Personal Debt-Information On Average Personal Debt, Personal Debt Consolidation Loan, Personal Debt Consolidation

Goigs1 asked:


I have always paid my bills on time but now I am trying to get into another field of work and my personal debt is crushing me .It is through nobodys fault but my own, but I have been in car sales for 15 years and I am trying to get out ! Should I go bankrupt or just keep paying interest and pray for a miracle ?

Kerry Peiffer

chrisandniki asked:


We’re currently following Dave Ramsey’s Baby Steps. We’re on Baby Step 2 (getting out of debt).

We have a $7000 debt on Car 1, a $6500 on Car 2, and $15,600 on a credit card (at 18%).

I know he says hit the lowest to biggest debts first, but I’m thinking maybe I should (1) do a total or partial balance transfer of that credit card amount to another card for 0%, or (2) put everything toward the credit card and get it paid off first.

If worse came to worse and we were to lose our income, we could sell a car. But that credit card feels like a loaded gun in our pockets. I want it out of our life.

What would you do?

Ammie Carolla

You may have reached a point in life at which rising debt has left you feeling as if you are twisting in the wind. In this regard, you may be interested in developing different and effective resources that can best aid and assist you in dealing with overwhelming debt. In considering different solutions that are available to you today when it comes to debt problems, you will want to seriously look at how a personal debt consolidation loan might play a role in a more comprehensive plan.

This article has been prepared to provide you with an overview of how you can best use a personal debt consolidation loan. By considering the suggestions offered for you in this article, you will be in a better position to really focus in on strategies that will be effective when it comes to managing your finances and pulling down your debt. In short, by considering how a personal debt consolidation loan can best be used by you, you will no longer be left swinging and twisting in the relentless wind of bad debt.

When it comes to best understanding how you can make the best use of a personal debt consolidation loan, you should appreciate that in very vast majority of instances obtaining a personal debt consolidation loan alone will not be enough to provide a calm course of financial freedom into the future. Rather, when considering how to best use a personal debt consolidation loan, you need to realize that a personal debt consolidation loan should be one element (and an important one at that) within a large arsenal of tools that can be used to effectively and more permanently deal with debt problems. Other tools that you will want to consider when incorporating a personal debt consolidation loan into a master plan regarding your debt are:

– a budget

– debt counseling

– proactive credit report repair

– future limitations on additional debt

– a concrete savings and investment plan

– a realistic retirement program

When it comes to learning how to best use a personal debt consolidation loan, it is important for you to fully and completely analyze and delineate your specific debts before you make application for a personal debt consolidation loan. In many cases, a person will end up applying for a personal debt consolidation loan before he or she really understands what their needs are in the way of this type of financing. In other words, a person will end up haphazardly making application for a personal debt consolidation loan and end up with too much money or too little money through a personal debt consolidation loan. In other words, the personal debt consolidation loan ends up not effectively and appropriately meeting that person’s actual debt consolidation needs.

By understanding how a personal debt consolidation loan can best be put to use, applying for a personal debt consolidation loan will be a prudent decision for you. Once again (and as has been noted) a personal debt consolidation loan can turn out to be a very effective tool in your overall debt management scheme.



By: Thomas Erikson

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Kirk Bhairo

Hoping he will bless me with #1 asked:


I currently have four business accounts (Dell, Staples, Office Depot and Exxon). I would like to get a business line of credit or credit card without a personal guarantee, so I can eventually have a business profile under my company name. All of my credit cards are in good standing. But I don’t want to have my personal debt tied in with the business debt.

I keep getting offers from Advanta but they ask for the Social Security Number for the business owner. Where can I go to get business credit solely based on the company’s Tax ID Number? All of the other credit card accounts were obtained this way.

Do you have any suggestions?

Brenton Rudisill

Anne G asked:


10 years ago I was in some legal trouble, and my aunt paid for a lawyer to represent me in court. She then wrote me a letter telling me that I had to pay her back about $2000 for the lawyer’s fee. I never signed a contract with her, nor did I make an oral agreement. She simply outlined the payment plan in her letter. I made monthly payments for about a year then stopped because I was broke. She never contacted me to get the rest of the money, then I lost contact with her after I moved to Florida. I have lived in FL since 2001. She now has my new address and I was wondering what to do if she writes and demands the money. Is there a statute of limitations? If she took me to court for the money, would she have a case? Does a payment plan in a letter count as a legally binding agreement? If there was a case, who would have jurisdiction, NJ or FL?

Answers from legal professionals are preferred. Please back up your answer with specific citations from NJ law. Serious answers only. Childish answers will be ignored. Thanks

Carlos