Go to Top

Ask an Expert: Answers

#AskanExpert: Should I Remove Myself as an Authorized User?

Q. When I was under 18, my parents added me as an authorized user to one of their credit cards. However, since then, they have accumulated a lot of debt on that credit card that now negatively impacts my credit score. I am continuously getting denied from credit card applications of my own. In terms of damage control, is it better for me to stay on the card and wait …Read More

#AskanExpert: My Debt Payment’s Too High, What Can I Do?

Q. I have $27,000 in debt (non-secured signature loans) at $1612/month in payments. I am current on all my bills, but the budget is increasingly difficult to maintain. At my current pace, I won’t be out of debt for 3 years. What can I do?   Dear Reader, Every debt repayment plan requires time, a strong budget and persistence, especially if you want to pay it off quickly. Most successful debt …Read More

#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 my physically disabled daughter best receive counseling for her student loan debt?

Q. My daughter owes about $15,000 in student loan debt. She is physically disabled. She works only part-time for a 501c3 organization. How can she best receive counseling for repayment and/or forgiveness on her student loan debt? Dear reader, The best way for your daughter to receive the student loan counseling she needs is to talk to a specialized NFCC- certified credit counselor or to a credit counselor in your …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