Suze orman and consolidating debt

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But once a delinquency has been reported to a collection agency, paying it off won't help your FICO score.The damage has already been done, and the blemish will remain on your credit report for seven years.

Unsurprisingly, being a numbers junkie, I had to start doing some calculations.

The move will give you a better grip on tomorrow by reducing your costs today.

Assuming that renting will free up some money, I want you to open two accounts that will help you establish peace of mind: an emergency cash fund and a Roth IRA.

One important caveat: When you negotiate a lower payment, the IRS usually counts the forgiven amount (what you're not required to pay) as income, which means that you'll owe taxes on that money.

Q: I've got ,000 in credit card debt, ,000 in student loans, a car payment and an interest-only, variable-rate home loan that will adjust in two and a half years. How will I ever be able to save for today, for retirement, for my sons' futures? A: Your overriding goal must be to stay current on all your monthly debt.

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