Outstanding Investments
April 27th, 2005
Question: Do I have to be debt free to Start Investing?
I have outstanding debt, a judgement against me for old credit card debt, Ive kinda blown it off, and I want to know if any investments could be seized by the law firm, even if my home equity could be at risk, please only answers from people who are certain of the law on this one, thanks so much? what is safe from debt collectors, or can they get to everything?
Answer: Debt collectors can get to everything. It is never smart to let accounts go into collections. It destroys your credit score, and your credit report is the single most important aspect of you financial life. It determines credit lines, loan amounts, interest amounts, and even employers are looking at credit scores.
Investing is good, but you need to pay off the credit card debt. That should be your first priority, especially because now you are probably in the highest level of default on the card, and you may be paying up to 35% interest on the amount.
Commodities Kevin Kerr on “Hunger Pains”
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