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Money Talk
By Liz Pulliam Weston
She Got The Car, He Got The Bad Credit Score
In our divorce, my ex was awarded the car but was supposed to make the payments. She is always behind and, since my name is on the car loan, my credit scores remain low. Is there any way to get my name off the loan?
Does Paying Old Debts Help Credit Score?
Over the last year, I have been trying to identify and pay off old debts by getting copies of my credit reports. I've been attacking these old bills one at a time while also sending in extra payments to bring down my credit card balances... How long will it take before I see my credit score start to go up?
High Income Doesn't Preclude Overspending
I am in my 40s. My wife and I have great jobs that pay well, but at times it seems as though we can't get ahead. With income in the $170,000 range, you'd think it would be easy. But with children, retirement, vacations, it's not. Any insights?
Grappling With Debt In The Financial Crisis
My application for a mortgage modification was disapproved because I am current on my payments. I came across a telemarketer offering legal services to help me negotiate with my lender for a loan modification. The company is asking me for an upfront payment of $3,500 before it starts the process...
Cutbacks Are Painful But Better Than Being Old And Broke
My husband and I are both 44. We have a combined income of $100,000 but have only $20,000 saved for retirement, plus about the same amount in credit card debt... Should we pay our debt with retirement money or keep that money and pay off our debt as we can?
Grappling With High Personal Debt
My wife and I have two young children, a mortgage and two financed cars. We also have more than $100,000 of debt, mostly on credit cards that are in my wife's name. Our savings are gone. I have never been in this situation before... What do you think of my situation?
How To Improve Your Credit Score Without Carrying A Debt
I save up for purchases or do without. Lenders don't like that, so they punish people like me by reducing our credit scores. [We] use credit sparingly and wisely and aren't chained to monthly payments... Is there a way we responsible people can raise our credit scores by removing this "credit bias"?
Don't Expect Creditors' Pity If You Run From Responsibility
I have a 19-year-old son. While he was away at college, he accepted invitations for four credit cards. He ran them all up to their limits, quit his job and stopped paying them. He also had two checking accounts that he overdrew and is now blacklisted from getting another bank account...
Too Ill To Work, But Wants To Pay Off Credit Card Debt
I'm a 42-year-old woman with serious medical problems and $5,000 in credit card debt. My only income right now is $668.25 a month in Supplemental Security Income... I was in a debt consolidation program to pay off my credit card debt, but now I can't pay... I feel that I should pay my debt, but how?
Paying Off Loan With Low-Interest Credit Card: Tempting Trap?
I've incurred roughly $56,000 in student loan debt... I've heard that some people have been able to transfer their student loan debt to a very low-interest credit card (say about one or two percent) and paid it off ahead of schedule this way. Is this a smart move... if so, how would I find such an offer?
Nice Problem: What To Do With A Big Inheritance
My husband and I just inherited about $700,000 in a brokerage account... We are both semi-retired consultants who intend to keep working for at least five to 10 years. We would like to know if we can safely withdraw $40,000 a year from our inheritance to supplement our income...
Most Credit Unions Are Insured As Well As Banks
With recent bank failures, I'm wondering how safe money is at credit unions. Their rates on certificates of deposit are usually a little better than banks', but I understand they're not FDIC insured. How safe are they?
Mother Of Four Is Financially Stretched To The Limit
I am 40, the mother of four children and recently separated from an abusive husband. The children and I live in a $700-a-month rental home. My income after taxes and deductions is $738 biweekly. My husband earns too little to contribute to child supoort... I seriously wonder whether I can make it...
Checking ID For Credit Card Use: Is It Legal?
I recently read that merchants aren't allowed to ask for customers' identification when processing credit card transactions. But this has become incredibly common. In fact, I can't remember the last time that I wasn't asked for ID when using a credit card. Is it really illegal?
Don’t Blow Your Budget On Rent
Sky-high rent has become a sad reality for many people living in large cities. Even in the smaller city where I live, a one-bedroom apartment costs upward of $800 a month, not including utilities. The 30 percent rule is no longer true for many of us. I know my rent eats 45 percent of my monthly income...
Short Sale Of Home Hurts Credit Scores
I sold my house for less than what I owed on the mortgage, not realizing that this short sale would affect my credit scores. Because of this drop in scores, I recently received a letter from my credit card company closing one of my unused accounts. I have two other cards with the same company... What can I do?
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