Read previous answers from Gail:

June 2008

• If you had a lot of credit card [debt], would you sell your house to pay down your debt and start again with the left over money.
• We got suckered into a rent to own furniture agreement and we are wondering if we should send it back and pay for new in cash or if we should suffer it out?
• We owe $1399.32 for three more years at 12.99%. Should we try to refinance?
• I have been told that by having high credit limits lenders will see me as higher risk for loans and mortgages---any truth to this? AND MANY MORE… from Lauren
• How much of your income should go towards your child’s extra curricular (e.g. figure skating lessons)?
• We tried this year to consolidate some of our bills (which we have done in the past a few times) but we were turned down because our debt ratio is too high. We owe approximately $100,000.00 in consumer debt and we have about $10,000 equity. Would you recommend that we sell our Milton townhouse so that we can lessen our debt ratio or focus on paying down our consumer debt over the next year.
• My and my hubby can’t seem to save. We try but at the end of the month we have no money and we don’t have anything to show for it. Can you give us some advice?
• Hi Gail: I watch your show every morning while I get ready for work .... I have a question. When you tell the couples how much they are overspending every month .... is that just credit card debt or is that overdraft .... or both?

May 2008 Questions