Here are the Questions That Were Answered on
MoneyHelp Radio Show #31

Ronnie Asks…

We have 100,000 in credit card debt from bills and medical expenses. Income is now enough to pay for normal monthly bills- however, the credit card debt adds 2500/month over what we bring home. All the debt is about 2% APR- we have never paid anything late ever so nothing is delinquent. More medical bills may be pending, but nothing like we've paid in the past- just a few hundred here and there, I'm sure to come. We have no equity in our home as we just bought a less expensive home 3 months ago. We have no retirement, etc. Consumer Credit has told us we would have to go delinquent and our interest rates would skyrocket from 0-2% to 10-30%, before they could help us. They said to meet with a bankruptcy attorney. Is bankruptcy our only option?

Bill Asks…

My current cash flow won't permit higher payments on my debt. However, my income is increasing (I'm self-employed). I would like to approach the credit card companies on my own to negotiate a payoff arrangement. Are the credit card companies more likely to deal with individuals (who have generally always made the minimum payment) rather than a counselor?

Michelle Asks…

My husband and I make an approximate combined income of $60,000/ yr. Our total mortgage balance for both our first and second mortgage is approximately 142,000. ($30,000 on the second) I would like to move into a bigger home. My husband says we can't afford to. A real estate agent said we could probably get between $179,900 for our home. The price range I'm intrested in is 170,000-$185,000. is this do-able without having to save thousands of dollars for an additional down payment toward the new home?

Hazel Asks...

How can I stop a a FRIEND'S creditor from harrasing me with phone calls about the friend's bill? The creditor is a large Company (Citigroup).I have no info on the "friend" except I heard that they left the country. I have asked the creditor to stop calling and that there is no one at my phone number by that name. I live in the state of Florida. Thanks.

Vanessa Asks...

We have 2 credit cards that I've been working to pay off for years, # 1 is @ 4.9 % and has a balance of 3400, and #2 is @ 11 % and has a balance of 5500. Also, I have a 2nd mortgage @ 9 % that has a balance of 21,000. I have 3000 right now that I've saved to start chipping away at this debt (besides regular accelerated monthly payments on #'s 1,2) plus 2100 more coming by the end of August. Any suggestions on what to do first? Should I pay off the small one, part of the next one, and then accelerate from there?

Annemarie Asks...

My husband and I have $64,000 in credit card debt. We owe $153,000 on our home. Our gross income is about $90,000. We've managed to bring most of the cards up to date. Three remain 30 days past due. I'm sure within 2-3 months I can get those up to date also. The problem is we're over the limit on a few, and we're getting bombarded with fees.

Two of the credit card companies have offered to reduce my interest rate and eliminate the fees if I agree to pay a certain amount monthly via automatic withdrawals from my checkbook, but they will close the account. While this will be a huge help in paying the card off, how will this affect my credit score? I can't pay much more than the minimum at this point, and because of the finance charges and the fees, I'm hardly paying anything off - if I am at all!..

Should I accept the offer?

Mark Asks...

I am considering bankruptsy. Self-employed
$90,000 total debt
$55,000 credit cards
$15,000 SBA loan
$20,000 car loan

Pay around $3000 month in bills for the above

I have no assets(very little) Use my car for work -- as I am a circus performer with lots of equiptment

My income is around $6-7,000 month

My wife is starting a new teaching job in Sept for 40,000 a year -up till now her income has been minimal

Should I do chaper 7 ?? I am concerned about keeping my car and my computer as they are necessary for my work

Evelyn Asks...

I read Dave Ramsey's Financial Peace a couple of years ago and am planning on doing a debt snowball. I am interested in how to figure out how long that will take me. Is there a mathematical formula to figuring that out?

Kim Asks

My husband and I filed bankruptcy almost two years ago. It's the best decision we made. I would like to apply for a position with a major mortgage company in my area. Do I ask someone in HR prior to applying if filing bankruptcy will affect chances of being hired or just take my chances. In your experience, how should I handle this situation in applying for jobs?

Christi Asks...

Can you get a loan after a foreclosure, how long is it on your credit report for?

Your Money Coach For Comfortable Success,^sm