Comments on: $25,000 in debt, barely any income to pay bills,no money. Will my plan work? http://www.mobilemerchantaccount.net/25000-in-debt-barely-any-income-to-pay-billsno-money-will-my-plan-work The Best In Telephone Credit Card Processing Sun, 20 May 2012 22:09:08 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Hannah D http://www.mobilemerchantaccount.net/25000-in-debt-barely-any-income-to-pay-billsno-money-will-my-plan-work/comment-page-1#comment-1502 Hannah D Wed, 17 Aug 2011 09:37:28 +0000 http://www.mobilemerchantaccount.net/25000-in-debt-barely-any-income-to-pay-billsno-money-will-my-plan-work#comment-1502 First of all, whoever told you can't get a grant because you file for bankruptcy is wrong. You may want to wait a year before going to school just because it sounds like you have a lot going on right now. You may also still be able to get student loans because those are not dismissed if you file for bankruptcy which is why they are easy to get. I may be filing for bankruptcy myself. I am depressed about it because I went to college to make sure I could have financial security. Sadly, due to the recession I was laid off twice and both times it took two months before I could get my unemployment. It was not uncommon for me to do temp work to survive but between temp jobs I could be out of work for a few months at least. (Oh and I worked min wage jobs as well). Try looking at bankruptcy as a fresh start. Once you file do not get any credit right away and when you do make sure it is after you are able to have steady income. I think you need to also get birth control. You sound like you can't afford children and you should delay college because no offense it is much harder than a GED. First of all, whoever told you can’t get a grant because you file for bankruptcy is wrong. You may want to wait a year before going to school just because it sounds like you have a lot going on right now. You may also still be able to get student loans because those are not dismissed if you file for bankruptcy which is why they are easy to get.
I may be filing for bankruptcy myself. I am depressed about it because I went to college to make sure I could have financial security. Sadly, due to the recession I was laid off twice and both times it took two months before I could get my unemployment. It was not uncommon for me to do temp work to survive but between temp jobs I could be out of work for a few months at least. (Oh and I worked min wage jobs as well).
Try looking at bankruptcy as a fresh start. Once you file do not get any credit right away and when you do make sure it is after you are able to have steady income.
I think you need to also get birth control. You sound like you can’t afford children and you should delay college because no offense it is much harder than a GED.

]]> By: The Financial Truth http://www.mobilemerchantaccount.net/25000-in-debt-barely-any-income-to-pay-billsno-money-will-my-plan-work/comment-page-1#comment-1501 The Financial Truth Wed, 17 Aug 2011 09:37:27 +0000 http://www.mobilemerchantaccount.net/25000-in-debt-barely-any-income-to-pay-billsno-money-will-my-plan-work#comment-1501 I didn't read all of it, but I notice you want to get Gerber Life College Plan. This is one product you don't want to buy for your kids. It is not a college savings plan. It is a life insurance policy. The only way this policy is going to pay is when your child dies. Gerber Life College Plan is an endowment policy. How this works is that you select a coverage of up to $150,000 and you pay the agreed premiums. If you live through the term, the policy will pay you the coverage amount and you can use the money for whatever purpose. If you die during the term it will pay the coverage amount to your beneficiary. In endowment policies, the cash value grows very rapidly than a whole life policy and you will lose tax advantages. You will owe income taxes every year because the cash value will be greater than the face amount of the policy at age 95. Also death benefit will be taxable as well. Withdrawals of cash value before age 59 1/2 may result in income taxes and 10% penalty IF AND ONLY IF the cash value grows faster than a 7-pay whole life policy. Bottom line: THIS PRODUCT IS GARBAGE! Why pay so much money and income taxes to build a college fund for your kids in a life insurance policy when your money can grow tax-deferred in 529 plans? If you want to start a college fund for your future kids, open a 529 plan. I hope this info about Gerber life insurance helps you out. I am very passionate about exposing the truth behind life insurance policies because my parents got ripped off by buying the wrong type of policy (they owned a variable universal life insurance, which is the biggest ripoff product because the premiums goes up every year). The only life insurance people need is a term life insurance policy. Term life insurance is inexpensive. A 30 year old who buys a 30 year level term of $250,000 coverage pays only about $25/month for it. I didn’t read all of it, but I notice you want to get Gerber Life College Plan. This is one product you don’t want to buy for your kids. It is not a college savings plan. It is a life insurance policy. The only way this policy is going to pay is when your child dies.

Gerber Life College Plan is an endowment policy. How this works is that you select a coverage of up to $150,000 and you pay the agreed premiums. If you live through the term, the policy will pay you the coverage amount and you can use the money for whatever purpose. If you die during the term it will pay the coverage amount to your beneficiary. In endowment policies, the cash value grows very rapidly than a whole life policy and you will lose tax advantages. You will owe income taxes every year because the cash value will be greater than the face amount of the policy at age 95. Also death benefit will be taxable as well. Withdrawals of cash value before age 59 1/2 may result in income taxes and 10% penalty IF AND ONLY IF the cash value grows faster than a 7-pay whole life policy. Bottom line: THIS PRODUCT IS GARBAGE! Why pay so much money and income taxes to build a college fund for your kids in a life insurance policy when your money can grow tax-deferred in 529 plans? If you want to start a college fund for your future kids, open a 529 plan.

I hope this info about Gerber life insurance helps you out. I am very passionate about exposing the truth behind life insurance policies because my parents got ripped off by buying the wrong type of policy (they owned a variable universal life insurance, which is the biggest ripoff product because the premiums goes up every year). The only life insurance people need is a term life insurance policy. Term life insurance is inexpensive. A 30 year old who buys a 30 year level term of $250,000 coverage pays only about $25/month for it.

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