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

Tom asked:


I’m considering taking out $3,000 at most. I have talked to my bank to inquire about rates and fees, but have not yet filed an application or had a credit check, so I don’t know what rates they are offering. As I have fair credit and debt to income ratio, I am considering the effects of a personal loan on my long term financial health.

I may need to take out a car loan in the next few months, and as I understand, reducing my credit card debt via a personal loan will have a net positive effect on my credit, thereby lowering the rate on my hypothetical car loan.

So, I am inquiring about what I need to consider before taking out the personal loan. As of now, I know that

a) I will need to be sure that I can pay the monthly minimum payments and
b) that the rate on the loan is less than the interest rate on my credit cards

Also, should I take out a loan for the entire amount I owe, or some other percentage and pay some off with cash on hand. Should I go through my bank or some other institution if I don’t anticipate missing payments or paying late?

Thanks in advance. I appreciate your time and consideration. Please provide sources and only qualified answerers!
Wanttoknow25, I’m not looking for personal advice on whether or not I should take out the loan. I am looking for informed answers about personal loans. I appreciate your time and consideration, but just because you read a book on personal finance doesn’t make you an expert. There are benefits and actual necessities for using and building credit, and I would encourage you to research a variety of approaches to personal finance other than that of cash is king.

Felton Biggins

lethdola asked:


I’m still in college and know very little about personal finance. My parents manage to get by but I really question some of their decisions at times because I’m further in debt with loans than my friends in the same situation. I wanna manage my own finances with saving, investing, debt management, stocks. etc. What are some recommendations for good programs or books for this? Thanks.

Bud Bandura

Sam Lara asked:


I live in California, and I let a close friend borrow 875$ 6 months ago. Now he wont return my calls or or texts. If I go to his house and have him sign something stating the debt and the conditions of repayment (paying me back in payments), exactly what would the contract have to state to hold up in court? Will I need a witness? Also, could I have his wages garnished without going to court? If so, how? If/when I take it to court, will I need a lawyer? Will the court have his wages garnished for me? I’ve never been in this situation before, so I’m not sure where to start. Please help! Im about to lose my apartment! Any advice would be much appreciated. Thanks…

Tania Vettel

Jason S asked:


Does national debt even matter? It’s not like other nations will stop giving money to us… Nations like China are dependent on the US buying from them… What’s the big danger in National Debt? It’s not like personal debt.

Kathyrn Magro

JennB asked:


Fixing the economic crisis = stopping foreclosures, increasing employment, decreased wage stagnation, reducing health care costs, creating more savings incentives, reducing personal debt, etc.

Reducing federal deficit = halting or limiting government spending

Verline Naill

Purge DC! asked:


We all know the national debt is ~$13 TRILLION.

That is the Federal Gov’s national debt. What is the combined total government debt from all levels of government?

What is the total personal debt of the USA citizens?

What do you get when you add total government debt + total personal debt of USA citizens?
I don’t want corporate debt….I just want total government + personal.
So it is about

$32.86 TRILLION for total government + Personal?

I figured state and local would be more. I figured personal would be more too because I know mortgage debt = ~$13 trillion.

So that is so bad. It is only $106,000/person. That is it?

Benton Herrell

rar_riley asked:


Debt Question – I have $11,900 in credit card debt and about 30 in gov’t student loans and 17 in private student loans. I have around 9,000 saved in an IRA, and a small 401k I just started with my company. I want to pay down my credit card debt, so I can attack my student loan debt.I know withdrawing from my IRA is highly not recommended, but I am 32 years old and I feel like I can recoup 9k in a short time. Any opinions or thoughts?

Thanks,

Andrew

Augustine Rivers

Emily H asked:


My sister and I were appointed administrators to my brothers estate back in Aug 2010, He did not have a will, he only had a small life insurance policy. My sister and I went and opened a estate account with a tax ID number at the bank. My questions are: Can my personal debt collectors come after what is in my brothers estate account and also if I file bankruptcy can they take the estate account. Thank you for any help.

Shad Kilker

onlymatt asked:


So im 21, and ive managed to get myself in $8,000 of personal debt. I still live with me parents fyi. But my question is should i go back to school even with so much debt or should i wait to pay it off…? The last thing i want to do is to be stressing over paying my bills while in school but then i don’t want to put school off anymore…at that, im not sure if i should go for the security job or go for my passion in photography….What do i do?! =(
Yes i don plan on going to school and working but even at that it will only be on weekends which still wont cut it to pay my monthly bills.

Eusebio Carlsley

James U asked:


She signed a contract…

Steve