Deal with Your Debt: Free Yourself from What You Owe, Updated and Revised
by Liz Weston
How to Manage Your Bills (Collection)
- About This eBook
- Title Page
- Copyright Page
- Table of Contents
- Deal with Your Debt: Free Yourself from What You Owe, Updated and Revised
- Copyright Page
- Dedication Page
- Praise for the First Edition of Deal with Your Debt
- Acknowledgments
- About the Author
- Introduction
- 1. Isn’t Debt-Free the Way to Be?
- 2. Your Debt Management Plan
- 3. Credit Cards
- 4. Mortgages
- Myth #1: It’s a Good (or Lousy) Time to Buy a Home
- Myth #2: A House Is a Great Investment
- Myth #3: Buying Is Always Better Than Renting
- Myth #4: Homeownership Comes with Great Tax Breaks
- The Right Reasons to Buy
- How Much House Should I Buy?
- What Kind of Mortgage Should I Get?
- How Do I Get a Good Mortgage Deal?
- When and How Should I Refinance?
- When Should I Prepay a Mortgage?
- Summary
- 5. Home Equity Borrowing
- 6. Student Loans
- 7. Auto Loans
- 8. 401(k) and Other Retirement Plan Loans
- 9. Loans You Don’t Want to Get—or Give
- 10. Dealing with a Debt Crisis
- 11. Putting Your Debt Management Plan into Action
- Index
- FT Press
- There Are No Dumb Questions About Money: Answers and Advice to Help You Make the Most of Your Finances
- Copyright Page
- Dedication Page
- About the Author
- Introduction
- 1. Balanced Budget, Balanced Life: Setting Your Financial Priorities
- How to Stick to a Budget
- For a Budget That Works, Get Control of Your Debt
- What Do Average Families Spend?
- Balancing Your Budget in the Big City
- Income Dropped? Expenses Have to Drop, Too
- How to Beat “Frugal Fatigue”
- Fast Ways to Cut Cable, Cell Bills
- What to Do with an Extra $5,000 a Month
- Planning a Family? How to Prepare Financially
- Facing a Layoff? Rule #1: Conserve Cash
- Living Paycheck to Paycheck? Knock It Off
- Why Your Budget Doesn’t Work
- 2. Slay the Debt Dragon
- What Comes First?
- What Comes First, Savings or Debt Payoff?
- Why You Shouldn’t Pay Down Your Mortgage
- Don’t Drain Your Retirement to Pay Debts
- Use Inheritance to Pay Down Debt, Boost Savings
- How to Stop Collection Calls
- Garnishments Are Taking Food off This Family’s Table
- Massive Debts Mean Gambling Is More Than a “Habit”
- Debt Doesn’t Disappear After Lender Write-off
- How Long Bad Debt Can Haunt You
- What to Do When You Can’t Afford Your Life
- Young Widow Struggles with Late Husband’s Debts
- Dealing with After-Death Creditors
- Fighting an Aggressive Collection Agency
- Student Drowning in Debt Needs Professional Help
- How to Cope with a Big Medical Bill
- When Bankruptcy Is the Best of Bad Options
- What to Do When Bankruptcy Won’t Work
- 3. Burnish Your Credit Score
- Improving Bad Scores Takes Time, Patience
- Why “Free” Credit Scores Aren’t
- How Credit Card Balances Affect Your Scores
- Does a Credit Card Make You a Slave to Lenders?
- Why Carrying a Balance Is Stupid
- No Credit Cards? You May Not Get the Best Rates
- How to Use Credit Cards to Improve Your Scores
- Should You Stay in Debt to Help Your Scores?
- Don’t Close Accounts If You’re Trying to Improve Your Scores
- Close Cards the Smart Way
- Debts Rising? It’s Time to Cut Spending
- Big Debts Mean You Can’t Afford Your Life
- Marriage Doesn’t Combine Your Credit Reports
- Unwanted Time Share Can Lead to Credit Score Hit
- “Piggybacking” Can Pose a Serious Risk
- Skimping on Credit Card Payments Can Damage Scores for Years
- Short Sale Causes Credit Scores to Plunge
- Finding an Apartment After Foreclosure
- Recovering from Bankruptcy Takes Five to Ten Years
- Installment Loans Can Boost Credit Scores
- Not All Loans Help Your Scores
- How to Score 800+
- Credit Scores Not Perfect? Don’t Sweat It
- Zombie Debt May Still Hurt Credit Scores
- Insurance Scores Differ from Credit Scores
- “Too Many Credit Cards” Boosts Insurance Premiums
- 4. Couples and Money
- When Savers Marry Spenders
- Credit Concerns or Just Cold Feet?
- Fiancé’s Reluctance May Be Just Prudence
- His, Hers, or Ours? Setting Up Finances As a Couple
- Time Share Causes Financial Woes
- Adding Fiancé As “Authorized User” May Help His Scores, but Be Careful
- New Wife Could Help His Credit, but She’s Not Obligated
- Marriage Didn’t Trash Son’s Credit Score
- Spouse’s Debt May Be Yours—or It May Not Be
- Separate Your Finances Before Divorce Is Final
- Couples’ Big Age Difference Affects Retirement Planning
- Choosing Pension Payout? Get Expert Help
- How Marriage, Divorce, and Death Affect Your Social Security Check
- 5. Family Money: Keeping the Financial Peace
- When Grandpa Reneges on Promised Money
- When a Sibling Wants a Loan
- Supporting the Family Spendthrift
- Quit Trying to Change a Deadbeat
- Helping Parents Support a Freeloader
- Saying No to Handouts for Adult Children
- Daughter’s Family Is Bleeding Them Dry
- Could Son’s Unpaid Bills Harm Parents’ Credit? Maybe
- When It Makes Sense to Let Your Adult Kids Live at Home
- How to Buy Stocks for Children
- Dealing with Parents’ Financial Crisis
- Beware Becoming Trustee of a Sibling’s Money
- Are Family Heirlooms Worth the Fight?
- Stepdaughter Wants “Everything”: What Does She Deserve?
- How Can I Resolve a Spat with My Siblings over an Inherited Home?
- 6. How to Stop Working Someday: Saving and Investing for Retirement
- With Retirement, There’s No Making Up for Lost Time
- $25 Is Enough to Get Started Saving for Retirement
- There’s No Such Thing as “Risk-Free” Retirement Investing
- Stocks: A Must or a Gamble?
- Dependents Can Fund Roths Even If Their Parents Can’t
- Don’t Tap Retirement Funds for a Bigger Down Payment
- Build Retirement Funds Before Paying Down a Mortgage
- Don’t Suspend 401(k) Contributions to Pay Down Loan
- Retirement Planning Without a Retirement Plan
- Self-employed? You’ve Got More Retirement Savings Options
- Roll Your 401(k) into an IRA? Maybe Not
- Windfall in Your 50s? Don’t Blow It
- Get a Second Opinion Before Buying a Variable Annuity
- Don’t Count on an Inheritance to Fund Your Retirement
- What’s a “Safe” Withdrawal Rate?
- Is a 3% Withdrawal Rate Too Conservative?
- Social Security: Grab It Early, or Wait for Bigger Checks?
- 7. Protect What You Have
- Should a 29-Year-Old Buy Life Insurance?
- Don’t Buy Life Insurance If You Don’t Need Life Insurance
- Help Your Pet Without Risking Your Finances
- Going Bare on Health Insurance Isn’t Smart
- “Eating Healthy” Won’t Protect Against Medical Bills
- Is Disability Insurance Worth the Cost?
- Why You Shouldn’t Buy Cellphone Insurance
- Get a Second Opinion Before Buying an Annuity
- When You Can Skip Rental Car Insurance
- Stick with Insurance Minimums or Buy More Coverage?
- Is Disaster Insurance Worth the Cost?
- 8. Identity Theft
- Don’t Trust Your Tax Papers to the U.S. Mail
- Sometimes You Have to Cough Up Your SSN
- Credit Account Closure May Be Cause for Alarm
- Credit Freezes May Be Your Best Defense Against ID Theft
- What Should I Do If My Sister Is an Identity Thief?
- What to Do When Your Wallet Is Stolen
- Do Dead People Have to Worry About ID Theft?
- 101 for Identity Theft Victims
- Redact Your Medicare Card to Reduce ID Theft Risk
- Are Businesses Protecting Your Social Security Number?
- 9. Home Sweet Home: What You Need to Know About Real Estate
- How Much House Can I Afford to Buy?
- No Down Payment Saved? You’re Not Ready to Buy a Home
- Student Loan Debt May Limit Mortgage
- Shop Hard Before You Refinance
- When to Pay Down Your Mortgage
- Should You Refinance a Mortgage That’s Almost Paid Off?
- When Shorter Loans Make Sense
- Adjustable Mortgage May Not Be Affordable for Long
- Should She Walk Away from Her Home?
- What Foreclosure Does to Your Credit
- Don’t Expect Mortgage Lender to Do the Right Thing
- New Rules May Help More Underwater Homeowners
- Get Help with a Mortgage Modification
- Short Sales Can Trash Your Scores
- A Short Sale Isn’t a Bailout
- How to Speed Up Foreclosure
- Property Loss May Lead to Bankruptcy
- Will You Face a Tax Bill after Foreclosure?
- Finding an Apartment after Foreclosure
- How to Get a House Sold Fast
- How to Dump a Time Share
- 10. Pay for College Without Going Broke
- If You Can Save for College, You Should
- 529 College Savings Plans Are a Good Option for Many
- Withdrawals from 529s Can Be Tricky
- 529s Aren’t Always the Best Way to Save for College
- Mom Stole College Fund. What to Do?
- Did Grandma Divert the College Fund?
- Don’t Overdose on Debt for a Child’s Education
- “Free Money” May Not Make School Affordable
- It’s Too Late to Borrow for Child’s College Education
- Finding a Way to Pay for School
- Is It Too Late to Go Back to School?
- “Dream School” Can Turn into a Nightmare
- Is a “Dream School” Worth Any Price?
- Ivy League Tuition Waiver Doesn’t Apply to Our “Dream School” Applicant
- Tiny Salary, Big Debt
- Degree from For-Profit School Leads to Big Debt
- How to Make Headway on Student Loans
- Is Graduate School Worth Borrowing For?
- Wrestling with Student Loan Debt? Know Your Forgiveness Options
- Student Loans in Collections? Here’s Where to Find Help
- Settling Student Loan Debt: Tough but Possible
- Student Loan Settlement Won’t Be Cheap
- 11. Find an Advisor You Can Trust
- 12. At the End: Caring for Elders and Planning Your Estate
- Helping an Indigent Parent Navigate “the System”
- Son-in-Law Badgers Elderly Couple for Money
- Protecting a Parent from Financial Opportunists
- Daily Money Managers Can Help Pay the Bills
- A Reverse Mortgage Could Keep Mom in Her Home
- Asset Transfer Could Delay Medicaid Eligibility
- Incapacitated Parent? Tread Carefully
- Father’s Living Trust Is Missing
- The Documents You Need but Probably Don’t Have
- Who Needs an Estate Plan?
- Why Estate Plan?
- DIY Wills and Trusts Can Backfire
- Can the Guardian of Your Kids Change His Mind?
- Are Unequal Bequests a Good Idea, or Are They a Disaster in the Making?
- Credit Cards Must Be Paid Before Estate Is Distributed
- Executor Won’t Have to Pay Mother’s Debts out of Pocket
- Dad Died Without a Will. What Now?
- A Guide for Executors
- What’s the Best Thing to Do with an Inherited IRA?
- Social Security Benefits Don’t Last Forever
- What Happens to Personal Loans After Lender Dies?
- Index
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