Your Questions About How Do I Get Out Of Debt Yahoo

Mandy asks…

Why is it that people find it so easy to say just move out and live on your own?

Hello everyone.
First let me start by saying that I am 27 years old in graduate school about to recieve my MBA. I frequently come to yahoo answers to get peoples opionions on things.
So it seems anything I see a question concerning people living at home, responders say well you need to move out.
Do people think it is that easy just to move out on your own, there are many different factors such as how much you make, what your debt to income ratio is and most importantly how much bills you currently have.
All these are vital factors when moving out, especially someone like me who lives in Los Angeles, California where the cost of living is so high, I know nothing compared to new york.
Lastly, the last line of defense people use is get a roomate, but do people actually think when they say this , because getting a room mate involves living with some you usually dont know and you have to deal with.

Tell me what you think? Please don’t give me some crude answers

richmama answers:

I don’t think anyone thinks or said that it is easy. It is not. But it is something that everyone (mostly everyone anyway) has to do sooner or later. It you don’t ever want to leave home, that’s okay. You will just always have to follow someone else’s rules the rest of your life. You will leave home if and when you are ready to. Just to make you feel a little better, my sister is 41 and still lives with mom, but that is another story…

Mark asks…

i have over 80 k in student loan debt!!!!!! :O?

so im finishing school and getting married in about a year but first i MUST get out of debt. there’s no way i will get married with debt under my belt. >:| i was reading an article on yahoo how a girl put up a website to help her pay off her student debt after racking up 200k! and so far she’s raised 7k…still has a long way to go but not bad…

i dont want my parents to pay any of my debts…i will be working soon but i want to pay them off asap so i wont build up so much interest charges…i was thinking of doing the same as the girl but i dont think i will get much help with 80k in debt compared to 200k lol but i do still need help.

what should i do?
no it’s not a joke, i forgot to mention i wont be making “bank” until like 5 to 10 years of experience in the field. i also pay for my own health insurance and it’s pretty expensive…600 bucks a month(medical equipment) rent-1250, plus car payments, car insurance…food and miscellaneous…like 600. in my first year working im expected to make around 25k a year… not the greatest. and i have a sister who i take care of that has special needs.

richmama answers:

You cannot afford to live off of 25k/year with your expenses… Not including your student loan repayments, you’re already looking at $2,450/month. You’re only going to be bringing home around $1,667/month after taxes — you’re already $783/month short. If you include the payments on the 80k you owe — you’re looking at being short $1,703/month — you’re going to need two full-time jobs just to make the minimum payments.

What does your fiance make each year? Are you willing to move back home and forgo marriage for a few years so that you can pay off the 80k (or at least a good portion of it)? In order to pay off the 80k in 3 years, you’ll need to pay $2,433/month for 36 months (based on a 6% interest rate). I don’t know if this will be feasible for you, unless you can find a second full-time job and cut all of your expenses (except medical). I saw the same article, and actually posted on it. She was beyond stupid for acquiring 200k in debt for an undergrad degree. You’ve borrowed about 3.5 times more debt then you should have — you should only borrow your expected annual income for the first year in order to comfortably afford the payments — so your limit should have been 25k. Basically, you need an annual salary of $106,500 in order to comfortably afford your payments — you won’t even be able to make that with 2 full-time jobs… I don’t know if you and your fiance will make that if each of you work 2 full-time jobs. It’s going to be tough — be prepared to cut all costs… Rent, groceries, no cell phone, no cable, riding a bike for transportation, etc.

Is the medical equipment for yourself or your sister? Does your sister qualify for Medicaid if it’s hers? Can you sell your car and use public transit? Can you sell your car and purchase a cheap car out-of-pocket? Call around and find the lowest insurance rate (that covers your needs). You have to cut your expenses by a lot… You currently cannot even afford your current expenses and in order to pay off the debt… You’re going to have to live with the bare basics and put everything towards debt. Good luck to you.

Robert asks…

How can I get free email adresses in South Africa?

I am trying to help people get out of debt (debt consolidation), I also do first , second bonds, switches and better interest rates.
I need to show people how they can save thousands of rands by consolidating their debt by the excisting bank they are currently with or any of the four major banks in South Africa. Please email to my adress

richmama answers:

Buddy dont even think about it
withall of the scams that have been floating around on the web I know Ifor one delete something your suggesting
without even reading it a lot of these emails also when opened contain worms , malware or viruses
all I can say is I wish you the best.

Sandra asks…

Resolving old debt – what should I do upon returning to Europe?

I posted a similar question 2 years ago regarding this situation (;_ylt=AkzItiSurHguB2P73Np5lKvty6IX;_ylv=3?qid=20090804111325AA8oHlc ) and a few changes have happened since.

In short: I still have some outstanding debts in The Netherlands from 2005. About €500 with T-Mobile, and some amount below €100 with NS (Dutch train company). I didn’t intend to commit a crime, back then I got financially in trouble because of a bad relationship, I was in my late teens and all alone in a foreign country far away from home, and I was too ashamed to ask for help.

Additionally, I transferred schools to Belgium in 2005, where my hogeschool in NL offered to transfer the tuition fees I paid them to my new university in BE. Somehow this didn’t push through. I lost some €3,500 at that Dutch Hogeschool, and as of September 2006 I still owed my Belgian university €1,000 but they’ve stopped pursuing this since. I don’t know what happened.

I moved to Southeast Asia since and hadn’t done anything about the debt for so long because I was broke and decided to resume my studies. I was on monthly allowance, so I had only just enough money to live. However, since 5 months ago I‘ve gotten a job paying about the equivalent of €246 per month and have managed to save about the equivalent of €1200 (made of all the money I earned from the job… I still live on allowance).

Which brings me to my questions:

1. Is it time to contact the companies I owe money or should I wait until I have more money? After this length of time, how much interest should I expect to pay? Are there any other costs besides the debt itself that I should be prepared to pay, e.g. legal fees, administration, or other “surprises”? Am I better off solving this long distance using phone calls and bank transfers, or (read my next question) coming there in person? Also, how can the bureau rechtshulp help me in any case?

2. I‘m planning to apply a scholarship for postgraduate studies in Norway in 2012 and am already in correspondence with the university I intend to study at. If I don’t tell the people in Norway about this problem, will they have a way of finding out and will it affect my plans to go there? More importantly, since Norway is a user of the Schengen security system, will I be flagged as a criminal and get arrested upon entering Norwegian soil?

3. How can I get my money back from the Dutch hogeschool? The academic year that I moved, I only attended about 2 weeks worth of classes before formally resigning in writing, and according to the terms and conditions I should still be entitled to a full refund. Will I need a lawyer for this, or can I do this myself?

Thank you.

richmama answers:

Tricky, especially since it’s some time ago. I can only do you a partial answer.

1. I suspect, given the small amounts, this may already have been written off . If not it was sold to a debt collection agency who added at least 20% to the amounts.

2. ?I highly doubt it, these are no outstanding fines, just debts and relatively small ones.

3. Dig up what you have in correspondence from them and start mailing. This is something you should have done a lot earlier. Certainly initially you will not need a lawyer.

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