With the economy in overdrive now, it’s easy to forget that some of us went through tough times during the Great Recession— and not-so-great recovery. A lot of folks are just now able to catch up on old debts. God’s Word tells us to pay back what we owe if we’re able. If you’ve got old debt that you’re ready to make good on, what’s the best way to do it? Financial planner and teacher Rob West has some tips for cleaning up old accounts. Then he takes your questions at 800-525-7000. That’s 800-525-7000. I’m SM … welcome to MoneyWise.
- Are there numbers to indicate how many Americans have what we're calling old debt?
- Why is it that people don't pay off even small debts once they’ve gone to collection?
- Even if someone thinks that the damage might be done if a debt goes to collections, that’s not the right way to look at old debt?
- Are some ways are better than others for paying back old debt?
- So far, we've been talking about old debt. That’s different from a bill that just recently “past due?”
- Regarding old debt, past due debt and current debt, how does one prioritize payment of what?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you're accustomed to giving to Disabled Vets, Paralyzed Vets and Vietnam Vets and the PO box number for these organizations is varied, how do you know where to send your donation and be sure it's not going to a scam? http://guidestar.org http://charitynavigator.org http://charitywatch.org http://ecfa.org
- Should you apply either of these two approaches to investing - "dollar-cost-averaging" & "invest only an amount of money you can afford to lose"?
- If you're in your early 60's, debt-free including home and cars, continue to work because you only have $80,000 left because of a bad investment, how can you go on with feeling you've failed?
- If neither you nor your spouse are good at tracking finances, are there any starter tips for organizing your finances?
- Does "medical" debt not affect your credit report if you cannot pay it?
- If you received an offer to pay off some credit card debt, should you consider this form of debt consolidation?
- What's the difference between a "money market" account and a "capital market" account?
- How do you get started with a budget to handle income shortfalls?
- If you're a self-described elderly person who's concerned about the amount of money you have invested in the stock market and are living on the dividends, should you move your investments into something more stable like bonds?
Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.