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Getting Personal: How to get out of an $85,000 hole
Getting Personal
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On tap this week: We find out whether or not a single mom should focus on building her savings or buying a house, strategies for getting out of $85,000 of credit card debt and whether or not it's a good idea to use a home equity line of credit to finance graduate school.
This was a great segment as always, and I really appreciate Chris mentioning my book! Hope it's OK to give Karen, who asked above, my website where the ebook can be found ultimatecredit.com.
Stacy - you can always get a 30 year loan but add prepayments to pay it off like a 28 year loan. Some lenders also offer customized loan terms but using a 30 year and paying it off like 28 is the most flexible option.
I agreed with all of Chris' advice in this segment, and thought the part about other options for the student loans was wise. It may also be somewhat better for the borrower's credit in the long term.
I was listening to this segment on NPR yesterday while driving... The advice given was valuable as I listened intently. A book was referenced by the name "Reduce debt, reduce stress", I do believe. I'm trying to locate this book, but I want to ensure that I buy the right one cited on your broadcast. Since I was driving, I was unable to catch the names of the book's authors, nor could I write them down. Would you please provide me with this information? The only one I could locate by that name is only available as an e-book... Is that likely the actual one that was recommended on yesterday's featured programming? Thank you for your time and consideration, Karen
Concerning the question about using a HELOC for Law School, a different perspective. To earn money with a law degree most find it necessary to get admitted to the Bar in their state of residence. This involves not only the bar exam, but also having a moral fitness(which can include a credit check). In our last year of law school in Arkansas, this one example was given of a studet who had financed his degree with credit cards. As Student loan debt is not dischargable in bankruptcy, but credit card debt is, it was considered an indication of fraud and the person was not even allowed to sit for the bar exam. This is not to say
