Should I begin saving or just continue to focus only paying down my massive debts? related questions

Asked by
Should I begin saving or just continue to focus only paying down my massive debts?3Adriana Grant <32012-09-03 13:07:03
Right now, I owe $ 6,500 in credit cards , $ 9,000 in a credit line and about $ 46,000 in student loans. And no savings . The next year , which should be eligible to have about 17,000 on my student loans forgiven, because I teach. Also, I have some money for loans of AmeriCorps. That shoud bring my student debt to about $ 25,000. I took a second job almost a year ago with the intention of paying my credit cards. I have the intention to pay the entire 6,500 in credit cards out in 5 months. I've been working my butt and I'm tired . When I have to pay credit cards , you still have the credit and student loans . I 'm going to take years to pay off at the same level it was worth the $ 25,000 in credit card you started with. If you just focus more on reality and start saving money for my retirement plan (two things I have neglected in recent years). I have 29 years of age. What should I do ? I also want to go back to school for more education (which is going to pay as I go along time and not borrow ). I want a new car (to be financed ). I live in an area with a high cost of living. And I 'm married and I want a family soon. How should I handle my financial situation in light of these?
Should I pay off my car loan or continue saving in my 401k?2Miche2012-11-03 12:02:02
I'm about to hit the cap so my employer will contribute , so I was wondering if I should scale back my contributions and try to pay more than my car loan off later this year , before starting to play again.
Even if you are going to grad school, do you still have to begin paying off your undergraduate loans?0ishmam2012-09-22 18:35:02
I'm so confused as to what I have and what has to be paid and when. I am a huge Speech Pathology in Long Island and need a master's degree. I have college loans that are parents , parents positive, direct , unsub , sub , Govt . Great , so much and I will be a senior this year in September. You still are forced to start paying ? should consolidate , postpone ? Or I can pay all these loans ( including loans from graduate school ) after taking my masters ? please help me and thanks .
Stop HELOC payments, Continue Paying the 1st?3g2thez2012-08-13 06:42:36
We first ( 450K ) and the second HELOC (100K ) in the same GMAC Bank - in our home in Arizona . We are considering stopping payments on the HELOC , but continue to service the loan first. This is our main house and unique, so we want to avoid that in any foreclosure , ie the rate and or short sale is not an option for us.We filed for Chapter 7 last year, the credit score is now around 500, so that the consequences of beating the credit score is not a problem in ... The value of the house that is smaller (about 400 K ) the 1st.We tried to negotiate with GMAC , the bank basically said - No chance , you are making enough money , both my wife and I used it . My question is what will happen if we just pay the HELOC ? I hear the bank will transfer the loan to a collection agency for them to try to collect . What are our chances to negotiate the HELOC with this agency? Do you also determine who are not eligible to negotiate the terms HELOC, since both make enough money to keep paying ? Thanks for your advice
Need Help with saving money and paying bills! Can Someone Help me????0Finch2012-09-14 00:45:05
I have 20 years of age and at least 8,000 in medical debt. I had Medicaid, but I give off when he turns 18. I think their was a way to keep medicaid to show proof that I was in school and elsewhere but I was too lazy to do it. I've been in college for 3 years and have since accumulated 8,000 hospital bill go to the emergency room. A bill for 3500 was for an ambulance to come and get me in the hospital for respiratory problems. My thing is I can do with this debt and how do I get rid of it. Do not tell me anything about how to get health insurance because they can afford it nor can my mom. Do not know my father and campus life. My mom has 5 other children to take care of that is receiving Medicaid, so I will not put pressure on it to pay my medical bills or get insurance for me. Trying to work and go to school, but it did not work because I was failing my classes. Classes or too expensive, so I will not waste my precious time ot wage job at some stupid mimunal school failure. I'm not a person who can do too many things at once. My question is how I can do something about the debt, and get a job. MedlinePlus I'm trying to get into medical school and was working class and not an option unless you leave school and get a job, then it might work. If I so much that could well leave my classes because it takes all my time and I fell. MedlinePlus MedlinePlus my question is what I can do about it, is I can as I am a college student who has no insurance? with all this medical debt. I have four credit cards and all are important over 1000 credit limits. paid and save. I can check my credit report and is perfect except medical bills. I have no lates repo or anything in my report. My son is shown but not taken into account until the end of school in eight years. I have a car loan on my credit report that my aunt is worth to drive and has always been paid on time, in fact, I have only one more year for that. So in a year I'll have a car loan paid in my report and more than 6,000 in credit that is avaible and paid in full on time with payments. I feel bad because I could not use my card to pay the debt, but do not want to use credit to pay the debt that will soon be too much debt. I think it's like most Americans are in debt up to your knee and I do not wanna be one of those people. It's bad enough when I finish school I will have atleast 150,000 in student loan debt, but which can be paid over a period of years after becoming a doctor in 8 years
Bought first home, now looking at paying off debt vs saving?0Chirs2012-10-12 07:45:55
I recently bought my first house and receive credit 8k first time homeowner . My mortgage aside , I'm looking to reward debt and would like some opinions . After my mortgage and personal expenses , which will have about 2k per month and a minimum amount of savings ( 2k ) , most home runs as a down payment . Here are my MedlinePlus loans MedlinePlus 4000 car [email protected] % MedlinePlus 3000 personal loan @ 6 % (from 401k downpayment ) MedlinePlus 2000 private student loan at 5 % MedlinePlus MedlinePlus 5000 private student [email protected] % MedlinePlus 25,000 federal student loan @ 7 % zero credit card debt MedlinePlus MedlinePlus I'm pretty sure the car loan pay 4k , but I'm hesitant about 3k 401k loan until you have a little more savings accumulated . I figured it would undermine student loans on the road because interest is a tax deduction . Is it better to pay off some debt or save? Besides we want to be prepared for anything that may come to the house .
How should I go about paying my student loans when I'm also saving for other things?0Sister. ° 2012-10-04 01:50:25
Are next month and I have about $ 15k in loans . I want to get rid of it as soon as possible , but I also want to start saving for a new car, my own place , etc. How should I go about saving vs paying my loans quickly .
Is it even worth it to continue paying your credit cards on time if you're in my situation? HELP!3tapos mitra2012-10-20 12:26:02
Ok , so I've posted several questions regarding my credit card debt and I'm still not sure what direction to take ... I have about $ 30,000 in CC debt with two companies .. Citi and Chase ... Bank of America recently closed $ 11,000 and $ 5,500 credit lines that had its reason .. was due to be the best in my CC of another , although I have never been late on a single payment for any of my debts , including mortgage and car payments . So at this point I have a pretty disgusting attitude b / c creditors to question my understanding credit for what you will use and of course , pay the debt back .. I do once a month ... So now apparently my existing debt is having an adverse effect on my credit card and my ability to get or maintain any additional credit even so , I am questioning weather or not is still worth paying my monthly payments go DC totaling more than $ 600. Nobody will give me a line of credit or loan large enough to consolidate my debts and I own a home but do not have capital ... CCCS or bankruptcy so the best way for me ?
What is more important for financial success: saving or paying off debt?5Laquan2012-11-04 11:09:03
I'm in my 20s . I have one semester left of college and working part time. I get by on incomes that do ( live on my own) and I have student loans ... only one car payment and some credit cards . I make enough to get ahead hourly fine. Also I have regular premiums ( about 5-8 times a year ) that can be anywhere from the high $ 100 to low $ 1,000 ' s . I do not want to blow the money , I prefer to put it to good use . Being that is graduating soon , I'd be able to buy a home in the next two years . It should focus on paying my debt or put it in savings?
If I have $30,000 in credit cards and loans, do you suggest I find a loan for everything or continue paying?0kasee2012-09-28 14:59:02
Should I take a loan or keep paying monthly, if I have $ 30,000 in unsecured loans / credit cards?
What amounts of my money per month should go to paying debt and saving for a mortgage?0chimpanzee2012-11-03 17:34:49
So I am dedicated to both getting out of debt AND saving for a house/condo. Id like to do both at the same time because th eprices and rates are SO good for getting a mortgage I don't want to put this off too long. My rent right now is about 50% higher than a mortgage payment would be I have 1,000 extra a month after all bills and expenses to sve and pay down debt Right now only debt: 7k balance on student loans with 4.5% interest rate. I do claim the interest for tax. MOnthly min payment is 150. 7k balance on car loan for 3.9% interest rate. Monthly min is 201. Now condos in my area are about 90k, decent houses are about 120k. I make 50k-60k a year so qualifying even with this debt would not be a problem with my 756-777 credit scores How much of my 1,000 extra should I pout towards extra payments debt and how much toward a house savings?? Id really like to purchase a house/condo within 2 years Thanks
Saving for down payment versus paying down student loans quickly?0kaycie2012-09-28 22:37:02
I am a graduate student who is graduating with about $ 50K in debt . I have a good job lined up and I should be able to save $ 3 - 4K a month after expenses. MedlinePlus MedlinePlus My wife and I want to buy a house , but not sure whether to use the extra money to pay off student loans , or pay the minimum payment of loan and save money for a down payment . MedlinePlus MedlinePlus How do banks look at student debt ? Is it better to minimize or maximize a down payment?

Ask New Question  

  • You are not logged in,answer will be Anonymous.Set Nickname | Sign In | Sign Up
  • tags separate by ','
  • Shortcuts:Ctrl+Enter

Latest Questions