Debt

Debt includes all the money you owe. It can be credit card debt, student loans, mortgages, medical bills and car loans. Most Americans will carry some amount of debt, but sometimes the debt can get to be overwhelming. Learn here how to manage your debt and personal finances.

Filing Bankruptcy vs Debt Consolidation: Which Is Better?

Filing bankruptcy or choosing debt consolidation is something to consider when you’re far in debt. Decide which is better to start paying your debt. By: Ilyce Glink and Samuel Tamkin Q: I am over $20,000 in credit card debt, and …

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Owing More Than House Is Worth – Should I Get A Renovation Loan?

Owing more than your house is worth? When deciding if you should get a renovation loan, think about if the debt you’ll owe is worth it. By: Ilyce Glink and Samuel Tamkin Q: My home is like most in our …

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How to Avoid Paying Taxes on Forgiven Mortgage Debt

Ilyce Glink explains how to avoid paying taxes on forgiven mortgage debt if you’ve done a foreclosure or short sale in Real Estate Minutes. If you go into foreclosure or complete a short sale, you could wind up owing tens …

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Options for Selling an Upside Down Condo or Underwater Home

When trying to sell an upside down condo or underwater home, consider all your options and how short selling or foreclosing you property could affect your credit. Q: I currently own and live in a condominium. But I want to …

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How to Deal with Debt After Death of Spouse

If you were left with debt after the death of a spouse, gather bills, check credit, talk to the IRS and consider contacting an attorney. Q: My home is underwater, I’m at risk of foreclosure, and I have a deceased …

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Should You Use Retirement Savings to Pay Off Debt?

Don’t use your retirement savings to pay off debt, especially if you don’t have a lot of debt or high interest rates. Q: My wife and I are both 47 years old and we both have Roth IRAs that we …

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Prioritize Debt to Pay Off Debt Faster

Q: I have a fairly complicated situation but I’ll make it as simple as possible. I have some debt and I’m wondering how to prioritize it. I have a second loan from a past foreclosure for $32,000. I have been …

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Settling Loan Debt With Lender

If a lender has a judgment against you, you can try to settle that debt before the lender garnishes wages or finds and gets your assets. Q: My sister and I purchased a boat slip several years ago, which we …

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Don’t Pay Off Old Debts to Debt Collection Agency

Don’t pay off old debts to a debt collection agency. If a debt collection agency asks you to pay off old debts, don’t pay off old debt to the debt collection agency right away. Fair debt collection time frames may expire on old debts.Check your credit history to see if old debts have been forgiven by a debt collection agency. Don’t pay off old debt to a debt collection agency unless old debt appears on your credit history.

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New HAMP Rules And Loan Forgiveness Anger Homeowner

New HAMP Rules allow for loan forgiveness for some homeowners who are underwater with their mortgage. Other homeowners, who are not struggling with their mortgage and don’t need loan forgiveness, might not understand the new HAMP rules. It may seem like loan forgiveness is letting struggling homeowners get off easy, but the new HAMP rules and loan forgiveness is the most promising option to help the economy in the middle of a housing crisis.

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