What will happen if I don't pay my credit card debt?
I owe 500 dollars in debt for my credit card and if I don't pay it then Capital 1 will deal with it and I don't know what they would do.. But I also owe 345 dollars for my car payment or else it will be sent to an attorney and I don't know what would happen from there.. What should I do?
Need some advice on to keep car or lease?
So I’m in a pickle right now I have a 2012 Hyundai Veloster and the motor needs to be swapped due to signs of wear showing it’s getting ready to die. It has 147,000 miles and I still owe 6500$ on the car out of 12,500. Now my technical question is should I go into a lease with negative equity? Or pay off the fixes on the car? Because I know their something wrong with the transmission and that probably won’t be a cheap fix. It costs 2000$ to change the motor, I received a quota but not sure how much for the transmission, maybe 150-2000$. Now you see is do I want to pay for the fixes and keep it or pay some of the car off and go into a lease with negative equity with a 1500$ down payment? Btw the new car I want is 19,000 msrp. And the point why I kinda want a lease is because it won’t have any problems and if it does the dealer can fix all of it for no charge. And I really like the idea that it’ll be new, but I know the car will never be mine technically. I lean towards keeping my car because I’m halfway done on it and like the monthly payment, also I want to add some mods to my car. But I lean towards a lease because it’s a new car I really like and just tired that I’ve had to fix this car so much, had to spend about 3000 dollars on fixes already. Help plz
Can I get another educational loan if I have already have one?
You can, usually, take another education loan even if you already have taken one earlier. You have to simply visit the bank from which the earlier loan was taken and explain to them your additional requirements. The additional amount of loan that you can take is generally calculated on the basis of your maximum limit minus the outstanding amount of existing.For example, if you were eligible for a loan of Rs 30L based on the collateral you provided and other such parameters, and had taken a loan of Rs 20L out of which you’ve already repaid Rs 15L, it would mean that the outstanding loan amount remaining to be repaid is Rs 5L. In this case, your net eligibility becomes Rs 25L (i.e. 30-5).However, do note that another governing factor for the same is the set of policies devised by the bank and whether you meet their requirement or not. Based on this, the additional loan amount that you can take may be higher or lower than calculated.In case your loan requirement isn’t being met by the current bank but can be met by another bank, then you can either take a fresh loan from the other bank. If that’s not an option, then you can transfer your existing loan from the old bank to the new bank, and then, apply for the additional loan that you need to the new bank. There may be some loan transferring charges or other such expenses that you may incur, but these charges are usually quite reasonable. In fact, there are a number of students who already have a loan on their Bachelor’s education, and for the purpose of getting another loan for their Master’s, they transfer the loan to the bank where they are getting a higher loan amount.I would also recommend that you approach GyanDhan to help you in getting another education loan in addition to the one that you already have. Their loan counsellor will be able to assess your case thoroughly and then suggest the option that would suit you the best.You can fill the form here and they will get in touch with you at the earliest. Also, do not worry about the consultation charges as the services provided by GyanDhan are absolutely free of cost to the student.About GyanDhan, it is an education loan startup by IIT alumni, working to make the education loan process quick and hassle free for the students. They have close partnerships with various banks all over India, including SBI, Bank of Baroda, Axis Bank etc.Hope this helps. Good luck!
Would you rather be debt free or have money in the bank at retirement?
If you are talking 30% a year credit card consumer debt for vacations you took years ago, or a depreciating car, obviously you should have NONE. NO SUCH DEBTS EVER!If you are talking about 2 or 3% low interest loans that allow you to buy warehouses, self storage & parking lots yielding 20% a year, thus giving you a return of infinity on little or no investment, of course that kind of debt —using other people’s money to make more —is GREAT. Take on all the low interest, long term debt you can get …Buy/manage appreciating assets or Businesses that also yield good income way above what you are paying on your loans….Avoid personal liability where possible using corporations or straw men.Money in the bank depreciating fast —at up to 10% a year in purchasing power is a horrible waste. If you keep a years worth of expenses in cash, maybe you should have it in a strong currency that appreciates against your own. For emergencies I’d rather have a few Singapore $10,000 bills in my secret safe deposit box than a bunch of Pesos, Rubles or Dollars. Even gold coins would be better than cash.If you want good advice, get it from successful people. Books OK.A job and passive investments are the path to mediocrity or poverty.The answer is plenty of GOOD DEBT !— NO CASH!Local Cash for emergencies is OK. I have written a few books on the subject of making more money, getting more love & staying healthy to a ripe old age like me! Read my other 1000+ answers on QUORA. I love your comments and will usually answer them.Petertaradash.com
I heard debt settlement is easly with Cread cards BUT?
I know the only I can get a debt settlement with GE Money Bank and Good year tire is if I do not pay my bill for a few mouths. The only problem is that there fees and interest add to my bill which will cause the debt to almost double I settle for 50% I will pay almost what I would paid in first place then They will tell the IRS I made money by settle which will cause me a TAX problem. I also think Straight up default would be better It will go on My Carad report the same and There no Taxes on it since I still owe the money. the Debt is 1100 to GE and 650 to goodyear. Credit counseling says they can not help me because it below the standers. 1. Would I be better to Settle or stright up default 2. What possible of getting sued or repo? 3 would I end up paying more be setteling than making min payment for a while untill I get a head again.
Is it possible to avail loan from two banks at the same time?
Yes you can ask for loan from multiple banks. If you ask the banks simultaneously, then they will check your credit score with the rating agency at the same time. Multiple checks and repeated checks of credit scores affect your rating and loan capacity. Hence refrain from doing that.Incase you ask a bank for a loan after you have obtained a loan from another bank already, then based on your loan repayment capability the amount of loan will be decided.For example if it is a home loan, the best EMI would be 50% of your net take home salary. Now after you have got this loan and you apply for another one, the bank will come to know that your 50% NET take home is already blocked. so they might refrain from giving the loan or even if they give you a loan it will be for a smaller amount.Always try to take loans along with your Spouse incase you are married, so that the repayment capacity is higher and better loan amount can be sanctioned. Also, the second loan will be possible.