Debt

idma42 asked:


I have quite a bit of credit card debt. Should I use my savings to pay off this debt, or would it be smarter to use it as a down payment on a house, and then a year or so down the road take out a home equity loan to pay off the debt?

Ponder

PrimeConcern asked:


Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.

Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

Pusshead

sarah asked:


AThe debt would be forgiven by the store owner.

BThe debt would be turned over to the government to enforce payment.

CThe debt would grow larger and be added to current debt.

Pinky Pinkster Pinkowitz

MissBellaGirl asked:


I want to start getting out of debt so we can afford some stuff for ourselves. I feel like I need to pay these debts off and then think about what we need in our home. I mean we have food and clothes and all but, just the things that needs replacements like furniture. How do I go about getting out of debt quick but not paying everything at once? I really don’t want to deal with a debt counselor.

Pima (after the native american indian tribe)

Brad M asked:


I currently have around $3,200 in credit card debt, which is a large yet manageable amount. I want to pay this debt off slowly. What is a good timeframe to completely pay off my balance? Is a year or two a good goal or should I be more aggressive?

I know it depends on what I want to do, but I am not sure if having large amounts over time is a bad thing over than the obvious interest accruing.

Ping Pong

tech_guy_towt asked:


I see their ads all the time, offering to slash debt in half and such. While I applaud these services for what they are trying to do, somehow they have to make money, or they couldn’t afford to run these ads. Where is the profit coming from.

Appreciate the answers in advance, thanks!

Pumba

dg2c asked:


I want to consolidate my debt. How much can I expect to save an how high should the fees be? I don’t want to pay the coucillor just to find out he is pocketing the money.

Pusskin

Ruler asked:


I’ve never understood that. Could someone please explain why this happens? Its not the relatives fault that the deceased is in debt.
What happens if the relative is not able to pay off the deceased’s debt?

Pusskin

Peace Lover asked:


I recently heard on radio about a debt free program. They officially negotiate on your behalf with the credit card companies. What may be the Cons? Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How may it affect one’s credit score?

Pilgrim

scammed:-( asked:


What personal information would I need to give to a company in order for them to contact the IRS about my tax debt?

Po’Cat