Archive for April, 2006
Should I go to a debt consolidation company or work it out amongst myself?
Adolfo Finders
I’m 26 and a second year law student. I currently have 27K in unsecured debt. I’m trying desperately to get out of debt and am curious about what the best option is. I am currently living at home to save money. Because I’m in law school, I only have a part time job where the hours fluctuate. My parents are not in a position to help me with the debt. I’m thinking of credit counseling? Debt settlement? Bankruptcy (absolute last option)?? Any suggestions?
Ping Manring
I am graduating from law school, and, contrary to what everyone says, most lawyers don’t make a lot of money. I have about $150,000 in student loans, and they are all over the place. Some are subsidized government loans with low, fixed interest rates. Some are private loans with high variable rates. I need to figure out which loans should be consolidated, how to get low monthly payments, and when I should start saving.
My question is: which financial advisers are the best for helping to get out of debt? Is there anyone who specializes in student loans?
Answers relevant to Cleveland, Ohio would be nice, but not necessary if it’s a big, national firm.
Erline Miyoshi
I have been with my boyfriend for a year and a half. We are in a serious relationship, leading to living together in the future. We’re both in our early 50′s, divorced, older teen kids. As part of my divorce settlement my marriage home needed to be sold and I received a nice sum from the sale. I’m planning on using a large chunk for a down payment on my next residence. I’m currently renting an apartment and want to buy a condo. I will still have a nice amount left after the down payment. My boyfriend is in debt and wants to pay off all his debts, credit cards, etc., which will total about $25,000. He didn’t want to have to ask me if I could help him out, but he did and he wants to work out a repayment plan of putting a certain amount of his pay check into my account monthly. It will take about 5 years for him to repay me. He is willing to sign some sort of an agreement. I seriously doubt that he will not pay me back. What are people’s opinions of me lending him this money?
to answer some of your questions – neither of us wants to get married again. We had been in long term marriages before. I also don’t want to give up my alimony. Living together is a commitment, we just feel that we don’t need that piece of paper.
A couple of you mentioned that he should see a financial counselor. How do you find one? And how would you know if that financial counselor is a good one with good advice?
As far as me putting into an investment, probably for retirement – I do have a nice sum in a couple of retirement accounts. Actually this money is part of the money to be used to “hide” so that I will be able to contribute as little as possible for my daughter’s college education. She does not want anything to do with me so I feel I should not be obligated to have to pay for her college.
Jannet Depippo
Please only experienced people’s answers only!
I am currently about $30,000 in debt including credit cards, my vehicle and my student loans. I make good money in the summertime and decent money the rest of the year, but month after month it seems like i can only afford to make minimum payments. Are there any tips on getting stuff paid off? And is it smart to consolodate my debt into one payment?
Spencer Utzig
I am just in way over my head, I need to find out if there are any debt services out there for Vets.
Thank you.
Efren Rodeman