Should I Bother With Life Insurance if I’m in My 20’s?

30 Dec

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Here’s the deal: typically, life insurance is most commonly recommended as a necessity-purchase when you have a family who is financially dependent upon you and would be left in a financial struggle if something were to happen to you. That’s when you need life insurance.

However, that doesn’t mean that purchasing life insurance in your 20s isn’t a bad idea; in fact, it can be a very good idea that will set you up well for your future plans. In particular, if any of the following are true:

  • Are you financially capable of taking on an extra payment per month? (Keep in mind that a life insurance payment in your 20s is going to be very, very, reasonable.)
  • Are you the type of person who plans for the future?
  • Do you see yourself having a family within the next 5-10 years?

If you answered yes to any of the above questions, specifically the first question, then purchasing life insurance in your 20s could be a very good idea for you.  You can click this link to visit Suncorp today & find out more.

UNDERSTANDING DIFFERENT POLICY TYPES

Before you can really decide if you want to purchase life insurance in your 20s, you need to understand what the difference is between the two prominent policy types.

On the one hand, you have Whole Term policies; these policies are a life-long commitment and would not typically be recommended to you by a financial expert. This isn’t just because you’re in your 20s either; at any age, these aren’t typically recommended. There are certain situations that call for them, mostly medical related, and in those situations they are the best option, but outside of those situations they can be a bit of a hassle due to expensive forfeiture costs and fees. However, they do provide an investment incentive that does provide a return on investment. Most financial experts, though, will argue that there are better investment opportunities to make and life insurance isn’t necessarily the best route to take for that purpose; life insurance has its own purpose.

Serving this purpose better are Term policies, the preferred option, especially for someone in their 20s, which provides coverage for a set number of years. This means that you can purchase a 30 to 20 year policy in your 20s and be able to change it up in your 40s and 50s to better fit the state of financial affairs as it will have significantly changed by that time. There are no extra fees attached and it is a fixed-rate policy—this means that the stellar rate you receive by being young and healthy now will carry with you into your 40s and 50s, possibly causing less financial strain once you have a family that you’re providing for.

QUESTIONS YOU MIGHT HAVE

Q: You’ve mentioned that the rates are lower in my 20s, but can you give me a clearer picture?
A:
Of course; the rates are lower, because you don’t have any significant health or medical issues and insurance companies see youth as low-risk, meaning there isn’t a likely chance you’re going to develop any issues soon without any significant medical history.

As far as the actual cost, well that’s going to be different from insurance company to insurance company and your family’s medical history will play a role as well, but under most normal circumstances, someone your age could pick up a $500,000 policy for a 30-year term that would cost you $350 to $400 per year.

Q: $500,000 sounds like a lot! Do I actually need that much?
A:
That was primarily just an example of a high-end policy type, to show you how affordable it is for you at this age. A financial expert will typically advise that you purchase 4-5 times your salary, but it’s going to largely depend on what kind of financial assets you intend on having and how big of a family you might want to have. More than likely, you can purchase less coverage and have even lower premiums!

65 Responses to “Should I Bother With Life Insurance if I’m in My 20’s?”

  1. Tory June 1, 2013 at 2:57 am #

    I just got a couple of answer about a previous doubt, but some tell me YES some others NO..So are there any financial experts in here? Or at least someone who experierenced the same?

  2. Rey June 2, 2013 at 8:46 pm #

    The economy is getting worse. A well-respected financial expert, John Williams said yesterday on CNN’s Money Line that Americans are entering the most severe recession since the Great Depression. There will also be high inflation and bank failures. With the new president taking over such an ugly economy, he or she will be blamed and not re-elected in 2012. Maybe the new president will regret taking that job.

  3. Shena June 3, 2013 at 1:59 am #

    Congress is debating about writing a $700billion check to bailout financial firms. Financial experts claim that the USA government does not have $700billion. Why is the government allowed to write a blank check, but a citizen is not?

  4. Maryanne June 4, 2013 at 5:49 pm #

    Rumour has it that the total indebtedness of US government far exceeds 14 Trillion
    US dollars and is close to 65 Trillion, as all the pension funds have been utilized and
    loan has reached at such a high level that it is difficult to repay.

    Question is what happened to built-in safeguards? The financial experts, certified
    public accountants, the law makers, the bureaucrats, why everyone waited till
    damage became unmanageable? Who will do the accountability?

  5. Susy June 6, 2013 at 10:09 am #

    With people blaming President Bush and Obama saying he’ll fix the economy, how much control does the president really have? I’m no financial expert but it seems like lenders tied their own noose by doing the sub prime morgage lending. Someone with more experience tell me what the deal is exactly?

  6. Karlyn June 6, 2013 at 4:05 pm #

    This is not a rhetorical question. I am no financial expert and so have often wondered (particularly lately with all the US debt crisis brinkmanship we had to endure right down to the wire) , how can a country with a huge deficit (USA), in debt to another country (China), still have a foreign aid program that gives the money it borrows, away to a third (and fourth and fifth) country (Israel. Pakistan, Africa…)?

  7. Danial June 6, 2013 at 7:45 pm #

    It seems like it. All the focus on contraceptives instead of housing and jobs. Are they running away from their records as fiscas conservatives and financial experts?

  8. Pura June 6, 2013 at 8:01 pm #

    why do i need to pay extra amount when i pay off my mortgage ? I wanna pay off a refinance mortgage. i see I have principle amount 142k on line, but when i request a payoff statement, it comes out to be 146k . how come ? i asked what is that for , and i was told it is for some kind of fees … which i have no idea about. any financial expert know is it normal ? ?

  9. Richelle June 6, 2013 at 8:10 pm #

    all of their credit cards? are these people a minority group in america? how many people are able to do this each month for all of their credit cards? can a financial expert answer please.

  10. Era June 7, 2013 at 9:42 am #

    Wasn’t this suggested by real economists and financial experts a few months ago? But no, our Congress would not listen, much the same way they aren’t listening now. For God’s sake you morons, get your heads out of Obama’s arse and listen to we the people. We aren’t as stupid as you think!

  11. Thad June 7, 2013 at 4:13 pm #

    There are some financial experts who argue that pro-forma financial statements are not as accurate, or can even be misleading to investors/potential investors. There are other financial experts that say they are fine.

    Choose a side regarding pro-forma financial statements and make an argument for why you selected that side.

  12. Shelba June 7, 2013 at 4:13 pm #

    Hi all financial experts,

    if the spot rate is flat at 5% then what will be the modified duration of a 5 year bond with an annual coupon of 5%. Can we determine it or will it be 0.598399687 ???????

    Thanks in advance.

  13. Pamala June 7, 2013 at 9:33 pm #

    Here is my current situation, I have the trustee meeting coming up very soon and I need to talk to a financial expert to go over my finances and to finally decide on what to do.

    Currently I have filed chapter 13 but the more I think of it I feel like chapter 7 would be the best option but I need help!

    any recommendations?? thoughts?

  14. Daniela June 8, 2013 at 5:06 am #

    in the united states and has a sister that still lives in the united states legally……………. his sister told him that an accountant told her that he has to be present in united states to personally sign paperwork to pull out his money from the employer sponsored 401k plan which is not possible because reentry to the united states since he committed a serious crime, does someone have to be absolutely truly present in person to do paperwork with an accountant or tax specialist or can he do everything via email assuming that he got in contact with some tax expert via the internet, what type of tax expert would be willing to work with him via the internet i.e. skype to pull out his money from the 401k plan and like that his sister can wire him the money to brazil via western union just for the sake of argument???? can a financial expert or tax geek please tell me how i can help him in advising him how to pull out his money with all of this red tape from the u.s. government???? thank you.

  15. Isaias June 8, 2013 at 5:06 am #

    Just wondering in the whole backwash of subprime lending and ARM loans recently going under, why havent mortgage companies investors just lose less by converting those mortgages to a lower fixed rate to save the company, the consumer and the US economy? Many mortgage companies are out of business now, at it seems if who is left can at least cut some of their losses, it would be good for all.

    Please no stupid bashers, I want financial experts to explain this to me. I don’t have a mortgage, but would like to buy a house in the near future. I have no degree in business so I havent a clue what this entails.

    Thank You

  16. Maurita June 8, 2013 at 3:39 pm #

    I remember 3 or 4 years ago, I had a free savings account in WaMu with an APY of 4.7%.
    It slowly started going down, and now, I’m with chase and my APY on my free savings account is 0.4%.
    An answer from a Financial expert would be appriciated.

  17. Tristan June 9, 2013 at 1:25 pm #

    A financial expert said up to now, our economy was driven by the consumer. I don’t understand what that means. He also said that time had ended, forever. If there is a knowledgeable person out there who could explain that to me, I would appreciate it. Thanks.

  18. Abbie June 9, 2013 at 5:49 pm #

    Can’t we see that wasteful spending has placed us further in debt. Those corporations want us to spend our money but don’t give us jobs. Are the financial experts spreading misleading information?

  19. Oliva June 10, 2013 at 10:52 am #

    An announcement has been made regarding a £20 million footbridge across the Thames. I’m no financial expert, but these things generally end up costing double the original estimate. At the same time the London fire brigades budget is being reduced by £60 million over the next two years. This also means some 30 or so fire station closures, well over 30 fire appliances being lost and potentialy 1,000 less firefighters.
    Regardless of what statistics say, attendance times will be worse. Bigger and mire expensive fires. Greater loss of lives and less rescues carried out in time. This will be an expensive exercise in budget cuts.
    So would you rather have use if a bridge you may never use or access to someone who will drag you or a family member out of their worst nightmare

  20. Karin June 10, 2013 at 4:31 pm #

    I’m trying to decipher which independent boarding schools for my kids are affordable and which ones aren’t. If I had two children attending schools that charge £30,000 (total of £60,000) per year for each child, how much must I earn per year for this to be affordable? In other words, what do most financial experts agree to be the recommended percentage of your annual income directed to your kids private school fees?

  21. Morton June 10, 2013 at 6:27 pm #

    With the cost of everything from eggs to heating fuel sky rocketing and the greed of the big bussiness bosses it appears even to most financial experts we are running headlong into a recessionary period. What next third world classification for most of the american public?

  22. Vincenzo June 10, 2013 at 10:13 pm #

    Who get benefited with this suden fall? Is US / European/ G8/ financial experts not aware of this fall? Or it is a plot to attaract funds from Arabs & other poor countries?

  23. Diego June 10, 2013 at 10:13 pm #

    I understand that people can negotiate long standing credit balances to pay off in lump sum. Is it a possibility to do this by yourself, for example, without the aide of a financial expert? Also, can I expect a credit card company to relinquish a majority of finance charges? Clarity would be nice. I came into a little money, and this is my first priority.

  24. Miguel June 11, 2013 at 12:00 am #

    I mean, why do banks have to have a separate category for auto loans? How is it different from just taking any other loan out and using that to pay for the car? Obviously, I’m not financial expert. I’m wondering what the advantages of auto loans are.

  25. Roman June 11, 2013 at 2:27 am #

    The President will sign it today, there is nothing the Republicans can do, other than whine and complain.

    Financial Experts have already said that this Bill will save or create about 3 1/2 Million Jobs.
    It is easy to see why the Republican Party is the Party of losers.

  26. Shantay June 11, 2013 at 5:03 am #

    I know there is no perfect answer to this, but would like the opinion of some experts here. Having lost some money in a legal case, Im looking to accelerate my investment returns over 5 years and would like some recommendations on some good stock picks. Im not really a financial expert and the one’s I have spoken too ( professional planners ) all seem to have their own agenda to push. Im confused ;(

  27. Isreal June 11, 2013 at 9:16 am #

    According to Forbes 400, Warren Buffett is now the richest man in America and has surpassed Bill Gates who has been the richest man in the US and number 1 on the Forbes 400 list for the past 8 years. Does Obama also know Bill Gates? Obama brought up the fact that he has consulted with Warren Buffett and other highly regarded financial experts about the crisis concerning the US economy and its global markets.

  28. Imelda June 11, 2013 at 11:23 am #

    I want to see stocks that have been given that rating and I don’t know how to cull through it all- It seems there must be a way to do a search by say, top 100 stocks set to outperform?

    I am not a financial expert (imagine that!) and I don’t have access to Bloomberg or any proprietary stuff so I hope there’s a way.

    Thanks!

  29. Zachary June 12, 2013 at 3:19 am #

    and of why financial experts didn’t see it coming from way back?

  30. Ruthie June 12, 2013 at 10:36 am #

    I know they can be used in the stock market but the forex market seems to be too volatile to use candlestick patterns. Any financial experts or traders care to shed a little light?

  31. Jordan June 12, 2013 at 6:53 pm #

    I am mad that I spent so much $ on Class A mutual funds and want to dump my brokerage firm and start investing the smart way. I have read that equity index funds and no-load mutual funds are the way to go, but I have no idea where to go or which funds to buy. I just want to put my money away in aggressive investments and let the money sit there and reinvest the dividends. I don’t want to buy and sell stocks – I would rather put it in diversified funds and just let it grow. I have 30 years to retirement so I want to be as aggressive as possible. Seems like if I ask a financial “expert,” they just want to sell you their own products. Is anyone out there a financial expert who can give me objective advice??? HELP! I have a couple of IRAs and about $200K in mutual funds right now. Thank you!!!

  32. Kit June 13, 2013 at 5:43 am #

    I see numerous economists on TV and news shoot down the stimulus bill. So who are these brightest and best “experts” that Obama claimed support the bill and claimed “we’re not spending enough” Is there even a web poll of financial and econmoixc experts to dial in. Really, who are Obama’s economic advisers supporting the package? Is there an actual list?

  33. Suellen June 13, 2013 at 8:29 am #

    Hello Financial Experts,
    My name is fani, I am new to US and joined a software company as an IT consultant.
    My Gross Salary is 50k/annum,After all tax deductions i get around 30k-32k/annum.
    I want suggestions and various plans to save my money from a Huge Tax Deductions.

    Waiting for your suggestions and information.
    Regards,
    Fani.

  34. Jennette June 13, 2013 at 9:33 am #

    I need to get a buy, sell, hold recommendation on the stock of the COTT corporation and I can’t do that without a financial expert. Can anyone help me????

  35. Loreta June 13, 2013 at 10:38 pm #

    As above, i can provide Authorization from my parents. The situation is my father opened an account 5 years ago in Sydney in CommonWealth Bank and deposited amount money. Now they are in China and can’t come back to Australia. They want me to take the money out. What should i do with Common Bank? If Authorization letter is required, what should be included in it?
    Better have a sample for me thanks a lot~!
    Need some financial experts’ help.

  36. Chantal June 14, 2013 at 3:11 am #

    I read a lot about financial tips given by experts. Unfortunately not one gives any advice to anyone who has not got a perfect credit record of which there are thousands, usually because of circumstances beyond their control. But there is no advice out there for them on mortgages,loans etc. Or maybe they don’t really exist.

  37. Karyl June 14, 2013 at 3:11 am #

    All the financial experts are saying we need an emergency savings account of 8 months of our monthly salary and I am wondering if it is possible. Please share with us how you saved that much and how long did it take? Plus any other pearls of wisdom.

  38. Christia June 14, 2013 at 3:56 am #

    With today’s technology and social media outlets we are exposed on a daily basis to
    information from people who claim to be “financial experts”.

    When you are looking for updated, accurate financial information and advice, what sources do you seek out and what type of information would you look for at this stage of your life?

  39. Josette June 14, 2013 at 7:54 am #

    Many markets – esp. media-related markets such as magazines, newspapers, websites, tv channels etc. have fragmented and are increasingly catering to niche audiences.

    Other markets – banks, steel, enterprise software etc. have consolidated over time.

    Can an economist or some financial expert point me to the fundamental forces in play that determine whether a market will fragment or consolidate over time ?

  40. Linwood June 14, 2013 at 8:38 am #

    or, will he hire the same financial experts McCain would (hopefully the best), because it won’t matter if he forgets about everything he said before the election, if he can’t turn things around & the recession becomes a depression, therefore he will be ready to take good advice from the devil himself.

  41. Humberto June 14, 2013 at 12:37 pm #

    Those lenders are financial expert. They provided 100 % finance to homebuyers after the real estate market raised by more than double in two years. Does it mean the lenders will bear all the risk no matter you put it under the heading of subprime or not? Is it only mean a name to make it looked better? Do you think the Federal Government should do something to stop it before it turns into financial crisis?

  42. Shanelle June 14, 2013 at 1:35 pm #

    To save up six month’s worth of take-home pay to have in case of emergency or unemployment, how does it take the average American household? (This is something many financial experts advise.)

  43. Silvia June 14, 2013 at 6:05 pm #

    I have 3 student loans through the federal gov’t (perkins, federal direct and a “GATE” – AES loan). I also have a small private student loan through citibank. I want to consolidate all 4 by the July 1 deadline but no one will combine private and federal. I get ads in the but they all seem like scams to me. Any financial experts have any ideas?

  44. Lavone June 14, 2013 at 11:18 pm #

    I just saw an interview with a financial expert that claims he heard Obama say that? Or is that his interpretation of what Obama said?

  45. Grant June 15, 2013 at 12:10 am #

    What salary per annum would be reasonable for a financial experts of 10 years from a Swiss Company?Please answer with respect to cost of living for a single person in Switzerland.

  46. Jae June 15, 2013 at 5:20 am #

    I once overhead a conversation in which the speaker claimed to be a financial expert. He said that owing money on one’s home is not necessarily a bad thing, and that it’s a much better kind of debt to have when compared to other debt. Why?

  47. Prince June 15, 2013 at 10:28 am #

    Given Chrysler’s bankruptcy etc. I have yet to find anything contrary to the idea that GM is in a losing fight that is going to end in bankruptcy. Please, financial experts and GM shareholders respond only, thank you.

  48. Isidro June 16, 2013 at 5:02 am #

    I want to find a financial professional (that is not a bank trying to sell loans and such and that is not consumer credit counseling) who can help review where we’ve been, help us see where we are, and help us with a financial boot camp to help us get to where we need to be. I don’t know if an Accountant or Financial Planner or Financial Adviser is the right person…We have money issues, and need some outside help, it’s clear that we can’t get out of this cycle ourselves.

  49. Taren June 16, 2013 at 8:51 am #

    My husband and I are 27 and 29 years old. We have decent jobs but don’t make a lot of money. Since we’ve been together all we do is have fun. We love to go out and take vacations. We spent more than we should. Now that we are married and some of our friends that are a little older than us are buying homes, I realize that we are not in a position to do any of the things they are doing. Some of my friends and co-workers are buying homes for the first time and they are around 32-34 years old. So we decided that we need to start acting like adults and get our finances together. This is our plan.
    We are paying off all credit card bills and cutting them up except for one. These bills should be paid off by August of this year. We still have our student loans which combine is only 15k and we currently rent an apartment. We decided to open up a savings account and save for our home. We plan to buy a home in 5 to 7 years. It may sound like a long time from now but we don’t make a lot of money right now and hopefully our income will increase signficantly by then. In 5-7 years, we will have a good amount put aside for a down payment and some left in the bank for home emergencies. We are giving ourselves 5 to 7 years to pay off our student loans which I don’t think will be difficult and we are keeping our apartment until then. We are also planning to try for a baby why I’m still young and very fertile. By the time we buy our home, our child would be at least 5 years old which is perfect timing when deciding on a neighborhood with good schools.

    Sorry for the message, I just want some of you financial experts to let me know if this is a good plan or not? We haven’t spoke with a financial advisor.
    Thanks for some of the comments. I am paying into retirement already. I plan to add more once I get a promotion. Like I said we don’t make much so if we saved for retirement, emergency fund, a home, and pay off student loans all at the same time, as well as pay off debt, we won’t be able to pay the bills. Credit debt will paid off in August. Savings for home is starting in May. In september, I’ll add to retirement or start emergency fund and set up a plan to pay off student loans in 2-3 years. Once the student loan is paid off, the extra funds will go into retirement.

  50. Mee June 16, 2013 at 4:06 pm #

    At the moment the Us Dollar is unstable ,any prediction by financial experts how the Us Dollar will be affected ?Comparing to the Euro exchange for example.

    Thank you

  51. Andrew June 16, 2013 at 6:14 pm #

    Hi guys

    Just wondering which is the best bank to open savings account with? I just searched online and all seems a little confusing.. Im looking for high interest rates etc..

    Any financial experts out there on the ball with todays banking stuff lol ??

    thanks
    UK please…
    thanks

  52. Lloyd June 16, 2013 at 7:16 pm #

    Historically, the price of gold has been 10:1 to the price of silver. Today the ratio is waaaay off. Gold is at 1787 and silver a whopping 40, which puts the ratio at 44:1. How soon will silver take off and how high do you financial experts believe it will get?

  53. Emerita June 16, 2013 at 8:39 pm #

    I need a knowledgeable accountant or financial expert to answer my questions and correct anything that is wrong with my assumptions.
    On a balance sheet, long-term assets depreciate over time as they are used to generate revenue. On an income sheet, this is seen as Depreciate Expense. As you know, the Depreciate Expense is calculated by dividing the total cost of a long-term asset by the asset’s lifetime (i.e. the time that asset is expected to be used). Lets say that my company buys a retail building to sell merchandise. Lets say that the building costs $50,000 and that I expect the lifetime (the time I will use it) to be 10 years, or 120 months. $50,000 divided by 120 months equals a Depreciate Expense of $416.67 a month. So each month, my income statement shows an expense of $416.67 and my balance sheet deducts $416.67 from my building asset. When 120 months have passed, my building asset on my balance sheet will be $0, but what if I want to continue to own the building and to sell merchandise in that building. How do I show my building asset on my balance sheet? Will it be $0 every month or will it go negative as I deduct the $416.67 every month or do I continue to deduct that amount? On the income sheet, do I continue to show that $416.67 expense if I continue to run the store in the building? I think that I would reset my building asset on my balance sheet and start over. What do i do with my balance sheet and income sheet to show that asset?

  54. Jay June 17, 2013 at 7:15 am #

    Can some financial/economics expert explain why Dollar is going up while the entire stock market and financial markets are collapsing.

    Is there any reasonable reason.

  55. Tiara June 18, 2013 at 12:15 am #

    The vast majority of financial experts say we will at least see double digit inflation.

  56. Tai June 18, 2013 at 5:46 pm #

    There is alot of talk that heavy inflation is going to be coming due to all the money the fed is printing right now. Many financial experts are predicting inflation will start in mid 2009. Does this mean the fed will then begin raising rates again to offset it?

  57. Titus June 29, 2013 at 10:01 pm #

    Wanting to understand who is most knowledgable about all things for financial structures. Would it be a Tax Attorney, Financial Planner, Accountant? Do all tax attorneys know everything about trusts, off-shore trusts, Nevada Corps., Delaware Corps and so forth? Seems hard to believe that a small town attorney would know all this, if they have never worked with or for, a multi-millionaire wanting the Best structuring of their assets and so forth.

  58. Hannah June 30, 2013 at 12:52 am #

    Who would be more influential–Presidents, scientists, financial experts, philanthropists or geniuses in certain fields?

  59. Dewey July 8, 2013 at 10:59 pm #

    Help: What kind of financial expert do I contact to help me?
    with my financial issues. Would this person guide me of what I can or cannot do in order to survive. I live on a fixed income of disability and own a home but the bills have been going up as my social security check stays the same. I am not married so I have no second income. It seems like I do have some money saved around $40,000 but so afraid that it will be gone because I have to dip in it.

  60. Joe July 14, 2013 at 10:26 pm #

    Some financial experts believe short-term liabilities should be included in the current ratio and others believe it shouldn’t. Choose a side and make an argument as to why you chose that side.

  61. Jackqueline August 1, 2013 at 9:20 am #

    My mother is at retirement age, but still works part time b/c she wants to.
    Her condo is paid in full and she is a widow.
    I guess she had a wild urge one day, so she went out and bought a rather sporty car.
    I figure good for her, she worked hard and deserves it.
    The issue is that she has an auto loan to go along with the difference owed from her trade. About 16K @ 6% for 60 months.
    I suggested that she set up a home equity loan to pay off the car.
    My reasoning is the tax write off for the interest paid.
    Do all you financial experts consider this a good idea?

  62. Toby August 1, 2013 at 1:13 pm #

    Hi, I’m trying to pay off my charged off account. I have an HSBC account that I made payments here and there but through scarce employment and other expenses with no help, I couldn’t make frequent and routine payments. My account went into collections and I paid what I could and now it’s charged off. I don’t understand why it’s been charged off because I wasn’t 180 days delinquent. They charged if off 2 months after my last payment (I was out of a job by then so couldn’t pay anymore but told them my situation).

    I’ve been doing some research because I REALLY want to take care of this especially since I have a job now (and looking to work a 2nd one). I’m young and I don’t want this to screw me over :(. I took a look at my TransUnion report and my credit score is just OK. The only things reporting are 2 items, one HSBC/Best Buy charge/current account and another CAP1/Best Buy collection/charge off. I don’t get why there’s 2 when it’s one credit I’m dealing with. Can someone explain? Also I have been calling them to tell them when and what I could pay and they’re pressuring me for a payment now when I don’t even have my first paycheck yet and the money I do have is very little (for food and transportation), threatening me with lawyers and I’ve read it’s best to deal with them through postal services (for record purposes) not email or phone and they’re saying they can’t accept payments that way and I MUST make a payment now. Also, is there a way to possibly get this off my credit history? It’s just one mistake I’ve made and I don’t want it to ruin my life. I’ve looked into Pay for Deletion letters but it looks complicated. Is there any hope for me to rebuild my credit? I may talk to a banker (if they can give good advice) or financial advisor to see what I can do about this. Any financial experts or people who’ve dealt with a similar situation and reached success? Thanks for reading and for the help.
    My account is about 2 years and some change.

  63. Shon August 1, 2013 at 8:10 pm #

    What happens when the US govt becomes insolvent?
    in other words, they can’t pay their debts/bills?

    this is serious stuff. Some financial experts say this is where the country is heading.

    thoughts?
    don’t blame republicans. it’s the fault of ALL politicians, and our do nothing congress. Get the book fleeced by dick morris to learn more.

  64. Blossom August 2, 2013 at 6:12 am #

    He may not be the best with other government matters, but that’s where other gov. branches come in. The financial problems in Europe do affect the whole world. This could be a very serious matter.

  65. Libbie September 14, 2013 at 8:43 am #

    India is facing and will face many financial crisis in the long-term future whichever Government comes to power(Forgive my language as I am no Financial EXPERT but still as a common man i can understand what wrong policies the Congress Govt is taking).
    Firstly, what are these oil companies doing recruiting so many IIT and premier college engineers ,MCA’s ,accountants and what not!! Indian Oil companies couldn’t find any oil in this region after exploration of this country and Indian Ocean for so long a time. What are these qualified engineers from top-grade colleges doing? Eating grasses and having fun with their Girlfriends and wives at Goa or Manali or Dubai or USA?
    Secondly,I see the sons and daughters of these Officers roaming about in 4 wheelers and doing MBBS ,Engineering at colleges that require huge monthly /yearly expenditure.
    On the other hand ,the Indian Government has decentralized the price control decision making of Oil and so these Oil companies are raising the Petrol prices as they wish and the Govt is just enjoying the situation of poor plight of common man!(It was me who once said in this YA forum that one day the Oil and dollar price will be equal to 100 Rupees) .
    Just like the Indian Congress Govt favours unethical GAY marriage , and the BJP equally a failure .Once they come to power they will include Astrology in University courses and give the illegal unscientific subject a legal status!
    How can India rise with such political parties ruling the country?? And then tere is strong regional feelings and bias. The Maharastrians are fighting for their own land,then the South people are biased ,India has so much Regional feeling and bias!
    Also,after the yesterday ruling given by special court to hang the rape accused victims in Delhi,I don’t oppose that in fact it is ok for such a brutal murder and rape ,but my question is why that girl went out so late at night in a unsafe city like Delhi?
    What about the hundreds or Self-imposed Rapes that the girls or women of our Country daily inflict upon themselves in the hands of corporate bosses or even petty middlemen to get jobs in Private/Govt. sectors?
    What about those girls or women who are enjoyed by the bosses in those Press companies? If we see most of these Girls or women are Good-looking ,s*** and it is quite clear why these beautiful girls are selected as journalists or news-readers. It is not for the General Public of course but if you investigate you will find that these women have some boyfriend in that Press agencies! lol
    Why dont the Press dont shout then?
    Because they do it in a legal way? lol the girls dont shout and complain because they will get a good

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