Archive for December, 2010
How do couples function with enormous student loan debt and spending habits in California?
Posted in Singles & Dating on 12/28/2010 03:46 pm by
markus2004 asked:
I was dating a girl for 5 months who was really quite wonderful until I came to the realization that she was $100,000 in student and car loan debt (75k student/ 25k car). She obtained her Master’s in Social work at an expensive school and a job which was spiritually beneficial but not financially helpful. Being 30 and having goals to want to live in a house someday I felt like the only way to help things move forward in the relationship was to get a 2nd or 3rd job to help her pay down her debt and/or for her to live with me rent free. In the meantime, she was responsible in paying down the debt with minimum payments but spent her excess cash on coffees, massages and eating out which made me think perhaps we had different philosophies on spending. While debt can’t ruin your life of having some instant gratifications im interested in understanding how couples function with the burden of student debt lingering over them if they aspire to have a family and a buy a condo in California?
Additional Details: I have my Masters in Electrical Engineering and am blessed to have made choices that allowed me to have no student or credit card debt. Is it common for couples to break up over debt or is love the stronger factor? How do couples sacrifice their personal goals (house and family) and stay with each other in the face of student debt they get into to fulfill their occupational dreams?
Carol
I was dating a girl for 5 months who was really quite wonderful until I came to the realization that she was $100,000 in student and car loan debt (75k student/ 25k car). She obtained her Master’s in Social work at an expensive school and a job which was spiritually beneficial but not financially helpful. Being 30 and having goals to want to live in a house someday I felt like the only way to help things move forward in the relationship was to get a 2nd or 3rd job to help her pay down her debt and/or for her to live with me rent free. In the meantime, she was responsible in paying down the debt with minimum payments but spent her excess cash on coffees, massages and eating out which made me think perhaps we had different philosophies on spending. While debt can’t ruin your life of having some instant gratifications im interested in understanding how couples function with the burden of student debt lingering over them if they aspire to have a family and a buy a condo in California?
Additional Details: I have my Masters in Electrical Engineering and am blessed to have made choices that allowed me to have no student or credit card debt. Is it common for couples to break up over debt or is love the stronger factor? How do couples sacrifice their personal goals (house and family) and stay with each other in the face of student debt they get into to fulfill their occupational dreams?
Carol
I have a large student loan debt and getting married will it affect my spouse income, how can I avoid this?
Posted in Stud on 12/27/2010 09:47 pm by
S M asked:
Can student loans affect spouse income? What if I got married in a differnt country? Will student loan still recognize marriage?
Florence
Can student loans affect spouse income? What if I got married in a differnt country? Will student loan still recognize marriage?
Florence
Debt Loan – How to Find a Debt Consolidation Loan
Posted in Finance on 12/24/2010 11:15 am by
Bryan Burbank asked:
If you are drowning in debt then you need to find a solution to your problem. Consider getting a consolidation loan so that you can manage your debt easier. When you get this type of loan you take all the debt you have and combine it in one easy to deal with payment.
First talk to your bank and see if they offer a consolidation loan. he key to this type of loan is that you want to get a low rate of interest. In most cases it will be a lot lower than what you are currently paying on your credit cards. This will help you to pay your debt off much quicker.
Get interest rate quotes when looking for a debt loan. It is important that you find the lowest rate possible so that you can get the loan paid off quickly. Paying a high rate if interest is only going to hurt you in the long run and keep your credit card balances high.
Use the lenders and banks that you are currently working with to help you find a debt consolidation loan. They will be able to give you comparable rates and let you know how much money you will save doing this type of loan. It is also convenient to pay only one monthly payment each month.
Remember that getting a debt consolidation loan is a great way to control and manage your debt. When you apply you want to make sure that you are getting the lowest interest rate you can for your new loan. The lower the rate the more money you will be saving.
Joshua
If you are drowning in debt then you need to find a solution to your problem. Consider getting a consolidation loan so that you can manage your debt easier. When you get this type of loan you take all the debt you have and combine it in one easy to deal with payment.
First talk to your bank and see if they offer a consolidation loan. he key to this type of loan is that you want to get a low rate of interest. In most cases it will be a lot lower than what you are currently paying on your credit cards. This will help you to pay your debt off much quicker.
Get interest rate quotes when looking for a debt loan. It is important that you find the lowest rate possible so that you can get the loan paid off quickly. Paying a high rate if interest is only going to hurt you in the long run and keep your credit card balances high.
Use the lenders and banks that you are currently working with to help you find a debt consolidation loan. They will be able to give you comparable rates and let you know how much money you will save doing this type of loan. It is also convenient to pay only one monthly payment each month.
Remember that getting a debt consolidation loan is a great way to control and manage your debt. When you apply you want to make sure that you are getting the lowest interest rate you can for your new loan. The lower the rate the more money you will be saving.
Joshua
Debt Loan Do’s and Don’ts in the New Economy
Posted in Finance on 12/22/2010 05:16 pm by
Tiffany Dow asked:
Recent economical developments have forced us all to look closely at our personal finances, possibly to find that we’re in a bit of debt trouble. The phrases, “You can have debt relief in just minutes!” “Cut your interest rates in half!” and “Drastically reduce your minimum monthly payments!” are very seductive, especially now.
With financial uncertainty swirling around us, and debt ratios being very high for some of us, the temptation to apply for a debt loan, or debt consolidation loan, is great. Some advertisers for debt loans lead us to think that somehow, magically, our debt will vanish in front of our eyes if we take advantage of their offers for help – all at a very low price.
But before you go running to find someone to give you a debt loan and make it all go away, you must take time to learn the dos and don’ts. Let’s first look at the don’ts to debt loans:
Don’t assume that getting a debt loan is easy or cheap. If you are considering getting a loan to consolidate all your debts and make things easier on you, it’s probably because you’re having some money issues and your credit has taken a few hits.
If you are aren’t a good risk for a loan, your debt loan is going to come at a price, even if your overall monthly payment is lower. You’ll probably be paying a really high interest rate (21% – 22%), and will be paying off the loan over a long period of time. With the recent economical upheaval we’ve experienced, your interest rate may be even higher.
Don’t assume that consolidators who promise to fix everything by getting you lower interest rates and cutting your payments are being completely truthful. Many of them add a fee to your payment, while also getting a kickback of sorts from your creditors.
They’re making money, and your debt is not getting paid down as quickly as you’d hoped. Some really rotten consolidators have been known to miss the payments they are supposed to be making on your behalf – making things that much worse for you.
Now for the dos:
If your credit is decent and you have a home with a fair amount of equity in it, do feel free to apply for a home equity loan. These usually come with relatively low interest rates, and that interest is tax-deductible.
Do apply for a personal loan. If your credit is reasonably good, you may qualify for a personal loan at a lower interest rate that what you are paying on your combined debts.
Do call your credit card company(s) and ask them to give you better terms. You can often negotiate a better interest rate yourself.
Do get help from a reputable organization for your debt loan. A good consolidator will not only help you get your debts paid off, they will provide debt management advice and counseling.
One thing that our “new economy” is going to force all of us to do is to take a saner approach to our debt, and to be more aware of organizations that will hurt more than help us. While we are still reeling from the upheaval that’s taken place, and wondering just how we’re going to get out from under our own debts, we can do our level best to make wise choices about debt loans and debt consolidation.
Corey
Recent economical developments have forced us all to look closely at our personal finances, possibly to find that we’re in a bit of debt trouble. The phrases, “You can have debt relief in just minutes!” “Cut your interest rates in half!” and “Drastically reduce your minimum monthly payments!” are very seductive, especially now.
With financial uncertainty swirling around us, and debt ratios being very high for some of us, the temptation to apply for a debt loan, or debt consolidation loan, is great. Some advertisers for debt loans lead us to think that somehow, magically, our debt will vanish in front of our eyes if we take advantage of their offers for help – all at a very low price.
But before you go running to find someone to give you a debt loan and make it all go away, you must take time to learn the dos and don’ts. Let’s first look at the don’ts to debt loans:
Don’t assume that getting a debt loan is easy or cheap. If you are considering getting a loan to consolidate all your debts and make things easier on you, it’s probably because you’re having some money issues and your credit has taken a few hits.
If you are aren’t a good risk for a loan, your debt loan is going to come at a price, even if your overall monthly payment is lower. You’ll probably be paying a really high interest rate (21% – 22%), and will be paying off the loan over a long period of time. With the recent economical upheaval we’ve experienced, your interest rate may be even higher.
Don’t assume that consolidators who promise to fix everything by getting you lower interest rates and cutting your payments are being completely truthful. Many of them add a fee to your payment, while also getting a kickback of sorts from your creditors.
They’re making money, and your debt is not getting paid down as quickly as you’d hoped. Some really rotten consolidators have been known to miss the payments they are supposed to be making on your behalf – making things that much worse for you.
Now for the dos:
If your credit is decent and you have a home with a fair amount of equity in it, do feel free to apply for a home equity loan. These usually come with relatively low interest rates, and that interest is tax-deductible.
Do apply for a personal loan. If your credit is reasonably good, you may qualify for a personal loan at a lower interest rate that what you are paying on your combined debts.
Do call your credit card company(s) and ask them to give you better terms. You can often negotiate a better interest rate yourself.
Do get help from a reputable organization for your debt loan. A good consolidator will not only help you get your debts paid off, they will provide debt management advice and counseling.
One thing that our “new economy” is going to force all of us to do is to take a saner approach to our debt, and to be more aware of organizations that will hurt more than help us. While we are still reeling from the upheaval that’s taken place, and wondering just how we’re going to get out from under our own debts, we can do our level best to make wise choices about debt loans and debt consolidation.
Corey