would not recomnmend it especially if you do not have a much better job to go to. Being unemployed tends to put a person further in debt fast. In addition you will find that there will be taxes on your profit sharing money so you will have little left after you pay off the credit cards.

You are right. Paying off the cards is a good move just not this way. Try to stop charging things so the debt does not build more. Pay more than the minimum payment each month. Think about the possibilities of getting a second job part time, selling something(s) that you don%26#039;t need, and putting ourself on a budget that will help you out of debt and help you save for emergencies. Consider transfering some of this debt for example to a card that is interest free for 6 months to a year. If you have equity in your home you may be able to do a refinance to get this debt at a far lower interest rate and have the interest tax deductible but you also are putting your home at risk to do that and if you take a long pay off time you may pay more interest. You may find that an organization like Crown Financial Ministries can offer you the training you want to be debt free and financially independent.

Is this a smart move?

yes, provided you can curve your penchant for getting heavily in debt. I never heard of profit sharing policy that requires one to quit in order to use it...so I presume you are quitting regardless for some other reason. In that case, you have plan where your bread and butter would be coming from? Else, you%26#039;d be hitting that credit card again, for sure.

Credit Default. What does it mean? (In australia)?

Ok here is the run down.

I am 20. I had an awesome state government job, lived in an inner city apartment etc. But I didnt think a rainy day (or personal crap) could break me financially.

I was unable to pay for a few months my overlimit maxed credit card and phone bill

So Here I am. I rang up to organise. $2k - 2.5k credit card was sold off though they have not recieved the account yet so its brand new. The $1300 phone debt is being sold off tomorrow if i dont pay in full (yeah right)

So im looking at 4 k of debt. Im pregnant single.

Credit card buyer chick said it is listed as a default but she%26#039;ll call me when the account arrives. does this mean I am screwed with credit rating?

From this info, whats the deal with credit rating and how long it will be bad etc??

If I pay off the full $4k in 6 months (payments plus baby bonus money) will that make it better?

Just any financial advice would be appreciated

Credit Default. What does it mean? (In australia)?

paying it of quickly now won%26#039;t make any difference if it%26#039;s already in default the best advice i could give is pay it off asap, as the sooner it%26#039;s paid off, the sooner the default can be removed, have a look at www.mycreditfile.com.au/

they provide a free credit report and will tell you when any defaults will be removed...

Financial dilema?

I have several overdue bills, credit card debt, medical bills and now my checking account is overdrawn and will be closed if I do not pay it within 10 days. I have enough money coming in next week to catch my bills up, and offer the credit card some money (they%26#039;re threatening me with collections), or I can bring my checking account current, but not both.

If my bank account is closed and sent to collections, I know I%26#039;ll be able to pay it off within the next month, but I also know I won%26#039;t be able to open another account anytime soon. A friend suggesting I consider bankruptcy, that I could discharge my medical bills, credit card debt, and the bank debt under it.

I am not trying to get out of my debts, I have been struggling for some time to pay everything, but even working full-time I make less than $17000 a year. I am trying to work things out so I can get a part-time job, but my current employer doesn%26#039;t like us having second jobs.

Any advice? What would you do?

Financial dilema?

fix the checking account and/or move it to a credit union. then keep it current -- the overdraft fees are killing you.

move the medical bills to the last of the list. they%26#039;re used to it anyway. if you had no insurance, try to bargain with the providers -- in most states, their bills are hugely inflated over what they would actually be paid by an insurer.

oh -- and stop charging on the charge card. since you owe, you%26#039;re being assessed interest on everything you charge [ugh!]. this isn%26#039;t as expensive as the bank charges and try to make the minimum payments so you don%26#039;t get hit with more fees.

it sounds like you need to lower your spending as well. Lord knows how you%26#039;ll be able to do that, and it sounds like it has to be done.

try credit counseling through a non-profit outfit before bankruptcy. your bank can steer you to one.

GL

Financial dilema?

Get your checking account up to date. Call any other creditors and set up a payment plan--as long as you are paying them something they can not turn it over to collections--so even $5 a month. Also, even if they do turn it over to collections they just try to get the money, it is a black mark on your credit history, but that seems to be the least of your problems. For the most part creditors do not try to get legal judgements against individuals b/c it is not worth their time and money to do so--so they sell your debt to a collection agencey.

In any event, as long as there is no legal judgment against you, all collection actions just go on your credit report. Also, collections agents can be very agressive but remind then that it is illegal to call you at work once you tell them not to and also that they can not %26quot;harass%26quot; you...but best bet is to try to set up a feasible payment plan.

So get your checking account current and contact any and all creditors and explain the situation. Be sure to keep a log of when you called and who you spoke to. Tell them that you want to pay, but can only afford $X a month.

One other option is a credit consolidation service--there are ads on TV all the time. They also show up as a black mark on your credit but it is not near as bad as bankruptcy.

Finally, the bankruptcy laws just changed last year and the new laws are quite different as far as what is ans is not written off.

Financial dilema?

I have a friend who was having problems and went with an %26quot;attorney run debt reduction%26quot; program. Has debt a bit higher than you and will be debt free in 30 months. He said the Consumer Credit counseling companies are in cahoots with the credit card companies (and take 7-8 years to pay), which I heard long ago, and he didn%26#039;t want bankruptcy, and said once you%26#039;re paid off, you can rebuilt your credit quickly after. I tried to give advice to someone on this, thru email, and it wouldn%26#039;t go thru. If you want, just search under the above and find a company or so and talk to them...then check out your options.

Preparing for Auto Loan?

I have just about paid off my car, and will want to buy a new car later in the year. My credit score is in the low 500%26#039;s right now, and husbands is in low-mid 600%26#039;s. I%26#039;m trying to pay off some of my credit card debt (I have 3 cards with about 2300.00 in debt), and our secured installment loans (have 4, at around 4000). We only like around 5 more months to have the installment loans paid off and the cc debt paid down (not off). I%26#039;m trying to do all this to have a better debt/income ratio. I think my vehicle will be worth around 4000 at trade in. We also have a mortgage (175,000) and another auto loan (24,000) and have established credit for 10 years. Bad thing is we have a bankruptcy that is 6 years old. What are my chances of getting an auto loan? I know that the interest rate will be higher than I%26#039;d like, but I just don%26#039;t want to deal with the hassle at the car dealership and them trying to get me to buy a different car.... We make 75K per year. ADVICE PLEASE!

Preparing for Auto Loan?

when dealing with a dealership,they cant make you swap for a car you dont want-just dont do it.be sure to put hubbys info first and co-sign the note with him.your income will definitely help and be sure to bring proof of it with you to the dealership.chances are good,just dont settle for something that you dont want.

Preparing for Auto Loan?

Do you really need a new car? what is wrong with your old car? You have a lot of debts and I don%26#039;t think you could afford a new car financially.

Preparing for Auto Loan?

With your credit rating, forget it. Sorry, but unless you are in the 720 range, you won%26#039;t be able to get financed. Drive what you have for a while and put what you pay for the payment into paying down your credit card debt. In 4 years your bankruptcy will drop off your record which should improve things for you, and if you have your credit cards paid off by then, then would be the time to look towards a new car, not now..

Preparing for Auto Loan?

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work. Basically you will find everything you need to know about mortgage here,

http://mortgage-loans.awardspace.com/

First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

Mortgage Question?

Mortgage question: I have about $15,000 in credit card debt. My and my wife%26#039;s combined income is about $5000 per month gross. Our CC payments per month is about $200. Only other debt is vehicle loans at about $560 per month.

Thinking about buying a home, FHA. We qualify based on the FHA ratios, but my question is, will a $15000 credit card debt prevent me from getting a loan? credit scores are in the high 600s.

Again, the debt ratios meet the 29% / 41% that FHA requires.

Mortgage Question?

Hello asker,

There is alot of missing information here, but you should be able to qualify based on what you have provided.

Couple things. What state do you reside in? I have access to all the state specific grants, loans, and programs that can help home buyers. How much money do you have to put down on the property? This is just as important if not more important then the debt ratio. Whether alot or little, it makes a huge difference when trying to offer advice.

I would be happy to answer any questions you may have, i just need more information to accurately advise you.

I work with a nationwide Wholesale mortgage lender in chicago. I have helped numerous peple from yahoo answers both refinance and purchase new homes.

Feel free to take a look at my profile, and either call or email me with any additional questions!

Good Luck!

Jason Fry

Licensed Mortgage Consultant

.

Mortgage Question?

It won%26#039;t prevent you from obtaining a loan, but it will limit how much you are able to borrow until they are paid off.

Mortgage Question?

You should be able to get a loan but with credit the way it is you may not get as much as you want...........15K in credit card debt.......the intrest must be eating your shorts..........

Preparing for Auto Loan in future?

I have just about paid off my car, and will want to buy a new car later in the year. My credit score is in the low 500%26#039;s right now, and husbands is in low-mid 600%26#039;s. I%26#039;m trying to pay off some of my credit card debt (I have 3 cards with about 2300.00 in debt), and our secured installment loans (have 4, at around 4000). We only like around 5 more months to have the installment loans paid off and the cc debt paid down (not off). I%26#039;m trying to do all this to have a better debt/income ratio. I think my vehicle will be worth around 4000 at trade in. We also have a mortgage (175,000) and another auto loan (24,000) and have established credit for 10 years. Bad thing is we have a bankruptcy that is 6 years old. What are my chances of getting an auto loan? I know that the interest rate will be higher than I%26#039;d like, but I just don%26#039;t want to deal with the hassle at the car dealership and them trying to get me to buy a different car.... We make 75K per year. ADVICE PLEASE!

Preparing for Auto Loan in future?

My advise would be to go to a Lender you have already established a loan with (assuming the offer Auto Financing) as see what they can do. You will end up with a much better deal and skip all the %26quot;Hot Box%26quot; financing at a dealership. You could also look into re-financing the 2nd auto loan, that may also put you into a better position.

Preparing for Auto Loan in future?

It%26#039;s gonna be tough to get a loan. As you said, Your gonna pay high interest on any loan you get.

Why not just save up for a good used cash car?

You make good money.

New cars are a rip off. They lose value and you lose money as soon as you drive off the lot. They keep losing value year after year.

You can take the money you save and put it in the bank for an emergency fund.

No payments = cash in the bank.

Go to http://www.daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesn%26#039;t cost a dime to listen.

Preparing for Auto Loan in future?

You%26#039;ll probably be okay because you have your debts up to date, particularly your car loans. :) You are on the right track. All the best to you.

Preparing for Auto Loan in future?

Auto finance is what I do for a living and as long as you follow your plan, you should be fine when it comes time to buy a car.

Preparing for Auto Loan in future?

If I were you, I would pay off @ LEAST one of the CC debt or the installment loans before going to get a new car. This will lessen your debt ratio as you mentioned %26amp; will also look good b/c you paid them off over a period of time. With both of those out of the way, there should be NO PROBLEM w/ you getting financed, especially w/ the car you are trading in (assuming you will pay it off too b-4 trading it in). I agree w/ Turbo Baby 閳?Check w/ the lender that you currently have your car notes with. They will probably be your best bet when it comes to choosing the BEST lender for your BUCK!!!

Good luck!! :%26gt;)

Preparing for Auto Loan in future?

My advise is to pay cash for a car. When my wife and I paid off our truck we continued paying by putting the money in a savings account. We bought our $25,000 car putting about 70% down. Our loan payment was $200 a month and we paid it off in less then 3 years. Our next car will be bought cash. We save a lot of money by doing this.

Preparing for Auto Loan in future?

Hello Every body,

I live in the US and i really have never seen goodness shown to me this much in my life as i am a struggling mum with three kids and i have been going through really rough times in my life and my name is Helen Peters and in all this hard times, a worse incident occured in my life as i lost my job which was my only means of survival and things became really bad as i had bills to pay and my last son suffered a knee injury incurred when he fell from a tree house and the doctors informed me that he needed a surgical operation for his knee so he could walk again and at this point, life was useless to me as i have no family and no one to run to and each night, i will sit down and cry till the break of dun until one day, i read an advert on yahoo answers of man that stated that he could help people in my shoes with loans and in my desperate situation, i had no choice but i had to try and so shocking and suprising, it was like an impossibility becoming a reality, i got a loan of $60,000 USD even with my bad credit within 48 hours and my sons surgery was done and thank GOD it was successful and now, i am okay and living in comfort with my kids and i said to my self, i have never ever seen this kind of wonder in my life and i decided i will tell it to the whole wild world and i need every one to thank GOD for Mr Patrick Harvey, the man GOD used to rescue me and my family even when all hope had been lost and gone and i will say to every one, no matter how dark and sinful the world is today, there are still GOD fearing and reliable people on earth and if you are in my former situation or require a loan legitimately, i will advice you contact this loan lender and you can reach him via patrickharvey12@yahoo.com and i want you all to pray for this man for me.

How does it look?

If you get help from one of those credit places where you are going to pay off all your bills but it is making ONE payment per month how does that LOOK on your CREDIT? My credit is already OK, not bad but not good, but I can get a house with it, and I want to make sure this isn%26#039;t going to make is WORSE by using one of these people to help with my debt. It is just I am barely making it and I have a little girl and I want to see if they can help me with the debt and help me give my daughter a better life.

Also my fiance%26#039;s credit is really bad so we will be using them or just filing bankruptcy for him because there is almost no hope for his (but we are still looking at options).

I honestly think that once we get rid of all of the credit card debt that we will be able to live HAPPY on the paychecks we get from Wal-Mart, but it is just getting to that point that is hard.

All in all, how will it look on MY credit to use the debt help?

How does it look?

I agree with the other posters (except the very first one)

If you want to use one of those companys, be very thorough in checking them out. They have a bad reputation of leaving people in worse shape than they were to begin with.

I%26#039;ve heard both positive and negative as far as how your reports would look if you used one, mostly negative though.

You might go to the site I%26#039;ve listed and start reading in the newbie forum and then in the credit forum. Learn how to take care of the baddies yourself and save the money that you would be paying one of those companies.

Everything on that site is %26quot;free%26quot; to read and use. After you do some reading, if you have any questions feel free to ask them in the credit forum.

How does it look?

People always fear what they do not understand.

How does it look?

using a credit debt help center will be a negative on your credit report

it will lower your FICO score

using one of these types of agencies looks like you needed help with paying the bills

How does it look?

Most of these outfits are scams so be warry. I would suggest going to get a book called The Total Money Makeover by Stephan Ramsey. It is great! My husband and I are using this right now. It will help you pay off your debt as well as teach you how to be smart with money so that you dont get into debt again. Using and agency won%26#039;t change your credit because all these people do is have you make the payment to them, and then they make the payments for you to the people you owe. This could be kind of scary if they dont actually make these payments. So it could make your credit worse instead of better.

How does it look?

when you use those credit help people they get the interest down on the cards but it also freezes all of your accounts, you have to agree to stop using the cards and you will not be able to get any authorizations for any credit. it%26#039;s like freezing everything that is available to you. be careful of the sales pitches and the fees they charge you. they also make it an automatic deduction from your checking account so they always get their money. I personally don%26#039;t recommend it.

How does it look?

I agree with a lot of responders about being careful about who you go with, because a lot of these people will be scams.

Using one of these places won%26#039;t lower your credit score, however it will raise a red flag to anyone looking at your credit score and in most cases they will be less likely to give you a loan/ credit.

Debt Consolidation.?

I have between $11,000 and $12,000 worth of debt on 3 different credit cards. All of the credit card accounts have been sold to law firms. There is no way I can afford to make 3 different payments a month on these. What are my options? Should I go with one of those non-profit organizations to consolidate my debt? I do not own a home or any other property that could be used as collateral. I%26#039;m sure my credit is already shot so I%26#039;m open for all options.

Debt Consolidation.?

The accounts are now in the hands of law firms, so call those firms directly and negotiate a monthly payment and an interest rate. Ask how they calculate the interest in, like daily, monthly, bi-monthly, etc. Do NOT sign anything yet. Get info from the non-profit credit counselors also.

They want the money paid, pure and simple. They should be willing to go rock bottom on a monthly payment to avoid you declaring bankruptcy Chapter 7 and end up with nothing.

Debt Consolidation.?

What i did was filled bankruptcy. chapter 7

Do I have a good shot at refinancing my car loan?

I bought a car in autumn 2005 with a car loan for $26,800(this amount was AFTER tacking on tons of taxes %26amp; fees, and AFTER deducting the $6000 down payment I put on the car). Despite credit problems and an Equifax score of 580, I got financing through Bank of America for 9.7% APR. So I%26#039;m paying $492/mo. for my car, but hey I understand that the interest coulda been a lot worse.

In the past year-and-a-half, I%26#039;ve paid down the car loan to about $14,900.

I%26#039;ve also beefed up my credit score a LOT. Part of my past credit problems were due to inaccuracies on my credit report. Since then, a collections account has also fallen off my report. The car loan%26#039;s good payment history has added to it. The only problem with my credit now, is that I have a good chunk of credit card debt(due to a short stint of underemployment), but I always pay on time and more than min payments.

Do I have a good shot at refinancing for lower interest? Or, is my credit card debt hindering me?

Do I have a good shot at refinancing my car loan?

Since your credit history has improved, you should be able to get a better rate. The only problem is that you may be getting a rate for a used car now, instead of a new car rate and used car rates are generally higher than new car rates. However, some lenders give new car rates for cars that are up to 2 years old, so if you do this pretty quickly, you may still be able to get a new car rate.

First, you should call BoA to see if they will refi you without a hard inquiry. Be explicit that you are not giving them permission to do a credit inquiry right now, you are just seeing if you can get a better rate without them having to pull your credit.

If they say no, then you need to start shopping around at credit unions and banks to see what their definition of %26#039;new car%26#039; is and what their rates are for both new and used. Be sure to look at the rates for different length of loans - shorter loans often have lower rates.

Once you find the combo you like, apply there.

Filing for bankruptcy?

I%26#039;m married and we%26#039;ve incurred about $140K in credit card debt. About 40% are my credit cards. My husband is the main provider (owns our home under his name) and is thinking of refinancing to pay off the credit card debt.

We are separated (about 1 month now), but have an amicable relationship. I suggested filing for bankruptcy, but he is very opposed to this. Even though both our credit scores are low, he still thinks we can get lenders to loan us the money. Well, it閳ユ獨 been a few months and nothing is happening. I got frustrated in waiting and can no longer make the minimum payments anymore and a few creditors have already started calling.

I閳ユ獫e since then left, moved in with a friend and am looking for a job (I don閳ユ獩 have much experience as I閳ユ獫e always relied on my husband閳ユ獨 income). Currently, I baby-sit p/t which certainly does not provide a steady income.

So I guess my question is if I can file for bankruptcy individually? Or do they take into account my husbands income? Thx!

Filing for bankruptcy?

depends on which state you are in. call a bankruptcy lawyer and ask, usually the first consultation is free and they can tell you what you can and can%26#039;t do.

Filing for bankruptcy?

u can file separately, but anything that is in both names they will go after the x, so he will have to pay up or also file, if all ur debts are in ur name go ahead and file, again u will need a good bk attorney just to handle ur filing, not wise to try and do it without one.

Filing for bankruptcy?

Lots of people think that once they閳ユ獫e filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn閳ユ獩 always true, there are%26lt;!--always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.

http://best-loans.awardspace.com/Bankrup...

In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this--%26gt;will help to improve your credit history in a number of different ways.

Filing for bankruptcy?

Hi,

I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News special edition.Check it out here:

http://shortlinks.co.uk/4cl

Chapter 7 Bankruptcy reprocussions?

My husband had a very expensive live-in girlfriend way before he met me. She racked up alot of credit card debt on his credit cards, and left him with all the bills. The debt totals about 12,500, and I had absolutly nothing to do with it, but I have been trying to help him get out of it. I helped him go with a credit consolidation company, but we pay $550 a month, and it is still too much to afford. His dad told him since his credit is already trashed to go ahead and file for chapter 7 bankruptcy. I was against that in the beginning, but I am also sick of paying so much a month. We spoke with an attorney, and he assured us that my credit would be fine because my name wasn%26#039;t on any of the debt. Is this true? And what are pros and cons of filing for bankruptcy?

Chapter 7 Bankruptcy reprocussions?

What the lawyer told you is not a lie, it is not the whole picture. His credit history will impact you some what to some degree for the rest of your life. Don%26#039;t get all OMG over that. People, with a large amount of industry disinformation, let their credit history scare them more than is justified. That impact is very slight and the damage is already done.

You should have your attorney discuss with you the merits of each possible course available to you. Possible actions available you include negotiating a discount settlement with your credit card company. It could also include suing the ex-girl friend. You need to make these decision based on your circumstances in an unemotional state working with a train professional in the practice of bankruptcy. It is not a grave decision, but it is one that should be weighed before moving forward.

Good luck to you. You are not in as bad shape as you think.

Chapter 7 Bankruptcy reprocussions?

A very very long 7-10 years of not being able to get credit!!! Seriously you%26#039;d be better off with that small (I know you don%26#039;t see it as small, but it is) of debt for him to take on another job or odd jobs to pay more on. Do without more items at home too. My husband filed years ago and finally got out of it 5 years ago. Most people don%26#039;t file until their debt is well above $20,000

Chapter 7 Bankruptcy reprocussions?

Unfortunately, bankruptcy will no longer help with credit card bills. The rules/laws changed a few yrs ago. Too many people were getting over their heads with the credit cards then filing for bankruptcy. So, they changed it all.

As far as your credit afterward, it does mess it up. However, bankruptcy is so prevalent that you can still get credit even after bankruptcy. My husband and I filed many years ago. Within a year, I had another credit card.

Your best way to go (in my opinion) would be the debt consolidation or take out a personal loan with a lower interest rate and pay off the credit card bills with that loan.

Good luck.

Do law firms settle?

Hopefully someone can help me out. I have an old (about 5 years old) credit card debt of $4309.00 which I am trying to settle for $2500. In April the account went to a collection agency who offered to settle for $2200. At that time I was in financial hardship and (divorce, single mom, unemployment, overextended) I did not have the money and could not accept. Now the account has went to a law firm. I called them and asked them to settle - they seem more interested in finding out how much money I make and my job than trying to settle. Of course I got upset and told them I would I would call the credit card company and they said the credit card company would refer me back to them. Shouldn%26#039;t they (the law firm) be working with me to try and settle this debt? What should I do? I also told them them that I would like my credit reported as %26quot;paid%26quot; after I gave them the money - they said they had nothing to do with the credit bureau. Help!!!

Do law firms settle?

I agree you need to find out what the statute of limitations (SOL) is for your state. (if you are having problems locating the correct SOL, list your state and I%26#039;ll check back from time to time and tell you what it is for your state)

How you handle them depends on if you are still within SOL or out of it.

Basically, there are two types of collecting SOL%26#039;s. One starts from the last time you became 30 days late and never brought the account current. The other is a %26quot;last action%26quot; SOL. It starts from the last time you either made a charge or a payment.

Which SOL time you would go by depends on your states statutes.

If you are out of SOL, you are not legally bound to pay.

If you are out of SOL, I would suggest sending the collection agency a debt validation letter (cc the law firm) and send everything certified mail return receipt - paper trail.

After you receive a response, or 35 days after the collection agency signed for the letter (which ever comes first) send a SOL letter. It will basically tell them that the debt is no longer legally collectable (and to go away).

If you are still within SOL and will be for quite some time, I would still recommend sending the collection agency (and lawyer) the debt validation letter. (keep them busy and also give them rope to hang themselves with should they try to sue)

You can then send the original creditor a letter asking them to recall the debt from the collection agency and let you settle directly with them. Though I don%26#039;t know if they will if the collection agency was not assigned the debt but had purchased it.

Also, you should request total deletion, not ask for it to report as paid. Having a paid negative is just as bad as having an unpaid negative on your reports.

You might also check out the site I%26#039;ve listed. Do some reading in the newbie forum and then in the credit forum.

There are others on that site are or have gone through what you are going through. There is a great deal of info on there that can help you.

Everything on that site is free to read and use. And there is a lot of people on there that would be happy to try and answer any questions you may have.

+++++++++++++++++++

oleurud - where in the world do you get your info from? If you claim that some of the advice is off base - you have managed to find a way to be totally out of the ballpark.

First off, they already %26quot;have%26quot; the OP%26#039;s credit report and KNOW what is or is not on it.

Second, it is quite possible that the OP is out of the SOL for collections on the debt.

Third, if the OP speaks to them instead of dealing with this by mail, she may inadvertantly say something she will regret later on.

Fourth, since the collection agency and law firm has her credit report, and also knows the bankruptcy laws, they will probably know that it is a bluff or lie or whatever you would want to call it. If that would be the case, that could push them into filing right then and there.

Fifth, paying a collection agency or their lawyer should %26quot;never%26quot; be done by personal check!!! It should be done by cashiers check or money order!!!!! Paying by personal check may result in the OP suddenly finding her bank account frozen.

Sixth: Never, ever, ever make a deal to pay that debt without FIRST having it %26quot;in writing%26quot; that they will %26quot;DELETE%26quot; any and all tradelines on the credit reports. Waiting until after they are paid gives them the upper hand and the chances of having it deleted are slim to none.

Extra information:

Did I mention that the OP may be out of the legal SOL for collecting???

Do law firms settle?

The squeaky wheel gets the grease.

Call them and call them and call them. Lawyer time is money. Send them a little (say $500) to show you are serious. Then wait until you send another five hundred, but just keep calling.

Do law firms settle?

Having a collection agency/law firm report your debt is paid is just as bad as being unpaid. I know this may sound crazy, but it%26#039;s true. Creditors still look and see that it went to a collection/law firm and that looks very bad.

Plus, if you pay now, I promise that it will show on your credit for another 7 years.

Next, the best thing to do is dispute. Credit card companies rarely keep info on customers past 3-5 years. It%26#039;s too expensive for them. They have to hire an outside database to keep the information. That%26#039;s why the law firm said that you would be referred back to them is because the credit card company has no info on you. Chances are the law firm doesn%26#039;t have much more.

Do not call this law firm anymore. You are admitting guilt. You need to write to them and have them validate your debt with a few questions. You should also request to see the contract that you signed all those years ago. This may not even be your debt, and if it is, it is up to them to prove it not you.

If you need help writing to them, contact me.

If for some reason you should decide to settle, send a cashier%26#039;s check that you purchase from a different bank. Do not send a personal check or even a cashier%26#039;s check from your bank. If you do, you have given too much info. Do not give them any info about you (where you work, live, phone number, relatives, friends, SSN, DL #, Date of Birth--give them NOTHING).

If nothing else, I would just wait out the remaining 2 years that it will show on my credit report. That%26#039;s better than having negative credit for 7 more years from the date you pay it.

Do law firms settle?

My thinking is that if this debt is 5 years old, and it%26#039;s now in the hands of a law firm (assuming they are not lying about their identity) then they are serious about suing you. It%26#039;s very likely for a debt of $4300.

You need to find out exactly hold old this debt is, and if it%26#039;s past the statute of limitations. Many states are around 6 years, some are less. See the link below on this.

So playing the %26quot;game%26quot; that Christian93 suggest is very dangerous. You could end up with a judgement on your hands.

Contact the credit card company. They may send you back to the collection agency, but at least you tried.

As for his comment about the credit bureau....stick to your guns. If he was hired by the collection agency then you need to be negotiating with them and not the attorney.

Do law firms settle?

Hi Single Mom..........

I have been down the very same road as you. Most of what the other answers told you have been pretty far off base. Here%26#039;s what you do.

1. Double check that this law firm is on one or all three major credit reporting companies. (Experian-Equifax-Transunion)

2. If it%26#039;s still on the reports contact law firm. Do not get upset. When humans get upset we say things we regret. Law firms count on this.

3. Tell law firm you are $30,000.00 or more in debt and have 20 creditors hounding you and you have a terrible credit report.

4. Tell law firm your Aunt Rose (a lie of course) from San Francisco is going to lend you X amount of money. If they ask how much Aunt Rose is giving you tell them it%26#039;s way less then half of what you owe in bad credit.

5. Speak clearly, speak with confidence. Have a plan of exactly what you will say to them. Tell them nothing more then what I told you above and below.

6. They will ask you what you can pay. Tell them 30 cents on the dollar. Remember, 30 cents on the dollar. Not $2000 bucks.....not $2,200.....30 cents on the dollar.

7. They will say they can%26#039;t accept that amount. After they tell you they cannot accept 30 cents on dollar, say nothing for at least 5-10 seconds. If they say nothing, after 10 secs ask them how much can they accept. They may hem n haw some. They will come back with an offer of 70 cents on the dollar. Maybe somewhat less or more.

8. If they refuse to settle with you, tell them that bankruptcy is your only other option because Aunt Rosy is ONLY giving you X amount of money to settle on X amount of bad credit and you have 20 other creditors to deal with.

9. Speak nice-nice with these people. Very important to make them feel for you, yet all the while you are being firm with your offer.

10. I am almost certain they will settle for 50 cents on the dollar or less. The lowest most go is 40-45 cents on dollar. However, what really matters is how long money has been owed. The shorter the time the more they will want and the longer you owed the less they will take.

11. If they agree to settle, tell them you need a letter with ACCOUNT NUMBER, on law firm LETTERHEAD paper (use the word letterhead when you speak to them) within 30 days stating you are willing to settle for the X cents on the dollar. Make sure it is SIGNED by law firm.

12. After getting letter send a check to them with debt ACCOUNT NUMBER, and PAID IN FULL on your check. DO NOT use a money order for they are hard to track if you should lose receipt and/or have a problem. Use ONLY a checking account. If you don%26#039;t have a checking account, find someone that does. Very important you have the money to settle when you make this phone call.

13. AFTER they agree to settle and before they send your letter ask nice-nice if they would EXCLUDE the word settled on the account when it comes time to notify credit reporting companies. They may or may not say yes.

Extra information:

Legally the law firm can keep this %26quot;paid%26quot; bad debt on account from last payment made for 7 years When you contact credit reporting companies tell them it%26#039;s been paid in full and send copy of check you sent to verify (DO NOT send settlement letter). With any luck they will not include settled on trade line in reports. It may come off report in a couple years. Either way, if you pay on time, every time and pay account in full each month and NEVER use more then 30% of your available credit on a credit card that%26#039;s reported to credit bureaus it will boast your credit quite well after two years.

Advice on filing for bankruptcy.?

I currently have 23k in credit card debt and I have good credit, no 1 x 30s. I started my own business back in February and needless to say it didn%26#039;t work out. I was practically living on credit cards hoping things would take off. I work in the finance industry and the last thing I want to do is file for BK but it is so frustrating seeing customers with previous BKs get financed at a decent rate. It makes me wonder why I even struggle to keep my credit perfect. I%26#039;m on a salary position but by the time I pay mortgage, car payment, credit cards I%26#039;m all tap out. i have 2 young boys and we never have extra cash to do anything for them. My wife has her own debts, not like mine thank god, and makes a little less than me. I would want to keep my house and car if I could. This isn%26#039;t a for sure think , I%26#039;m just thinking out loud. Like I said before I work with BK clients everyday and its very frustrating to see them better off than me in the long run. Any advice?????

Advice on filing for bankruptcy.?

The ability to file bankruptcy is not determined by the amount of debt, but by your ability to repay the debt.

In your case it sounds as if you have enough to cover your bills(but barley). So you probably would not qualify for a Chapter 7(liquidation), but a Chapter 13(repayment). Again there are a few means tests that are applied that will tell you for sure. But if you earn more than the average income for your state, and have at least $100 in disposable income a month you will most likely be forced into a Chapter 13.

If you do file for bankruptcy your car payments and house payments will remain the same as they are %26quot;secured loans%26quot;. The only thing that would be reduced is your Credit Cards, but you probably will owe some money.

You may want to look at Credit Counseling(NOT Debt Settlement). They can often lower your interest and payments and get you back on track. Take a look at http://www.nfcc.org to find a reputable one in your area.

Advice on filing for bankruptcy.?

I wouldn%26#039;t consider bankruptcy for only $23k in debt.

Don%26#039;t be fooled by what people tell you about life after bankruptcy.....its bad for many many years. If you and your wife both have decent jobs and you still have good credit, use your good credit to refinace that credit card to debt at a lower interest rate and pay it off.......good luck

Advice on filing for bankruptcy.?

Only you can make this decision, you should consult a bankruptcy attorney so you can get all your questions about it answered.

Is there any relief for blind individuals or disabled people on Social Security Disability?

The past year and a half has been a real financial battle for our family. My husband is blind and gets very little Social Security. I work full time but over the past year and a half I was laid off for several weeks and some weeks I did work didn%26#039;t get 40 hours. Over that time we racked up a lot of credit card debt. We both have called the credit card company that we are most in debt to to reduce interest but they have told us no and another time told us to call a debt management company. I don%26#039;t want to mare my credit anymore I%26#039;m trying to regain my high credit status. Is there any way we could get help because of our situation , because he is disabled? I%26#039;ve looked up all I can think of and haven%26#039;t come across anything, a lot of stuff is for low income which we fall just above.

Is there any relief for blind individuals or disabled people on Social Security Disability?

Sorry, but there are no programs that will pay off your credit card debts.

While you were unemployed or underemployed you could have applied for any public assistance that you may have qualified for such as food stamps, help with utility payments, or rent subsidies. etc. Many local churches run programs for people who need temporary assistance.

Wish you the best.

Is there any relief for blind individuals or disabled people on Social Security Disability?

My wife was blind. (she died 11 years ago) and all I can say is that it certainly was hard. I can tell you that you must get rid of the credit cards! Somehow! and just life within you means. It really sucks.

My Husband wants a baby, but I know we're not ready...?

First, my husband is the best, I cannot imagine being with another. I have about $30,000 of debt that I want to eradicate most of before I work on starting a family. I personally accrued this debt through college loans, credit cards and the like, and I%26#039;d like to get rid of at least the credit card debt before bringing a child into the world. My husband wants a child so bad and everytime he brings it up and I %26quot;dash%26quot; his hopes by giving every excuse why we should wait, he becomes withdrawn and sad. I think that he wants a child sooooo bad with me because he was inter-racially adopted and has never had the feeling of being %26quot;blood related%26quot; to anyone, or has always felt a sense of not belonging to his family. With him being in the military and my bad debts I just think we would be waaaay better off to wait 2 years while I pay off the debt, and then try for a baby. Because my fear is that putting the cart before the horse will lead to financial and possible relationship ruin. What do I say?

My Husband wants a baby, but I know we%26#039;re not ready...?

Just be honest and tell him what you said here, that you would like to get the debt cleared, that you want to wait for good reasons, because having a baby IS expensive. Tell him that you two can work together to plan a date to have the debt cleared, and therefore leaving you free to try for your little one. Reassure him that you do love him, and its not that you doubt his love of you, or your love for him that you want to delay.

My Husband wants a baby, but I know we%26#039;re not ready...?

children are a blessing. why trivialize their place in your life by reducing them to a dollar figure in your budget? If it happens...it happens.

My Husband wants a baby, but I know we%26#039;re not ready...?

Ok, try to get your bills consoildated if they are not already. That way you make one payment a month that will go towards you loans. Then see where you are with affording a baby. Make sure you talk to your husband and explain the idea, if you like it yourself.

My Husband wants a baby, but I know we%26#039;re not ready...?

I understand your concerns, but if you wait until you are out of debt to have a child there will NEVER be a child. Unless of course you know of some miracle way to cure the problem. Sometimes debt correction takes a long time.

My Husband wants a baby, but I know we%26#039;re not ready...?

As a mother with three children, I have to say, if you wait until you can %26quot;afford%26quot; one, you%26#039;ll NEVER have one. I feel that if you really love your husband, you have to consider his feelings too, as he IS in this relationship too. However, you are the one who has to go through the physical and emotional stuff, so you need to have a big say here as well. I say a compromise (just like always) is in order. Estimate a time when you will feel more comfortable. Say, instead of when the $ 30,000 debt is paid, make it that you%26#039;ll start trying for a baby when it%26#039;s $ 15,000. You could both get part time or weekend jobs to apply to the debt in the meantime to make it happen faster. You have to give a little, and he has to give a little. I hope you can come to some sort of middle ground. It sounds like everything else is where it should be in your relationship. Good luck.

My Husband wants a baby, but I know we%26#039;re not ready...?

Just use birth control until the time is right...but remember, we can%26#039;t always pick the time, sometime it picks us...so don%26#039;t wait until it is too late...

My Husband wants a baby, but I know we%26#039;re not ready...?

I personaly feel if you are already in a finanical squeeze why bring a little one into your life that who knows might not be a healthy baby and there is bigger strain on your marriage life wallet...........Sometimes we need to have a organized life before bringing someone else into it.....I agree with you, even though I do not know you, I understand where you are coming from.

My Husband wants a baby, but I know we%26#039;re not ready...?

I agree with you when you are that far into debt you shouldn%26#039;t choose to have a child. I know alot of people say that you shouldn%26#039;t put money over a child but I think putting a child into a bad financial situation is selfish. Set a goal and really work towards it. You and your husband should do this together. Then once you have reached that goal and you are both ready then go for it.

My Husband wants a baby, but I know we%26#039;re not ready...?

Kids can be expensive. When you are spending your money on your children it can be hard to catch up on debt. And depending on how many children you have, you may have to buy another home, or a bigger car. WIth a poor credit score it makes it more expensive. Sometimes we can%26#039;t pick the timing though. It it%26#039;s meant to be it will happen.

My Husband wants a baby, but I know we%26#039;re not ready...?

You are being very responsible. You should bring down the debt before bringing a child into the world, to make sure that you can properly care for the baby. Explain it to him, tell him you want a baby, but you want to wait.

---

Of course you will always have some sort of debt. But 30,000 is a lot. I would not even think of having a child unless the debt was below 10,000, or preferably 5,000.