Comments on: Gettin’ Out of Debt

By: Good personal finance blog entries from around the web « Monogamoney

Good personal finance blog entries from around the web « Monogamoney — Tue, 10 Feb 2009 13:16:58 +0000

[...] Dollar Plan shares an amazing story of someone who helped her brother get out of debt. This is required reading for anyone staggering [...]

By: Good PF blog entries from around the web « Monogamoney

Good PF blog entries from around the web « Monogamoney — Tue, 10 Feb 2009 13:16:05 +0000

[...] Dollar Plan shares an amazing story of someone who helped her brother get out of debt. This is required reading for anyone staggering [...]

By: Click4Credit

Click4Credit — Mon, 09 Feb 2009 22:18:47 +0000

Yes, your brother in law is lucky to have your advice. This is a great strategy that I’m sure could work for many people struggling to get out of debt. I think 2009 will be the year of fighting debt instead of getting into debt.

By: Kate Kashman

Kate Kashman — Mon, 09 Feb 2009 15:38:49 +0000

What a lovely story! I admit, I was a little concerned at the beginning that you had used your own money to pay his bills. I am so impressed with your sensible approach that helped to educate your brother-in-law while he was fixing the problem. He is a lucky man.

By: studenomics

studenomics — Mon, 09 Feb 2009 14:50:26 +0000

Wow is he ever lucky to have someone like you in his life. Sounds like you put a lot of effort into this.

By: Dollar Frugal » Blog Archive » Carnival of Personal Finance - Wizard of Oz Edition

Mon, 09 Feb 2009 11:10:10 +0000

[...] told us a story about helping out her brother-in-law when he was in total debt. It is nice to hear that someone can be helped no matter how deep in [...]

By: Life Motivation, Living Below Your Means and A Simpler Life | My Super-Charged Life

Mon, 09 Feb 2009 08:03:36 +0000

[...] as Madison points out, Gettin’ Out of Debt is possible. All you need is determination and a clear plan. Becoming debt-free [...]

By: Credit Karma Roundup - All You Need is Love (and Money!)

Credit Karma Roundup - All You Need is Love (and Money!) — Sun, 08 Feb 2009 11:25:29 +0000

[...] My Dollar Plan presents Gettin’ Out of Debt. [...]

By: fathersez

fathersez — Fri, 06 Feb 2009 13:02:09 +0000

I must also commend your BIL for his accepting the fact that he had a problem and for seeking help. Hope he appreciates the time and trouble you have put into helping him out.

I like the fact that you seem to have rejected the option of monetary help from family members and made the BIL responsible.

By: Mr. GoTo

Mr. GoTo — Tue, 03 Feb 2009 01:53:40 +0000

My compliments to your brother in law (for accepting and implementing your advice) and to you for helping him out with a very aggressive, effective plan. I hope that he appreciates it in the long run.

By: Sadie

Sadie — Tue, 03 Feb 2009 01:03:48 +0000

this makes me sooo angry! I settled with a cc also last year and now owe taxes on $5500. It’s completely arbitrary, all the random late fees/overlimit fees, its just some number the cc company made up, I never saw one dime of that money!! I don’t see how this is legal.

By: Madison

Madison — Mon, 02 Feb 2009 20:15:52 +0000

@ Gaby: Yes, I’m referring to the price he originally paid without all the fees and interest. It was a good starting point.

And unfortunately, all of the forgiven debt is taxable income whether it comes from a purchase or interest or fees.

By: Gaby

Gaby — Mon, 02 Feb 2009 17:55:57 +0000

When you say actual charge you mean the price for the items he bought without interest, late fees and over the limit fee? My second question is, would the interest, late fees and over the limit fees be consider as taxable income for tax purpose?