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  • I am 62, she is 59, We have more out go the in come. We have 3 homes w/ payoption loans, rental in Hawaii, rental in Bakersfield, CA and our home in Thousand Oaks which is to big for us and too expensive to maintain. We each work full time and make a fair living. I have several credit card accounts at low interest till paid off. We are going to sell the rentals. We know we need to sell our home and downsize, We have no savings. We are living off the equity from the main home. There will be no profit from the rentals. We have lost our equity there. We owe $320K on Hawaii, We owe $280K on Bakersfield. Our residence is worth a $1m, we ow $800K. Our expenses are $3K more each month then we make.

  • Q&A with Carmen: Should I File for Persoanl Bankruptcy? Wednesday, 20 Feb 2008 | 9:51 AM ET

    I am a 37 single teacher with more than $70,000 credit card debt (incurred through a failed business attempt). I am severely delinquent in any payments (more than one year) and I am considering filing for personal bankruptcy. Are there any other alternatives?

  • Carmen Wong Ulrich

    Can you tell me how do I get from under all my debt and build a retirement account so that I won't become a burden? I was divorced in 2000. I started to accumulate debt immediately trying to support myself and two children. Moved to Maryland in 2003, debt continued to increase to the sum of 28,000 in credit card and 25,000 in student loan. I have about 25,000 in a 401 and 4,000 in a 403. My retirement account has lost about $10,000 how do I stop the loss? How do I grow? I have two mortgages (6.7 & 7.7) should I combine them?

  • Question: I hear people talk about a short sale on their home. My question is why not file a chapter 7 or chapter 13 to save the home?

  • I am in big trouble with credit cards debts, which the amount is about $25,000 with the interest in them. I stopped paying them back in 2003-2004. Now I am trying to get back on track, as you will know all of them are in collection, two of them are already in judgment, which have become a public record. I started dealing with some collection and I have paid one off. Now my question is, should I keep making deals with those collection agencies and especially what should I do with the ones already in judgment?

  • Carmen Wong Ulrich

    During the program you listed several ideas improving your credit ratings.  One being to consolidate your credit card debts with a non-profit credit counciling agency.  Please provide me with a name, address, and telephone number of an agency that you recommend that services Roanoke, Virginia.

  • John Ulzheimer

    My question is regarding debt consolidation verses debt reduction.  I have a fico scores in the mid 700s.  I have about 25,000 in credit card debt.  I am very fortunate to have very low rent, so I don't own a home.  However, some day I want to have a saving and I want to own a home.  I have an excellent career, working for the county, so I have benefits and make about $70k a year.

  • Q&A with John: Should I Declare Bankruptcy? Wednesday, 6 Feb 2008 | 4:34 PM ET
    John Ulzheimer

    Question:  divorced 6 months ago, bought home instead of renting, now 75,000 in debt, own concession business, seasonal, make 25,000, 6mo saved money for winter months and work pt, cant find any jobs that pay halfway decent, truck was repoed 2 days ago, owed 26,000, worth only 17,000, need truck to run my business...

  • John Ulzheimer

    Question: My Fiance' & I are hoping to buy a home this summer. He was divorced last year & his ex failed to get his name off of the deed within 7 months of divorce & also failed to make payments on time. Will this affect us negatively with the bank? Also would it be best to take a large amount of money we have saved to pay off any debt, or use it all for a down payment.

  • Americans Prepare to Live Within Their Means Tuesday, 5 Feb 2008 | 9:55 AM ET
    Credit card swipe

    The freewheeling days of credit and risk may have run their course — at least for a while and perhaps much longer — as a period of involuntary thrift unfolds in many households.

  • 10 Steps to Better Credit Thursday, 24 Jan 2008 | 9:37 PM ET
    John Ulzheimer

    Find out what the credit reporting agencies are saying about you - Step one to addressing the problem is finding out just how bad of a problem you have...

  • Sell Block: In Investing, Stay Flexible Thursday, 24 Jan 2008 | 8:20 PM ET

    If a certain stock isn't working for Cramer, he isn't afraid to drop it. You shouldn't be either.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.

  • Top 12 Credit Myths Thursday, 24 Jan 2008 | 5:45 PM ET
    John Ulzheimer

    Myth 1: Close credit card accounts if you're not using them because it will improve your credit scores. Myth 2: Avoid credit after a bankruptcy or some other credit disaster. Myth 3: Paying your bills on time is the best way to get a good credit score...

  • American Express Shares Tank on Slower Outlook Friday, 11 Jan 2008 | 9:46 AM ET

    Shares of American Express  plunged Friday after the credit-card lender warned that fourth-quarter earnings will fall and a slowing U.S. economy will hamper profit in 2008.

  • American Express Seeing Slowdown, Expects Charge Thursday, 10 Jan 2008 | 5:40 PM ET

    Charge-card giant American Express said a slowdown in cardholder spending and rising delinquencies would lead to a pre-tax charge of around $440 million for the fourth quarter

  • Game Plan: Piggybacking to Profits Friday, 4 Jan 2008 | 8:01 PM ET

    Sometimes it pays to be a follower -- especially when the fund you're behind jumped 80% in 2007.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.

  • Sell Block: Bill Miller's Trip-Up at Legg Friday, 4 Jan 2008 | 11:18 AM ET

    The legendary investor just finished his second bad year in a row. So LM's a sell. But there's more to it than that, Cramer explains.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.

  • Target Delaying Decision on Credit Card Business Wednesday, 19 Dec 2007 | 11:34 AM ET

    Target said Wednesday it is taking longer than expected to determine whether to sell its credit-card assets, hampered in part by current market conditions.

  • Sell Block: How Much Bad Debt Do They Have? Friday, 14 Dec 2007 | 11:45 AM ET

    If American International Group and Capital One won't show their cards, then investors need to cash in their chips.

  • MUFJ First-Half Profit Drops, Hit by Subprime Woes Wednesday, 21 Nov 2007 | 8:29 PM ET

    Mitsubishi UFJ Financial Group, Japan's largest bank, posted a 49 percent drop in first-half profit on Wednesday, hit by subprime-related investments and hefty losses at its credit card unit.