Building Credit
by Gary Foreman
Dear Dollar Stretcher, I am a college student looking for a credit card. When I tell my parents this they say, "no, you don't need one". I feel that I am financially responsible and in control of my money. I am not looking to spend money I don't have but merely to build credit. I've read all about college kids in debt, etc. But what about the rest of us that are responsible and ready to start our lives? How do I even get a credit card? And is there any better way to build credit?
Comparing a Refinance
by Gary Foreman
Dear Gary, My husband and I want to refinance our mortgage and add a credit card debt. We owe $44,000 on our mortgage at a rate of 7 1/8% and we have 11 years left. We want to add a credit card debt of $17,000 at a rate of 9.99%. The best mortgage rate that I have been able to find is a 15 year fixed at 6.25% with a fee of $1161 and no points. Would we be wise to refinance? Thanks. I hope you can help me with the answer or point me in the right direction.
Messed Up Car Lease
by Craig Kimmel
Dear DebtSmart, I have a 2000 Ford Windstar van. I currently owe $20,150.00. My payments are $449 a month. At the time I took on these payments I could handle it, but now I cannot. I have tried to trade the van in on a cheaper vehicle, like a 10,000 or 11,000 vehicle. But the car dealers always come back telling me they can't do it unless I could put 3 or 4 thousand down. I already put 5 thousand down when I bought it! And now they want 3 or 4 more! NO WAY. Any suggestions? --Messed up in Texas
Biweekly Mortgages: A Reader's Personal Story
by Scott Bilker
The following is a series of e-mails written back-and-forth between Scott Bilker and Kevin, a DebtSmart Reader, about Kevin's experience with a nightmare of a mortgage!
Love Is Blind, But Creditors Aren't
by Gary Foreman
Dear Dollar Stretcher, I am getting married next year and have a question concerning our individual credit histories. I have good credit and my Fiance does not. I have worked hard to maintain a good credit rating, paying more than the minimum amount due each month. My Fiance however is not good at paying his bills and unfortunately his credit is suffering because of it. If we get married will whatever he has owed previously (before me) affect my credit or not? I don't want responsibility for something I had no involvement in. I understand that whatever we do together after we are married is "ours" but what about before? Can you please tell me what is right?
Harassing Collection Calls
by Gary Foreman
Dear Dollar Stretcher, My husband and I have one credit card debt to the tune of about $3,500. I cancelled the account so we can't charge any more. We have been making payments of $100 every month, which is well below the minimum payments that the credit card company requests. They call nearly every day, most often more than once...Is there any way we can stop the phone calls? Are we breaking the law by not paying the entire minimum payment?
Car Salesmen: Here Come the Vultures!
by Craig Kimmel
Whenever I go shopping for a car, the salesmen are always on top of me like vultures! How do I handle the first contact with these salesman so I don't look like an easy target?
Debt Collection
by Gary Foreman
Dear Dollar Stretcher, I had an outstanding judgment against me for $1,000 to pay off an apartment lease that was broken when my ex-husband and I divorced. The total amount owed prior to the judgment was $1,700. The third-party collector who's been calling me insists that I pay that amount. The court said I owe $1,000 which has been paid in full. What can I tell the collector to make him go away?
Inherited Debts?
by Gary Foreman
I've heard that when parents are in debt and they die the debts are left to the children to pay off. Is this true? My parents had gotten a divorce a few years ago. My mom is doing well because she is a saving queen. My dad had remarried two years ago. His wife does not work but loves to spend money. So now they have a $20,000 debt. If my father dies, his wife is responsible for the debt, right? What happens after she dies and there is still that debt? Also, what happens if she dies first, and then my father--who gets the debt?
Transfer Credit Card Balances
by Scott Bilker
My husband and I filed for bankruptcy in 1995. Since then we have established good payment records with high interest credit card companies. I'm ready to drop them and transfer my balances to a lower interest rate card(s). I've had my existing accounts for several years (or more), plus we just bought a house, so I think we deserve better interest rates. I called my accounts personally, but they don't offer better rates, only a larger line of credit.
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