Answers to Random Questions on Debt Management and Personal Finance

No question is too elementary. No question is silly, and certainly no question is dumb.

Unfortunately, a lot of folks fail to ask important questions because they think they'll be seen as someone who is uneducated.

The only real failure comes when you do not ask the important questions necessary to fully understand your personal finances.

The truth is that most people were never taught the basics of personal finance. And for those that were, most were never made to apply what they learned because they were too young to qualify for their own personal checking account.

Answers to your random questions about money matters are categorized into key subject areas for your convenience. Just identify the area of personal finance you are most interested in and odds are that you'll find the answers you've been looking for.

So let's get started!

• What are the key steps to reducing my debt?
• What does the IRS count as taxable income?
• Of all the important financial principles, which one should be weighted most heavily?
• What’s the difference between debit cards and credit cards?
• How does US debt and the national economic condition impact my personal finances?
• What is the deal on department store credit cards – and what separate accounts should I establish?

• The consumer debt statistics are scary and I fear that I may never be able to get ahead of my bills – how can I believe I can?
• Should I consider using debt relief companies to start paying off my debt or is there a better way?
• How should I be paying off credit card debt? Do I pay off my highest rate cards first, the largest balance first, or other?
• Should I consider using debt relief companies to start paying off my debt or is there a better way?
• What counts as a credit report inquiry on my credit report and how can I minimize inquiries?
• How does debt affect my employment - and will we ever see a debt free America?
• Does it make sense to use gift credit cards so I earn award points, rebates or mileage?
• What’s the history of credit cards, and how do I distinguish between good debt and bad debt?
• After accepting first time credit cards, is it a good idea to transfer balances from a higher rate card to a lower rate card?
• How does reading my credit report help with debt problems?
• As part of my debt reduction plans, should I withdraw funds from my 401k to payoff a portion of my debt?
• I’ve heard a lot about debt consolidation scams. Is debt consolidation a good idea and are these companies for real?
• Out of all the consumer debt solutions, is consumer credit counseling a good idea and are these agencies for real?
• Regarding credit card laws: I co-signed for a credit card. Is there any way to get out of it? What if the other co-signer files bankruptcy?
• How do debt collection laws work? I’m being harassed by my collectors. How should I handle them?
• I’m seeking debt management tips. My parents are elderly, am I responsible for their debts after they pass on?
• I suffer from bad debt management. I am behind on my car payments and it’s about to get repossessed - what can I do?
• What exactly is credit card bankruptcy?
• Do I need a debt settlement attorney? My medical bills are staggering and I can’t afford to pay them all, what should I do?
• Where can I find easy to get credit cards and will getting a new card help me to re-establish my credit?
• Help! I have excessive credit card debt. I am in debt way over my head and I’m scared to death – can you help?
• I’m seeking help with credit card debt! How much extra money should I be paying on top of my regular debt payments?
• Is there some sort of stolen identify program available? Someone has stolen my identity and has opened accounts in my name – what can I do?

• Are debt counselors in your future? What should couples know about money before they marry?
• Bad credit card debt is coming between my spouse and I. How do I finally convince my spouse to get on board to pay down our debt?
• My fiancé needs debt management help. Is it a good idea to pay off my girlfriend’s (or boyfriend’s) debt if I know I’m going to marry her?
• What debt relief information do I need to know if I marry a guy with bad debt? Does my debt also go bad once we’re married?
• Is having separate checking accounts a good idea?
• I fear the cost of debt to my marriage. I’m feeling guilty about spending money that I didn’t tell my spouse about, what should I do?
• We’ve tried debt management programs, but my spouse will never change. The money is spent as quickly as it is received. Is it time to file for divorce?
• Do I need debt management software? My spouse is the financially enlightened person in the marriage. I’m trying to be better with my money, but I’m struggling to be as good. How can I do better?
• The lottery is my debt settlement program! I’m feeling lucky! After I win the lottery, what should I do with the windfall of cash?
• I recently reported a stolen credit card, but just found out my spouse took it and didn’t tell me. I’m thinking about leaving the marriage, what should I do to protect myself?
• What do you consider a bad debt loan? We want to have children and it appears that adoption is our only choice. Can I take out a loan to pay for the adoption?
• Credit card debt counseling didn’t help. My spouse and I just separated and we are in extreme debt. Is it wise to file bankruptcy at this point?
• I am scared about where my debt leads me. My spouse just left me and I have no means of support for me or my children. What can I do?
• Kids are not learning personal finance. Why don’t schools teach our kids more about money issues?
• What is a reasonable weekly allowance amount? I want to teach my children the value of money.
• I just made a chore chart. Is it wise to pay my kids to do chores, or is that just the price of their room and board?
• Living debt free - is this the most important thing to teach my children about money?
• Paying student tuition is a huge undertaking. We want to send our kids to private school. Is this a wise investment in their future?
• Auto loan payments are almost upon us. Our oldest child wants a car. I have the money, but I’m not sure if I should buy it for him? Should I, or shouldn’t I?
• Our oldest has substantial long term debt and just lost her job. She is living with us temporarily, but we live on a fixed income and money is tight. What should we do?
• The number of student credit card offers that my high school age child receives is mind boggling. How does this happen?
• I’m looking for good Christian debt solutions. My parents are financially irresponsible. I’ve struggled with my own money issues due to their poor example and I’m angry about it. What can I do?

• Should I use the envelope system to manage my money? What exactly is it and how does it work?
• I need to learn how to manage money; what is the best way to get started?
• I have irregular income so how can I create a budget if I don’t know how much I’ll have to spend each month?
• What money saving techniques can I use to ensure I don’t spend more than I earn. What’s the secret?

• What money saving tips can you offer for young people?
• I need the best tips on money saving. What are the basics that all people should know?
• Where do I find free 401k advice? Who should I trust for this information?
• 401k contribution limits are so confusing. How can I ensure I’m making the right choices?
• What 401k rules should I be aware of?
• What is the 401k maximum contribution I can make? Is it a good idea to make the maximum contribution allowed?
• 401k tips must I know.. and what are the 401k withdrawal rules?
• Should I take a 401k withdrawal in order to buy a new house?
• Is borrowing from 401k funds something that I should do in order to pay off my debt?
• Please explain Roth IRA rules. What is best: a traditional IRA or a Roth IRA?
• What are the 401k withdrawal rules I should consider after just leaving the company I was working for?

To clarify, the purpose of our frequently asked random questions area is to answer your most commonly asked random questions - in uncommon detail.

Don't worry, we do not drone on simply to show you how smart we are. We break things down into simple, easy to understand steps that you can quickly apply to your own financial situation.

Questions about debt related issues such as credit cards, bankruptcy, mortgages, automobile loans are all covered in this FAQ section.

If you do not see your question listed just send us your question using our Contact Us link. We will continue to add the most common random questions we receive from our visitors to this area of the website

If you would like to ask & answer random questions for our visitors, please visit Reader Insights!, which is where devoted readers share their own debt secrets and insights to financial success.

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