Your Questions About How To Eliminate Debts

Ken asks…

ha anyone ever used prosper.com to help eliminate debt? does it work? please share your story…?

im considering using prosper.com to pay off my credit cards and help with a home loan.. how safe is it? reliable? does it work? please share your stories PLEASE

John answers:

It works and works great if you’re a borrower or a lender. I would say that lenders need to be more carefully than borrowers. Many new borrowers post listings that will never get funded because they don’t understand. Also, certain states make it very very difficult to get loans via Propser. If you’re looking for a good group, check out the Heroes Group at BMZ.com. They are on the up and up and give really good advice for new borrowers.

Regards.

Carol asks…

Can someone please tell me of a good book on eliminating debt?

I am in debt and am unemployed, I want the creditors to stop calling, how can I get them to stop calling leagally? I feel like the are harrassing me because I am not working. If I were working I would be paying off my debt. So if you know of any books or local lawyers that help people for free with debt in the Cleveland area that would be very helpful. Also I am not interested in filing bankruptcy I’m to young for that. Thanks.

John answers:

You can send a letter to the creditors and demand them to cease and desist any and all calls

Nancy asks…

I am needing GOOD advice on how to eliminate debt.?

I am fixing to get married and we both have pretty bad credit. I have around 8500 in bad debt (4600 in credit cards, 2000 in dr. bills, and rest in utility and misc.) and my fiance has around 25,000-30,000 in debt (13000 student loan, a ton of dr. bills, cell phone bills, utilitiy bills, and other misc) I don’t know what to do! We have already started a family and are needing to buy a house and can’t get financed anywhere because of our horrible credit. There is just so much, we don’t know where to start. I am current on my credit card payments, however, i can only make the minimum payments. Also, I don’t know the law for Illinois, but I have a dr. bill on my credit from when i was 17. And I also have stuff on my credit where my parents have used my soc. sec. number for utilities before I was 15 that the companies say i am responsible for. Does anyone have any good advice that can help me?

John answers:

The doctor bill from when you were 17 and your parents credit card bills don’t need to be paid. When you file your police report and send a copy to the utilities showing you didn’t cause the bills and were a minor child they should give up.
You probably won’t get a house until you pay your debts or several years after you file bankruptcy. The student loans will need paid no matter what else you get charged off or file bankruptcy on.
Starting a family with all this debt will make it harder to pay off and harder to save a down payment on a house.

Mark asks…

Should America cut our governmental cabinets in order to eliminate debt?

These persons are not reflecting the needs of this country. They refuse to address issues that are relevant to the changes America has had to endure. They coddle the rich and neglect the poor. They sustain a lifestyle that is unrealistic to the needs of Americans…What do you feel your government needs to change? How many families could profit from the excessive expense accounts and travel expenses like pelosis plane to all the limos. Could that money make a difference in a Aids program for the children in Washington DC? We need representation that is significant to change. What do you feel about the wasteful spending and dodging of important and relevant issues by our government?

John answers:

Any cut in government spending is a good idea… Most particularly in cutting the staff of the buracracy… The backbone of this country is getting the shaft… We definitely need to reduce the size of our government and all of it’s nonsensical ideas of re-distributing wealth… We also need to deregulate certain industries like the oil industry so we can go on the global market. It would be like an adrenaline shot to our economy. Plus the price of gas would go down for us. Once we get the economy humming we can begin a manhattan style project to revamp our infrastructure to work with non-fossil fuel type resources. Let’s face it, even though oil is demonized way past the point of the harm it may cause, it is just way too difficult to deal with. If we end our dependence on foreign oil in the short term and all oil in the long term we will not only stop funding terrorism through our foreign oil cunsumption but we will put all the treehuggers at ease in the long run. It starts from the top down tho, and unfortunately I can’t see tany of these happening in the next four years since all of the candidates that have a shot are pandering in some way shape or form to socialistic thinking.
McCain happens to be doing the least of it but he buys into some of what the liberal left preaches. Time will tell.

Big Government = Big Problems

Sandra asks…

explane credit report, how to reduce dept, how does personal responsibility affect your credit record?

Explain a credit report

How can personal responsibility affect your credit record?

Give several ways on how you can reduce or eliminate debt?

John answers:

Pay the bills. Don’t borrow more. Pay for what you can afford when you can afford it. Credit is all about personal responsibility–you borrowed, and if you have strong ethics and a strong sense of personal responsibility, you’ll pay for it as agreed and your credit report will look good.

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