By STEVE BUCCI, bankrate.com
Debtadviser: Utility charge off could hurt credit score
Dear Debt Adviser,
I have a charge off from a utility company for $900. I really want to get rid of it. I want to buy a house in about three years. What's your advice? -- Trish
Dear Trish,
Debtadviser: Pay off car loan with home equity line?
Dear Debt Adviser,
Are there any advantages to paying off an auto loan with a home equity line of credit and if there are, what are they? -- John
Dear John,
Yes! No! Both? With the possible exception of New York-style cheesecake, everything I know has its pluses and minuses. OK, too much cheesecake can give you clogged arteries, but one piece is sheer bliss!
Debtadviser: Debt management plan vs. bankruptcy
Dear Debt Adviser,
I would like to know if I (should) participate in a debt management program or file for bankruptcy if I have credit-card debtor problems, such as difficulty paying my statement, and not because of job loss. I know both can affect the credit score and credit report. Which -- DMP or bankruptcy -- is better? If you were me, which would you rather choose?
Debt Adviser: Military checks credit for other reasons
Dear Debt Adviser,
They will be doing a background check on my credit, debt and other things for the Air Force, and it's serious. My car was repossessed for two weeks at the most. But I paid for it and got my car back. Are the records going to show that it was repossessed if I have the car right now?
-- Reshia
Dear Reshia,
Debt Adviser: Credit-repair firms can't erase bad debt
Dear Debt Adviser,
I understand that there are privately owned agencies that will clear your credit report for a flat-rate fee. From what I understand, it takes a few months, but they can re-establish excellent credit ratings for their clients. Are you familiar with them? How does this service work? Is it safe?
-- Eve
Dear Eve,
Don't copy a big-spending mom
Dear Debt Adviser,
My mother, who has always lived for the here and now, is asking my sister and me to pay for her lifestyle since she quit her job two years ago. While my husband and I are trying to save every penny in case we lose our jobs, my mother has gone on vacations, racked up all her 12 credit cards, etc. Now, she is telling us that she needs our help financially.
Debt Adviser: Divorce doesn't eliminate debt
Dear Debt Adviser,
My fiancee and I just got our credit reports and are planning on buying a house. To her surprise, her ex still had not taken her name off an account with a $9,000 balance and is using (another) card that is in her name only. They have been divorced for nine years! Help! -- Ted
Dear Ted,
Debtadviser: It's possible to climb a mountain of debt
Dear Debt Adviser,
I have over $40,000 in credit-card debt. I have a steady job and have not missed a payment, but I am unable to keep up with payments. I have a wife and two kids to support and a mortgage. Should I call my credit-card company to, maybe, settle my debt?
-- Tim
Dear Tim,
