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

DLC asked:


I am 28 years old. I have no credit card debt. I have $18,000 in a high yield savings account (5%). I have $2200 in Mutual Funds (made 10% so far YTD). I have $12,500 in my 401K. I own a house in Texas that I currently rent out. The rent pays for the mortgage. I rent in California and cannot buy as I am here only for a short period of time. I save approximately $1500 to $2000 a month. Where should I put this money? More mutual funds, high yeild savings, 401K, IRA or other? Do I have too much money in the high yield savings account? I am willing to take an above average amount of risk but nothing on the crazy risky side! Need some financial guidance world…please help! I know I’m not doing too bad, but I know I could be on my way to financial freedom in the future with some right guidance. Thanks!

Ernie Hatt

Keezee asked:


At the beginning of 2008, my wife and I both took out personal loans and used that in addition to quite a bit of money on credit cards to start a business. Long story short, the business flopped and we are personally in debt as a result. I need to know what my options are. The business made money but was never operating at a net gain, all income went to re-investing and paying the loans/credit cards, this was started in my name as a sole proprietorship but the debt incurred is in both of our names.

I know that we are able to deduct all of our expenses and we are going to close the business officially as well, but we will be left with a large personal debt burden and I wanted suggestions of what to do. We are honest people and we don’t want any handouts or to file bankruptcy, we would like to pay our debt, but ironically debt consolidation companies won’t touch people with decent credit who are current with their debtors!

Any suggestions? Especially in the area of taxes?

PS: I know, we should consult a CPA! ?

Cory Bieker

Subvertor … asked:


http://www.deccanchronicle.com/dc-comment/reagan-triggered-savings-and-loan-crisis-453

“There’s plenty of blame to go around these days. But the prime villains behind the mess we’re in were Reagan and his circle of advisers — men who forgot the lessons of America’s last great financial crisis, and condemned the rest of us to repeat it”
Paul Krugman (Nobel Prize winning economist)

In the continuing recession, we see that neither party (rep/dem) seems very interested in helping out Americans in trouble. The TARP funds were approved based on the buying up of Toxic assets, but that never happened. Instead Wall Street got Bailed out, at least the groups that had people working for both Bush and Obama.. and the Banks went Willy nilly with bonuses and the like … also congealing and consolidating, buying each other up like so many cannibals at a pig roast.

In the meanwhile, the foreclosure storm has raged on http://www.housingwatch.com/2010/03/19/foreclosures-still-rising-told-ya-so/
and yet not a day goes by in here where someone doesn’t wave the name Ronald Regan around as if it were some magical name from the holy scriptures of Babylon.

I’d like to know what it is that supposed “conservatives” find so appealing about a man who introduced us to personal debt levels that are the highest they have ever been in our young country ?

And the same people will call me and anyone else that suggests a work program or anything else that might address a crumbling infrastructure.. a socialist? When in fact Ronny did more to create a dependent population than any one president in our history ?
Anyone in here ever consider what this man’s legacy really is ?
edit: Nick, Regan can’t be credited with any of that. Read , learn, move on..
edit: Stereo…
I love that this story quoted a heritage foundation person..lol. Paul Krugman is a Liberal, but the Heritage foundation has no Bias ?
What the nasty little hater forgot to mention is that a family of 4 making less than 50k annual is below the poverty line when adjusted for health and education costs.. also , they don’t qualify for Medicaid at that level of income so “yes” their health costs fall directly on them. Average cost for Health Insurance for a family of four with no preexistent conditions is roughly 950-1300.00 monthly. Now do the math

Lonny Campolongo

DLC asked:


I am 28 years old. I have no credit card debt. I have $18,000 in a high yield savings account (5%). I have $2200 in Mutual Funds (made 12% so far YTD). I have $12,500 in my 401K. I own a house in Texas that I currently rent out. The rent pays for the mortgage. I rent in California and cannot buy as I am here only for a short period of time. I save approximately $1500 to $2000 a month. Where should I put this money? More mutual funds, high yeild savings, 401K, IRA or other? Do I have too much money in the high yield savings account? I am willing to take an above average amount of risk but nothing on the crazy risky side! Need some financial guidance world…please help! I know I’m not doing too bad, but I know I could be on my way to financial freedom in the future with some right guidance. Thanks!

Hertha Congdon

Darcy Andrade asked:


I have no personal debt but I am on his expensive car (2008 H2) which he plans on letting the bank take back, is there a way to get off his car? Will I have to file so they can’t come after me for the cost of it? I have absolutely perfect credit and don’t want to mess it up. Help, suggestions?

Felton Biggins

Chad S asked:


i want to quit claim some propertys to lower my debt to income ratio will it work,or how can it work?

Elin Prock

angelina_lover asked:


My father in law passed and we need to obtain this form to settle out with the bank and his debt’s/credits. Where can I find the affidavit forms?

Annie

Kaytee asked:


If a person decides to declare bankruptcy for whatever reasons, does he/she have to cash in all investments and sell their house to cover as much debt as possible before bankruptcy can be declared?
PS – I am not going broke, just asking out of curiosity, so no lectures please

Filomena Gutenberg

FlowScore asked:


There is a reason why millions of americans are in heavy amounts of debt. Perhaps they were never informed about how to manage their money effectively. What do you feel is the reason for this? Lack of education? Chronic consumption? Etc?

Sherril Pellegren

ShortBus43 asked:


If the Bush ecomomy is so strong why id personal debt at a all time high???

Are people going into debt to help the Bush War effort???

Iesha Guignard