Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [debt]

The debt tag refers to all situations where money is owed to another party, often a bank or other financial institutions. This tag covers how to get out of debt, how much debt to carry, and other borrowing related questions.

The state of owing something (especially money) - Wordnet

Money owed, usually as a result of borrowing. - Kid's Economic Glossary

505 questions
302
votes
18 answers

Who can truly afford luxury cars?

I never really thought about money until one day I checked how much I made compared to the rest of America. The calculator said my household income is in the top 20%. Kind of funny to me, because I always considered myself middle class. (My tax…
ConfusedDeer
  • 2,750
  • 2
  • 13
  • 16
201
votes
19 answers

How smart is it to really be 100% debt free?

For the last 2 years, I have been trying hard to be debt free without affecting my personal cash flow. I am by no means a rich person, but I have a decent salary. I still have debt, specifically Education Loans (Interest 3%) Car Loan (Interest…
Geo
  • 5,845
  • 6
  • 29
  • 39
164
votes
10 answers

My friend wants to put my name down for a house he's buying. What risks would I be taking?

My good friend, who I have known since we were kids, asked me for a favor today. He originally intended to get a house with his now ex-girlfriend so that he could invest in one and later on, sell it. The favor is the following: he wants to put my…
Selyuu
  • 1,351
  • 2
  • 8
  • 6
113
votes
13 answers

Should I take out a loan to pay off a relative's credit card debt?

Recently a close relative revealed to me that she has run up $40,000 in credit card debt over the last few years, which she can no longer manage because the interest payments are eating up all of her disposable income, making it impossible to pay…
Jeremy
  • 1,055
  • 2
  • 7
  • 8
94
votes
8 answers

How to deal with the credit card debt from family member that has passed away?

My father recently passed away and had some considerable amount of debt on his credit cards. House and credit card were in the deceased’s name only. The state that is happening in is New Jersey. In terms of monetary assets, he doesn't have any.…
user
  • 1,507
  • 1
  • 11
  • 11
73
votes
11 answers

Shouldn't the "credit score" prevent Americans from going deeper and deeper into personal debt?

I'm not from the U.S but I know about the dreaded "credit score" that haunts Americans. I've seen a lot of documentaries and videos on YouTube with people that can't get a loan to buy a house because of bad decisions in the past that affected their…
Pips
  • 1,415
  • 3
  • 12
  • 14
71
votes
9 answers

How is early-and-often home buying as "get rich" advice feasible?

I am being told by this guy that the following is a guaranteed-to-work way to become rich and retire early. He says to start early. 20 years, or near that age. Buy 1 house a year. Rent it out. Start selling these houses after 15+ years. He says…
Okaei
  • 659
  • 1
  • 5
  • 4
69
votes
11 answers

How can I prepare for my US student debt?

I'm a student at Drexel University. Drexel is a notoriously expensive school, and I pay roughly $35,000/yr in tuition, after awards. What's more, it is a five-year school. Currently, I'm in my fourth year. Throughout the year, I work full time six…
CretaZigman
  • 748
  • 1
  • 5
  • 8
62
votes
6 answers

Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?

A few years ago I got a credit monitoring app and started watching my credit score (high 700s). It's been climbing slowly and sends me an alert when I apply for new credit — like when I bought a car or applied for a Lowe's card. Today I set my wife…
anonibon
  • 541
  • 1
  • 4
  • 5
58
votes
5 answers

In what cases can a business refuse to take cash?

Printed on US currency you will find "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE". Some businesses have refused to accept larger bills for a long time, as other forms of payment have become more popular, some refuse cash completely.…
NL - SE listen to your users
  • 32,789
  • 19
  • 88
  • 145
57
votes
12 answers

Should I pay off a 0% car loan?

I'm ahead on 0% interest car loan. I don't have to make a payment until October. I currently owe $3,000 and I could pay it all off. Should I do that or leave that money in my savings account that earns 2% interest?
Steve
  • 571
  • 1
  • 4
  • 3
57
votes
8 answers

Can I become debt free or should I file for bankruptcy? How do I manage my debt and finances?

I am 35 years old, single, and live in the US. My income is 78K to 80K after taxes and insurance. I pay $1,500 for rent+utilities, $150 for phone bill, $450 for auto loan, $300 for auto insurance (for two people; I am helping a friend who can't pay…
The Guest
  • 795
  • 1
  • 5
  • 10
55
votes
17 answers

Why would anyone want to pay off their debts in a way other than "highest interest" first?

Looking at the math, it is clear to many people that, given a number of debts at different interest rates, if you are trying to eliminate your debt, you will pay less interest overall if you pay off the highest interest rate debt first and work your…
Ben Miller
  • 116,785
  • 31
  • 330
  • 429
50
votes
8 answers

Paying off debt and living within means vs. long term planning

My husband and I are divided as to the best way to handle our current financial situation. First, a little background. We are in our high 20’s, have been married for six years and have three kids. We started our marriage with ~$25K in savings and…
anon
  • 627
  • 1
  • 5
  • 6
46
votes
10 answers

How do I explain why debt on debt is bad to my brother?

My brother has about 5 loans that he paying back and he thinks that another 5000 loan will "solve his problem". He has been this way since he was young, he's now in his 30's. I'm trying to find a way to explain to him that debt upon debt isn't the…
David d C e Freitas
  • 563
  • 4
  • 8
1
2 3
…
33 34