Tagged with "Debt"
Dave Says: Pay Back the Loan--Especially if It Came from Family
Getting into debt with family members can be tricky. But if you respect them as much as you would any bank, then you'll always do what's right. Dear Dave, I borrowed $30,000 from my aunt to buy a condo eight years ago. We had a deal that she would get her money back, plus a piece of the...
Dave Says: Beware of Nosy Debt Collectors
Try to settle with debt collectors as soon as you can, and don't give them extra information that might help them sue you later down the road. Dear Dave, I’m working on my debt snowball, and I’m trying to settle with a pushy collector. I don’t have the $9,000 I owe, but I have $3,000...
Dave Says: Time to Pay Off that House!
When you've got a large chunk of change in your IRA and only a little bit to pay off on your home, pay it off and finally experience financial freedom! Dear Dave, I’m retired, and I have $400,000 in an IRA that’s earning 10 to 12 percent. The only debt I have is $20,000 on a home equity...
Dave Says: Sprint to the End of Your Debt
When your hard work and saving has finally led you to a nearly debt-free life, head toward that finish line as fast as possible! Dear Dave, My husband and I are debt-free except for our mortgage, and we make $65,000 a year. At this point, we have only $17,000 left to pay on the house. We...
Dave Says: Should Moms Stay at Home or Go Back to Work?
A reader wants to know what Dave thinks about moms going back to work to help get the family out of debt. To read more on these hot topics, go to What Not to Say to Working Moms and What Not to Say to Stay-at-Home Moms.
Dave Says: How to Start Over after Divorce
What is the best way to move forward after a divorce? What do you do with your settlement money? Dave Ramsey has the answers. Dear Dave, My divorce will be final in a month, and I’ll have $100,000 when everything is over. I will also have $8,000 in credit card debt, and I’m currently...
Dave Says: Don't Let a Repo Ruin Your Credit
If you're having trouble making your car payment, do whatever you can to avoid a repossession. You'll avoid even more debt if you can arrange to sell the car yourself. Dear Dave, I’m having trouble making my auto payment. I owe $20,000, and the car is worth $17,000. Should I allow the bank to...
Dave Says: Match Your Lifestyle to Your Income, Not Vice Versa
When an unexpected dip to your income comes along, don't dig in to your savings to maintain your lifestyle. Time to downsize! Dear Dave, I’ve been on medical leave from my job due to an injury. My doctor recently advised extending the leave another six months, but during this time I...
Dave Says: Don't Deplete Your Emergency Savings
Can you really justify using your emergency savings to pay off your house sooner? Dear Dave, Is there ever a time you should dip into emergency fund savings in order to pay off your home early? Eric Dear Eric, The only time I would advise this is when your emergency fund is too big, and you...
Dave Says: Paying a Forgiven Debt
What do you do if you have the money to pay back a debt that was forgiven? Dear Dave, I have some old debts that have been forgiven. Should I still pay these if and when I have the money? Matt Dear Matt, First, you need to double-check and make sure the debts have been officially forgiven....
Dave Says: How Do I Help My Parents in Debt?
When your parents are having trouble getting out of debt, how can you help? Dave says showing them hope may be the answer. Dear Dave, My parents are close to retirement and very heavily leveraged. Do you have any advice on how I can help motivate them to succeed financially? Jack Dear Jack,...
Dave Says: Should You Rent to Own?
Beware: rent-to-own situations rarely work out, and when they do, they always work out better for the seller than the buyer. Save up, go slow and buy a home of your own when you're ready, Dave says. Dear Dave, What do you think about rent-to-own housing? I’m not sure we’re financially...
Dave Says: Is It Better to Pay Off the Credit Card or the Car First?
What's the difference between paying off your car payment or your credit car debt? Dave says, essentially nothing! Dear Dave, My wife and I make $140,000 a year, and we’re working on our debt snowball. We’re almost out of debt, but we still have two small car payments and some credit card...
Dave Says: Ditch the Car, Keep Your Dignity
When your car debt is on the brink of forcing you to move in with your parents, Dave says sell your wheels and keep your dignity. Dear Dave, I’m 27 and married, and we have two kids. I make $90,000 a year, but we have $80,000 in consumer debt—$48,000 of which is in car loans. The rest is...
Dave Says: Loaning Money to Relatives Not a Good Idea
When it comes to lending money to family members, Dave Ramsey reminds us that we aren't a national bank! Dear Dave, I made a huge mistake and allowed my sister to use my credit card. She said she’d pay back what she charged, but now she won’t pay the bill. The total was $5,500. Do you have...
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