migueljuan asked:


I currently owe $45,000 in student loans and I am having a hard time paying them off. The loans are private (sallie mae) and I am not elligible for consolidating them via federal loans since I am not a US citizen. I was not able to get a visa so I had to leave the US. I live in Europe now.

I understand that declaring bankruptcy would not cancel out the student loans, but I have read that bankruptcy could cancel out credit card debt. I have a good credit score (790), so given some time, with an even higher credit score, I may be able to transfer my loans to a few credit cards.

What are the laws regarding credit card debt and bankruptcy? What difference does it make that I am not a US citizen and do not live in the US?

Gerda J asked:


finance problems, non payment of outstanding debt on credit card for 3 years plus, what are my rights is there a prescription period for debt as financially i am still unable to make te payments, and bank is demanding payment. Should i liaise with them and discuss my financial position or where do i stand, can they legally still sue me after this period, as they have only just contacted me after three years of non contact?

TwistedxKiss asked:


I was watching a tv show on HGTV about people buying their first houses, and one of the families couldn’t get a decent mortgage amount because they had credit card debt. Is that just because the credit card debt affected their credit in general? If someone has student loan debt can they still get a mortgage as long as they are meeting at least the minimum payments?
Pretend you are talking to a 12 year old. I have no financial experience yet.

Danny Lightning asked:


i have aboug 4 thousand saved up, i just sold about 2 thousand dolors worth of stuff on ebay, and i have something on there now that if it sells ill get a thousand for.

should i use that money from ebay to pay off my 2k in credit card debt or should i just save it in case that crap hits the fan,

when i get back home i have a free place to stay, if i pay it off ill probably go home with 4 grand, if i save it ill go home with about 6 grand, and that seem comforting to know i would have that much in the bank. i pay about 100 a month on the credit card.. so that would save me 100 a month.. and i can cut out my cell phone bill and save another 60 a month..

so what do you all think, pay it off so i have less monthly bills or save my money just in case it takes me a while to find a new job.. what would i be better off doing..

KING asked:


My Discovered card has offered me a personal loan to pay all of my credit card debt on one bill. They quoted me 12.9 % @ a fixed rate for a $20,000 loan. Well, my credit card rates range from 8.7 to 10.9 (variable). Discover told me that even though the rate is higher I would be able to pay off my debt faster. And any additional money paid would go straight to the principal. And my credit score may increase because I would free up my credit card debt. But I don’t know. Right now I am paying the min on my credit card bills @ $550 a month and the Discover loan would be $540 a month and I would have my debt paid off in 4 years. What do you think ?

DEREK K asked:


I here adds all the time that you can settle credit card debt Yea it hits you credit score but how risking is this It says in every card card agreement that it you miss even one payment you get charge a late fee like $15 to $50 and you APY goes to storming very high like 39.99% which make it take even longer to pay off and and increased payments.

Can and do credit card company’s sue garnish wadges bank accounts?
Take they you house or car even thought it is unsecured.??
Yes I know they can run You cread report. and Call you to no end.

melaniemia7 asked:


I have about $7,000 in credit card debt that I’ve aquired during the past 4 years of college. Now I’m graduated, can’t find a decent job, and going back to grad school. I’m having trouble even paying the minimum, and was wondering if I consolidated my debt if this would hurt my credit score. Oh yeah and I owe $30,000 in student loans, but those have already been consolidated.

Opt to adopt! asked:


So, I decieded about a month ago that I NEED to take care of my credit card debt. So, I did the credit report, got a hold of my credit card co, and told them I needed to work a payment plan out, but I will pay. I did this in a letter to them…never heard anything back. I honestly just thought it took a long time for them to do paperwork. Well, today a letter came from a lawyer’s office stating I’m being sued over that debt. WHAT!!?? I called the lawyer’s office and he said that since my debt was forwarded to him there’s nothing I can do but see him in court. He sounded pretty mean too. Is there anything I can do?

-I only have 1 credit card.
Will I go to jail if I can’t pay it all in one lump sum?
My debt is only $600.00, btw

JoAnn N asked:


My husband has cancer and credit card collectors are overwelming us. I settled a few for less than original amout owed but only have so much money and can’t pay everyone at the same time. I know they have 4 years to sue but most are charged off and have now been resold. I need to know if the company who bought my debt can now sue me?
Thanks for any help anyone can give.
I am not trying to get out of paying, I just can’t pay everyone at the same time and they are so mean.

Thanks for the answer’s I have rec’d so far. You guys are great!
I now have terrible credit and I couldn’t get a loan if I wanted one. Just need to have them back off while I pay them off one at a time.