M K asked:


Okay, so my husband and I graduated college in 2007 and started paying off our loans (70K total) about a year ago. Our monthly payments (combined) are about $450 a month. We make every (EVERY) payment on time, and always pay a little more than the minimum. The problem is that our combined income is about $72K a year, or $6000 per month. (We both make equal money and have equal loan payments every month on our separate accounts.)

We have absolutely no problem making the payments, and (monthly) this comes out to a relatively small chunk of our income.

But when I have my credit report analyzed through Experian (online), it says my debt-to-income ratio is at almost 100%, 99% of which is the student loan account. Apparently this is calculatedby comparing my total loan debt ($35K) with my income $36K). It also stresses that this negatively impacts my credit score.

But if I’m only paying about $225 a month on student loans, out of $3000 a month in income, and I pay the loan on time, every time, why does this lower my score?!?!?

This is a 20-year loan, and we want to buy a house in 2 years. I’m afraid this will affect our interest rates when we apply for a mortgage, but for the life of me I can’t understand why this would be the case.

Help?

Out Of Credit Card Debt

sad & heartbroken asked:


we had a joint checking account and she simply had the money transferred. So i cant prove she stole it cause she was authorized to make transfers and because of that i was not able to pay for school one year and had to drop out. As a result my student loan has gone into default and all the other bills i had as a student including medical and other essential things are consuming every paycheck i receive. I don’t know what to do. HELP!!!

Credit Card Debt Elimination

lightningboltjs asked:


I’ve nearly paid off my student loans, I’ve only got a few thousand dollars left and I could pay it all off by around June or so. I’ve paid WAY ahead, which some sources say has actually hurt my score by as much as 15 points. I know that the type of dept you have affects your credit score and student loan debt as a higher percentage of your overall debt is better than having 100 percent credit card debt even though I pay off the entire balance of my card every month. I was thinking if I kept $1,000 of student loan debt that might be favorable to zero, giving me some points for an older account and mitigating the size of whatever is on my credit card when they rate me, but I don’t know. Am I better off with zero or some? I have no idea.

Bad Consolidate Credit Debt

Jeremy W asked:


Ok heres my situation. My student loans are due. I the payment they are asking is way to high for my budget. I called and they cannot lower my payments without consolidation. Unfortunately I dont have a cosigner and my credit isnt good enough to consolidate! What can I do? I asked for lower payments and theres nothing they can do to help. The interest just keeps building.

Consolidate Debt

First Namen asked:


I’m filling out grad school apps and they’re asking for all kinds of financial information. I think it’s a bit odd for a school to not have a blank to put in the student loan debt. Would it fall under “investment debt”? If not, where do I put that figure? Here is the form below:

“2009 Adjusted gross income:
Expected 2010 adjusted gross income:
2009 income earned from work:
Cash, savings and checking accounts:
Other untaxed income and benefits:
Investment Value (stocks, bonds, certificates of deposit, etc.):
Investment Debt:
Business Value:
Business Debt:
Farm Value:
Farm Debt:
Real Estate Value (not primary home):
Real Estate Debt (not primary home):”

Credit Card Debt Free

jen asked:


This is what I’ve been told, but I was wondering if you know if that’s true or not. Thanks!
By consumer debt, I mean credit cards, mainly.
So lenders don’t care what type of debt, they just see debt?

Free Debt Consolidation

cherish b asked:


Ok, so I graduated last year from a private school. My parents couldnt afford to pay for school. I had scholarships/grants but I have lots, and I mean lots of student loan debt (about $100,000 just for undergrad). I have a good job that pays decent and work as a waitress part time. I make my payments early and try to pay extra if I can afford it. However, I feel like I’ll never get ahead. No time in the forseeable future will I be able to buy a house, afford to get married (im not engaged but someday I might be) or save any money. Is there any resources either government or private that can help me with my debt, or anything that will help me? I dont want to be rich by any means, I just dont want to be in debt forever. Thanks for any advice in advance!

Student Consolidation Loans

Sinful asked:


Example: 60K-70K in student loan debt. Haven’t start to pay yet. Other debt: 26% (Credit card debt not counting student loan).
So they won’t hire you if you have high student debt?
My future wife has high student debt because she loves school. She earned a BBA and she goes to MBA. MBA cost her a lot. I don’t care about her debt. I can work and pay for her but she sure loves to have a great job in financial position. Not sure if this really affects her in finding a job or not.

Debt Consolidation Unsecured

bkinning12 asked:


are due and we cant afford to pay them. What can we do?

Unsecured Debt Consolidation

ktpb asked:


I’m a single mom just preparing to finish nursing school. I also have an B.A. and my student loan debt is about 85k. I am going through a divorce and have two kids, need to buy a home ( my ex is keeping the current house we are in). I have maybe 1500 in credit cards and a car loan. Other than that no debt that I can think of. My major debt lies within my student loans. I want to pay these off asap and not over a 20-30 year period. I want to know if Dave Ramsey’s system is worth it. I will be the only one paying for my new home, the car, the loans, daycare, food etc and when you throw on that much in student loans its scary! I want something that will work and help me to get my finances in order and paid off in as little time as possible. Any suggestions? Thanks in advance. And please no sarcastic or rude comments. Looking for real advice from people who actually care to give it. Thank you.
The house is owned by my ex. We bought it while married but his name is on everything and mine is not so I dont have to worry about the house. As soon as I get a job I will have only a limited amount of time to get a new place to live, and with two children and a dog I want a house with a yard so I have to buy as soon as I can. I’m having a hard time finding a place that will consolidate the debt. The loans I have out used to have an option for it but with everything going on with the economy (I’m guessing thats the reason) they aren’t doing it right now!!!

Bad Consolidate Credit Debt