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#AskanExpert: What is Borrower Defense to Repay and Who Qualifies?

Q. I attended a school and accrued over $22,000 in student loans. I feel that I was misled to believe I was guaranteed to be able to get a job when I graduated. I’ve heard of the borrower defense to repay rule but what is it and who qualifies for student loan forgiveness?   Dear reader, The plan made popular during the Obama administration is most widely known for being …Read More

#AskanExpert: Why is a Home Equity Loan so Hard to Get?

Q. We’ve used our credit cards too much and gotten ourselves into a stressful situation. We make a decent income, but the monthly payments are putting financial strain on our budget. We would like to get a home equity loan to pay off all these cards and just have one payment, but we do not qualify for a new loan due to our debt-to-income ratio. Not too long ago, my …Read More

#AskanExpert: Retiring, $40,000 in Credit Card Debt, No Savings, What Should I Do?

Q. I’m 65 years old and my wife is 59. We’ve got about $40,000 in credit card debt and are planning to pay about 90% of it off with remaining 401k money. We live on a tight budget and will have basically no savings. The cost of living is high where we live and I don’t know what to do. Please help.   Dear reader,   I understand the urgency …Read More

#AskanExpert: Can I Back Out of a Debt Settlement Program?

Q. In March of 2018, I decided to go through a debt settlement program. Big regret! The program they put me on is for 5 years. They have settled with one company thus far and they take their settlement fee off the top which is more than the monthly amount they are paying the creditor. Their method is baffling. I feel I made a bad decision and was wondering if …Read More

#AskanExpert: Our Car Payments are Too High, What Options Are There Other Than Refinancing?

Q. My husband and I recently separated from Active Duty Air Force. We have two vehicles with high payments that we will no longer be able to afford. I’m not sure refinancing would help because our credit is in the low-mid 600s and we still owe a lot on both vehicles. Are there options other than refinancing? Dear Reader, First and foremost, thank you for your service to our country! …Read More

#AskanExpert: I Can’t Afford My Credit Card Payment. What Should I Do?

Q. I can’t pay my credit debts. My job got eliminated and my husband had a stroke and  is permanently disabled. Interest rates are horrible and I’m over my limit on all my cards because of them. I can’t afford the full payment, so I have been sending them half. What should I do?   Dear reader, Sometimes difficult situations beyond your control can land in you in tough financial …Read More

#AskanExpert: How Can I Speak to Creditors About Hardship When Starting a New Job?

Q: I’m currently a graduate student and I am a few months behind on credit card payments and loans. I just signed a contract for a job and I won’t starting getting paid for a couple months. How could I speak to my creditors about this? Dear Reader, Meeting your financial obligations when you don’t have an income can be very challenging. Now that you are transitioning to a new …Read More

#AskanExpert: Should I Consolidate All My Credit Card Debt?

Q. Can the NFCC help consolidate all credit cards, even ones under $500? Dear Reader, If you are considering loan consolidation to repay your credit cards, we encourage you to think about it carefully. We can also connect you with NFCC-certified credit counselors that can help you explore this strategy. But, just like a credit counselor, we can only offer advice, guidance and education.   Loan consolidation usually works best …Read More

#AskanExpert: What Happens If You Pay All But One Credit Card?

Q. What will happen if I do not pay off one American Express credit card? I have three other credit cards that I am currently paying off, but American Express wants $5,000 paid all at once. Dear Reader, It is hard to adequately predict what will happen if you do not pay your American Express card. However, I can tell you what to expect in general terms. If your American …Read More

#AskanExpert: Is it Legal for Creditors to Sell Part of a Debt to Debt Collectors?

Q. Can Creditors Sell Part of a Debt to Collection Agencies? Is that legal? Hello, I’m trying to help my wife with a credit card debt. In 2014, she had medical issues and was unable to make payments to her credit card. The account was referred to a collection agency, with which she negotiated a settlement (less than the original debt) and paid-off the account via authorized withdrawals from her …Read More