Should you pay off your girlfriends debt?
Nooope. Nope. No. Just, no. Obvious scam is obvious. She’ll be gone as soon as your check clears.Why are you even thinking about marrying someone who accumulated high interest debt like that? It’s usually a solid indicator of bad financial habits. And suddenly it’s your problem? Why? Your girlfriend should be making her own plan to pay that debt down. That she apparently hasn’t made a plan and executed on it speaks to her true intentions. Don’t fall for it.
Should my boyfriend help me pay off my debt?
No, you cannot ask him that. A year is not even close to enough time to make that kind of request, and just because he makes twice as much as you and he doesn't have bills, that doesn't mean he should be just handing over $5,000. I don't know if this is just because of your bad friends being in your ear or if this is really how you feel, but the way you were talking about money really bothered me.That's a whole year's IRA contribution for him, or money to pay down student loans, or a nice vacation, or a long time of rent in a new apt for him. Or just money to throw away on a whim because he can.Money ruins relationships, and any reputable money manager will tell you that if you decide to give money to a friend, you give it with the expectation that you'll probably never get it back. That's sad, but it's true. Lending money is the quickest way to ruin a relationship.Knowing all of that, is that really a position you want to put him in? To have to decide between making a very bad financial decision, or telling his girlfriend flat out no, he will not pay her debt. It's lose/lose, and unfair of you to make him choose.With that in mind, if he comes to out of his own volition and is very adamant about wanting to take this task on, I think it's okay to accept. It's a completely different question when it's "should I accept my bf wanting to help pay off my debt" instead of "should I ask my bf to pay off my debt."If you accept, just tell him that you will continue to pay him back a fixed amount every month until it's paid in full. Volunteer to put it in writing and get notarized, and continue to do that even if you break up. That's the sign of being a decent person.I hope that helps.
Should I use my savings to pay off my credit card debt? I have a high 600 FICO score and I am currently paying on credit cards.
If I am understanding your question correctly, your plan is flawed.To answer the first part of your question, yes. You should use your savings to pay off current credit debt.It seems as though you want to take out a loan simply to put it into a savings account. If that is correct, you would be losing money. With your credit score (or even if you had an 840), you will be paying a much higher rate of interest on the loan than the bank is willing to give you to put that money into a savings account. You would basically be paying the bank to loan them money.I’m confused as to where the $10,000 loan comes into play. Why not just pay off your debt and start saving your money?
How can I pay off debt with no money?
Borrow. You will need to first make a list of everyone you know, i.e. friends/family, that might be able to give you money to pay off your debt. If you can’t find anyone who will give it to you, then ask if they will lend it to you. The goal is to pay the debt without getting into more debt.Another option is to sell anything you have but can do without. This can include:ClothesFurnitureDecorationsAppliances or kitchen utensilsToolsElectronicsIf your initial attempts don’t work, then you will have to find a lender that will take the risk to lend the money to you. Of course, for this to happen, you will have to demonstrate that you have some income or assets to use as collateral.You can also post an offer to purchase your debt for pennies on the dollar. The purchased debt would be used as collateral for the loan you got to buy the debt.
Should I pay off my house ASAP or take my time?
Studies have shown that you often end up better off financially if you invest your money rather than pre-pay your mortgage--especially if you invest that money in tax advantaged accounts (401k, IRAs). But there are situations when I think it's OK or even beneficial to pre-pay your mortgage:1. You are already maxing out your Roth IRA and 401k and have some emergency funds set aside.2. Your mortgage rate is higher than prime--currently 8.25%.3. You are paying PMI each month and/or have less than 20% equity in your home.4. You are going to retire within 5 years.You fall into category #3 (maybe others as well), so I think it's good/OK for you to prepay your mortgage until you have built up 20% equity in your home. It's good to have that equity to protect against having to sell your house at a loss and so you don't have to pay PMI each month. After you have 20% equity though, I'd focus on boosting retirement savings.But don't prepay the loan at all costs--first contribute enough to your 401k to get the company match and set some emergency funds aside. Only then should you put what you can towards the house. Having paid extra on your mortgage won't help you if you have an emergency--having cash savings will.
Should I pay off my credit card before buying a house?
Absolutely, you do not want to get into home ownership while you still have credit card debt. Plus, it WILL lower your mortgage rate if it increases your FICO score. If your loan to credit ratio decreases, your FICO score rises, meaning if your credit line is $5000, but your card balance is $100, your FICO score will be much higher than if your card balance is $4000.Buy the book, Total Money Makeover, and get on a written budget and out from under all credit card debt. Then save up to put 20% down on a house you can afford to keep and care for into the future. Good luck!
At what age should you have your student loans paid off by?
You do have a very large amount of debt and are relatively late in life. This isn’t your fault if you’ve just finished uni however, but it’s important to get ahead by dealing with it quickly.Basically you’re really lucky because you’re making a decent bit of money from the get go. I’d recommend that you commit to putting down 15–20k a year. This does dramatically reduce your income, but I think you’ll get by just fine (I’m assuming your girlfriend is working, IMO she should - it’s normal today and with this much debt you just can’t afford to support someone else).That would pay off your debt in <10 years if you paid 20k a year.It will suck that you’re effectively a lot poorer than your colleagues earning the same amount, but it will mean you have a lot more money to play with later in life. If you only pay 10k it could take 20+ years to pay off that loan (interest is a bitch) and then you’re going to be 50+ years old and need to desperately start saving for retirement!