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This financial adviser offers guidance to this bride-to-be for wiping out debt before taking the plunge.
That’s right, the Debt Adviser says: If you get your first credit card, run up a balance and don’t ever pay, your debt can double.
Use negotiations and the divorce decree to make sure the spouse who ran up the massive credit card debt is the one the debt collectors go after, says the Debt Adviser.
Sure, you could throw every available dollar at student loans and credit card debt. But leave enough for an emergency fund — and a bit of mad money for yourself, says the Debt Adviser.
Know your rights, says the Debt Adviser: A debt collector can’t legally extend the time a bad debt stays on your credit report.
The urge to help a close friend in financial need is natural, but using home equity to retire someone else’s debt is a perilous move, says the Debt Adviser.
When you file for bankruptcy, you’re still eligible for government student loans, but not for private loans, says the Bankruptcy Adviser.
Experts say ambivalent attitudes about debt won’t serve us well in a crisis, but only 10 percent really worry.
Helping is fine, but your relatives have to embrace the get-out-of-debt plan and make it theirs, not yours, says the Debt Adviser