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Topic : Debt

Number of Replies: 754
New Messages This Week: 0
Last Reply On:
Created on : Thursday, July 07, 2005, 09:21:14 am
Author : dataimport
Are you struggling with debt? Have you successfully managed your debt? Share tips and strategies with others.

As of January, 2009, this message board will become "Read Only" and will be closed to further posting. Please join the NEW Dr. Phil Community to continue your discussions, personalize your message board experience, start a blog and meet new friends.

November 22, 2008, 7:08 am CST

Cashing out of my IRA...???

Hi, my wife swears up and down she saw some financial experts on Dr. Phil awhile back talking about the current financial meltdown. She says that she heard some "experts" say that if you have an IRA that you're going to need within three years or so, you might be better off withdrawing the whole thing NOW even though you have to take a severe hit (10% - 20%, I believe) because in a few years your IRA might not even be there at all.  I'm asking because I have a fairly sizeable IRA (formerly my 401k), and if Obama's going to confiscate it down the line, I'd rather have 80% of my current value than none of it.

 

Did Dr. Phil REALLY have some experts say such a thing a few weeks ago???????????

 

Thanks in advance,

Doug in Prescott Valley AZ

 
November 22, 2008, 7:54 am CST

Debt

Quote From: cazclocker

Hi, my wife swears up and down she saw some financial experts on Dr. Phil awhile back talking about the current financial meltdown. She says that she heard some "experts" say that if you have an IRA that you're going to need within three years or so, you might be better off withdrawing the whole thing NOW even though you have to take a severe hit (10% - 20%, I believe) because in a few years your IRA might not even be there at all.  I'm asking because I have a fairly sizeable IRA (formerly my 401k), and if Obama's going to confiscate it down the line, I'd rather have 80% of my current value than none of it.

 

Did Dr. Phil REALLY have some experts say such a thing a few weeks ago???????????

 

Thanks in advance,

Doug in Prescott Valley AZ

The show she's referring to was our Financial 911 show that aired on October 9: http://www.drphil.com/shows/show/1144

Click the link that says "Learn some simple ways to save cash and what to do with your money now." and I believe that info is on the third page of that section.
 
November 24, 2008, 6:30 am CST

Debt

Quote From: DrPhilBoard1

The show she's referring to was our Financial 911 show that aired on October 9: http://www.drphil.com/shows/show/1144

Click the link that says "Learn some simple ways to save cash and what to do with your money now." and I believe that info is on the third page of that section.

Thanks for that; I appreciate your quick response. I will be consulting with my CPA and other trusted advisors.

 

...Doug H. in Prescott Valley Arizona

 
December 8, 2008, 2:12 pm CST

taxes

  You do a lot of shows about finance and foreclosure. Our house is pais for but we are about tp lose it because of back taxes. We are having a hard time paying everything and having anything left over. We got behind when my husband was off work for 1 1/2 years due to illness and just can't get caught up. I wthose people who needs thousands, hunbdred of thousands and all we need is enough to get us in the black so that we could save enough to pay the back taxes. I know it is nothing compared to the thousands of people  who need so much but for us, it is alot!! My mom, is in the late stages of Alzhiemers, my daughter is a Downs and my husband just got over Hep C (Thank God he lived!!) I think the last time we did ANYTHING besides try to pay bills and take care of everyone else...............I can

t remember. ..........OK........I vented.......thank you............Phyllis.........keep on smilin"!!!

 
December 8, 2008, 2:28 pm CST

Debt

I am disappointed that Dr. Phil does not enlist the opinions of Dave Ramsey when discussing debt and its restructuring on his programs.  His financial 'expert' on today's show (12/8/08) was weak, in my opinion;

she sought bankruptcy and short -sale tactics, something Dave would never endorse.

 

ANYONE with financial problems should seek out Dave Ramsey -- his radio shows, thru his website you can see where he will appear live next.  He is the most entertaining financial 'guru' I've ever listened to,

AND more important he makes economic sense.

 

He's on Fox News regularly and his advice is on target, espcecially w/today's financial market ups and downs....

 

Oh, ps, he is an evangelical Christian (and I don't even LIKE organized religion) - but he never fails to make his financial point....Dave is about MAKING MONEY, and will teach you how to do the same. 

 

 

 

 
December 11, 2008, 7:23 am CST

Hard times for everyone UNEMPLOYMENT

Debt is something that everyone experiences now in these hard times.  It is not only a money issue but also a health issue. I myself am unemployed here in Canada and it is hard to say the least. I have come to understand that I must deal with my money wisely. Also I must deal with the emotional debt that comes with being unemployed. There is more to unemployment than meets the eye. I am trying to give face and voice to the issue of unemployment at my blog BalanceForce. www.balanceforce.ca  I know that many people out there are experiencing the loss of employment and all the challenges that come with it. THe numbers are so high and it is often hard to understand what the numbers look like. Giving a face to unemployment is a matter of justice. There is a stigma that people face when it comes to being unemployment and in todays times it is something that should be addressed. The issue of unemployment... I would love to see Dr. Phil speak more on unemployment. 
 
December 15, 2008, 7:19 am CST

Debt

 My Husband and I know what everyone is going through. We have lost everything. Our house was foreclosed on,and we had to move closer to my husband's job.The housing help came too late for us. So when we moved I had to give up my job, so I have been unemployed since July. We have about $28000.00 in credit card debt,(they need to regulate these companies). And they came last month and repossesed our vehicles,no one would work with us on those. So we are having to ask peolpe for rides to the grocery store, and it makes it much harder to find a job.We have been blessed my husband's boss picks him up for work everyday, and a coworker brings him home. He is going to ITT for Criminal Justice and he has classmates that take him to school. I am now enrolle in an online school for Medical Billing and Coding, and I was just doing research in that field of work and guess what? Everyone wants you to have 1to2 yrs. experience. How do you get experience when do one will hire you?  When you apply for work these days they do crdit check and that can keep you from getting a job,that is  so unfair, just because you had a bad run of luck,does not mean that you are unreliable or a thief.But we do not even have money for bankruptcy so that is out of the question. The Government bails out the banks, and will eventually the automakers, but who bails us out? NO ONE. It would not hurt the employees at the automakers to take a pay cut, at least they would have a job.
 
December 15, 2008, 9:08 am CST

I can relate

Quote From: jbrite

 My Husband and I know what everyone is going through. We have lost everything. Our house was foreclosed on,and we had to move closer to my husband's job.The housing help came too late for us. So when we moved I had to give up my job, so I have been unemployed since July. We have about $28000.00 in credit card debt,(they need to regulate these companies). And they came last month and repossesed our vehicles,no one would work with us on those. So we are having to ask peolpe for rides to the grocery store, and it makes it much harder to find a job.We have been blessed my husband's boss picks him up for work everyday, and a coworker brings him home. He is going to ITT for Criminal Justice and he has classmates that take him to school. I am now enrolle in an online school for Medical Billing and Coding, and I was just doing research in that field of work and guess what? Everyone wants you to have 1to2 yrs. experience. How do you get experience when do one will hire you?  When you apply for work these days they do crdit check and that can keep you from getting a job,that is  so unfair, just because you had a bad run of luck,does not mean that you are unreliable or a thief.But we do not even have money for bankruptcy so that is out of the question. The Government bails out the banks, and will eventually the automakers, but who bails us out? NO ONE. It would not hurt the employees at the automakers to take a pay cut, at least they would have a job.

I dont know how old you are but back in the eighties I went to school to be a medical assistant.

After I paid 5,000 and a year of school work I looked for a job. I couldnt get one because I had

no experience. Finally I went to one doctor and I actually begged him for work. Begged and I am

not kidding. He hired me and I worked there for two years. Fast forward and many years later

I went back to college as an adult for a degree in therapeutic recreation. I went to school and

raised a child by myself. Anyway; So I went to school and got that degree and when I got out; guess

what? It was so hard to get a job. Anyway; Thank God I was blessed with a singing voice

and a passion for music. I got hired at a place for my musical talents to do a music program.

If I didnt have that talent I would have still been looking for work. Fast forward again and now my

degree is not worth much since one needs to be certified and a bunch of other stuff.

Right now I also have had a run of bad luck being divorced and some credti and other things and its

harder to get a job right now. There are so  many regulations and restrictions and all right now

how can the average person get a job? I might have to go back to begging again.

I wish you luck and hope that all works out.

 
January 5, 2009, 10:24 am CST

depts

hello.

 

i live in Holland (Netherlands) and i have huge financial problems.

I am looking for a rich angel who can sponsor me for over 6 yrs now but there is no one who really believes i`m for real.

I hope there is an angel who can help me out since there are no charity`s for people in my situation or for persons on their own.

 

please...help me

 

alonso

 
February 17, 2009, 5:16 am CST

Mortgage Free

My husband and I paid off our home 4 years ago when we were 44 years old.  It's not a big fancy home and I'll never have my dream home because we both manage our money pretty wisely, which was instilled in us by both sets of parents.  We never had to "keep up with the Joneses", have between us less than $3000 in credit card debt, no car payments, and together make around $70,000 a year.  We're able to take a nice tropical vacation each year because of not having alot of bills.  We both have cell phones but his is for his job and his company pays it, mine costs me $15 per month and i don't use it unless I absolutely have to.  I cook at home 6 days a week, sometimes bringing home a pizza, but we basically enjoy being just "home bodies".  I think it's just a matter of common sense as far as how people spend their money.  Too many people today want what they want, and they want it now, and they'll figure out how to pay for it when the bill comes.  Everyone knows what bills they have and when they come due.  People have to get their heads outta their butts and grow up.
 
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