Hey @jessiwins I can help you with repairing your credit. I am a serious credit Specialist. Please take a look at my site . Www.myfes.net/jjackson55
https://s3-us-west-2.amazonaws.com/maven-user-photos/blackwealthchannel/ask-boyce/TL5kIqtZ8Ee6wa_DgIDdQA/Xdy1uDvo0E67fR7UlPYQfQ

I want to know how I can start repairing my credit so I can start a business for my children to grow on. I'm a 40 yr old divorced single mother of 10. I have a BA in HCA as well as a Medical billing/coding experience and working a couple basic jobs to make ends meet. I don't have parents or anyone else to depend on, so I'm going day to day paying debts as I can.I want to know how I can rebuild my life ,mindset, financial status and teachings.

so appreciate all your efforts and advice

PJ Gunter I appreciate your advice and would like to connect with you outside of this platform if possible. My email is msbell22@gmail.com.

@MsBell22: First, let's look at what you've done right. (1) You have learned to pay your bills. (2) You have achieved education to qualify for work beyond unskilled labor. (3) Your unsecured debt is probably in the lower range of your debt-to-income ratio for your credit score to be "very good" or "excellent".

My purpose is not to advise you. It's to encourage you to weigh your options. Bankruptcy is certainly an option. However, carefully consider your objectives, both short-term and long-term before you take that step. It sounds like you want relief. The relief will be brief unless you change your financial patterns.

Relatively speaking, $30k might be a large price tag for small gains. Also, you might or might not be eligible for a full liquidation. Some individuals are placed in a repayment plan which could defeat your purpose as I understand from what you've stated.

While you are willing to wreck your credit by filing bankruptcy -- and you will -- you will have to deal with those consequences for a long time. And you're very young. It could pose an obstacle when you try to move into your own place, get another job, start a business or even get married.

Your credit score may be high enough to renegotiate a lower interest rate with your creditors. Call them and have a conversation. If you choose to try that, do so soon, because your credit score is dynamic, meaning it's always changing. Lowering the interest rate will lower your recurring payments. Meanwhile, you could save the difference or increase the payments on your student loans -- or continue paying down the unsecured debt with larger payments than required.

If you're thinking about it, please do not enroll in a debt management program, often referred to as a "DMP"! Many companies offer to do what you can do yourself (you seem smart), and charge you for it. They may even tell you they will pay your bills for you if you send them a monthly payment to be applied toward your debts. This arrangement, too, will wreck your credit.

My suggestion is for you to breathe. Think carefully of how you want your life to be. Find constructive ways to relieve your financial stress. Be grateful your parents are willing to provide you with short-term shelter. Be grateful for your current income, and plan for a bright future. Base your decisions and actions upon the lifestyle you want to achieve.

You are in a good position to increase your income with a business you could start small, especially without the responsibility (and benefits, true) of paying rent or a mortgage. Thinking more about creative pursuits and less about debt has a powerful effect on changing circumstances.

Top it off with a healthy helping of gratitude and you'll see a rapid shift forward. My best to you.

To the sista that said she likes nice things. We do need certain things though Black people have been conditioned to spend our little access capitol since that's all we see and no one holds us up to any standards.

It's a shame that some people are creating video's about PDiddy telling people to ignore his comments on Marcus Garvey. Some these people are completely stuck and have poverty as a religion.

#msbell22...let's have a conversation regarding your $70K in SL's and approx. $30K in unsecured debt. There are options as not to have the ramification of a BK on your Credit History. You can reach me via cell 951.901.7383. I am a Clinical Psychologist and my wife and I assist others with Financial Planning, Retirement, Insurance, Debt Settlement and Student Loan Consolidation. there are absolutely NO UP-FRONT FEES. Let's have a genuine Conversation. Talk Soon!.

I know. I want to file bankruptcy for the unsecured debt. No the student loans.

I don't think student loans is forgiven in bankruptcy.

Hello Dr. Boyce, I am grateful to have found your content and deeply appreciate all of the things you are doing for the community. I'm a young guy, only 20, and have always felt like there was more knowledge in the world than I was being offered in primary school and at the university level. Since finding your school, I've begun investing and even opened an account for my younger brother who is 9. I wholeheartedly agree with the things said in this article. Life really is about choices and opportunity cost. I will share your content, and all the other knowledge I acquire on how to better our community, with all of those who will listen. Also, I am currently in South America as well and was wondering if you would be having any events in Guyana. I will be here for a year so I have time to coordinate coming to Guyana, as I am in Chile.

hello, I just turned 35 years old, have no children, Moved back in with my parents have a full time job now although for the last two years I had boughts on unemployment. I have about 70k in student loan debt, and 30k in unsecured debt , can't afford to live on my own, depleted my 10k+ savings when I was unemployed and was wondering if you think it's okay for me to file bankruptcy chapter 7? I need a clean start and have learned my lesson about debt. My credit score is anywhere from 750-770 but at this point I'm okay with it taking a hit.

sorry for the typos! Can't fix it

I listen to and try to follow what you say, however I find myself slipping up because I have been conditioned to be a spender. I own two houses one I rent out and one my husband and I own. Still laying on the mortgage though. I have a 403B and Roth IRA, I also have investments in stock pile and Acorn. But I don't have an emergency fund. I have the knowledge but my actions don't match it. I trying to break free from being addicted to material items that I tell myself I don't need but continue to buy. What the hell is wrong with me? HELP!

hello,

Hello,

Hey Doc,

I want to thank you for awaking my Financial Literacy skills. I work with youth in high school in Montreal QC Canada. Any thought about coming north anytime soon.

Hello Dr. Watkins

@lahbott - I'm proud of you. Remember that the key to wealth building is to develop capital. Capital isn't just in the form of money. It also comes with knowledge, networks and other resources. So, my greatest advice to you is to begin your capital acquisition process by learning how wealth works, then slowly but surely putting any excess change you obtain into modest investments, namely stock and small businesses. At some point, you'll get an opportunity to make bigger moves, but you have to at least be committed to starting small.

Keep moving, you'll get there.

I'm on board with all of your advice. I became half-way financially literate through an ex-boyfriend who taught me about IRAs, 401K etc. I own my home with my husband, but unfortunately I am saddled with student and credit card debt, no income of my own and trying to eke out a living doing freelance for peanuts. I have to job search, though my preference and temperament would be served better working on my own.