Go to Top

Ask an Expert: Answers

#AskanExpert: Payday Loans are Taking Over, What Can I Do?

Q. Because of family emergencies the last couple years, I messed up and took out payday loans. I have seven and the interest is so high I’m falling behind on household bills now. I owe $3300 and pay $674 every two weeks in interest. What can I do? I make good money now but can’t get ahead with these payday loans.   Dear Reader,   Payday loans can be vicious …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

Ask an Expert: Is a Debt Management Plan Right for Me?

Q. What types of situations are recommended for Debt Management Plans? How much debt do I have to have? Dear reader, A Debt Management Plan (DMP) is a service offered by credit counseling agencies, where they will work with your creditors and establish a payment plan that will help you repay your debt in full. It may be a debt repayment option, if you have considerable credit card debt and you …Read More

Ask an Expert: What are the Best Small Business Healthcare Options?

Q: What are the best small business healthcare options? Dear Reader, Navigating the jungle of employee benefits can be a daunting challenge for small business owners, no matter if the decisions involve a sole proprietorship or a team of several employees. First and foremost, it should be noted that employer sponsored healthcare coverage is optional for businesses with 50 or fewer full-time employees. As the owner, you have a wide …Read More

Ask an Expert: Is it ok for the Collection Agency to do this?

Q. Is it ok for the collection agency to do this? My husband and I are trying to get out of roughly $50k worth of credit card debt. We are considering refinancing our home and using the equity to pay the debt. However, three years ago my husband moved out of his apartment in Seattle to the Midwest with me. He gave his notice to the apartment complex and paid the …Read More

Ask an Expert: Should I take out a startup loan for my small business idea?

Q. Should I take out a startup loan for my small business idea? Dear Reader, The prospect of starting your own business and growing your ideas must be very exciting. And the most difficult part is getting the capital to get it going, especially if your business is just starting out. Taking out a loan to grow your business has its pros and cons, but the ultimate decision depends on the …Read More

Ask an Expert: What’s the Best Way to Use My Inheritance?

Q. I have an inheritance of $19,000. I have some credit card debt (almost $20,000) on a card whose introductory 0% interest. I do not have an emergency fund for some repairs that are currently needed and would probably have to go back into debt to make the repairs. Should I start making payments on the current credit card debt and use the inheritance for repairs?   Dear reader, It …Read More

Ask an Expert: What is a Judgment?

Q. What is a judgment?   Dear Reader, Dealing with a judgment can be a terrifying ordeal. As it relates to credit, it means that a creditor or debt collector has taken you to court to collect your unpaid debt and they have won the lawsuit.   Like any legal matter, a judgment is a process. It’s the debt collector’s last recourse to legally collect the debt after all other …Read More

Ask an Expert: How can I qualify for student loan forgiveness?

Q. How can I qualify for student loan forgiveness? Dear Reader, Dealing with your student debt can seem overwhelming and the possibility of having this debt forgiven sounds too good to be true. However, it doesn’t have to be. Qualifying for loan forgiveness takes time, and it requires you to be very proactive during the application process.   So how do you qualify for a loan forgiveness program? A good …Read More