I’m pleased to introduce a new section on Money Under 30 called Ask Money Under 30.

A “blog within a blog”, Ask Money Under 30 provides brief answers to readers’ specific money questions. Once answered, readers are free to weigh in on the question through comments.

Check out the first few questions and answers now:

• Deployed solider: How should I use my $78k re-enlistment bonus?
• Can I transfer a balance off a credit card and then back onto the original card?
• How do I deal with debt that is much more than earn?
• Can I do “W2″ work as a single-person LLC?
• Will changing our Citi credit card from Elite level to Bronze affect our credit score?

Have a personal finance question for Ask Money Under 30? Ask it now here!

Young people are the least likely to be insured, the least likely to need healthcare, and the least talked-about group in the healthcare debate. Yet we may end up paying dearly for healthcare reform. If you’re young and healthy like me, you don’t spend a lot of time thinking about healthcare. And that’s probably alright—you’re young and healthy. But there are just a few things that every young adult really does need to know about healthcare:

Over 47 million Americans lack health insurance; 39 percent of the uninsured are between the ages of 18 and 34, according to Qvisory.

It makes sense that young people are the least insured. We’re more likely to be in school or working part-time and not have access to employer-sponsored health insurance. We don’t qualify for government programs like Medicaid. Our incomes are low, so we can’t afford even the least expensive policies. Finally, because we’re young and healthy, many of us simply feel invincible and like we don’t need insurance. [...]

Did you hear this one? Kate Gosselin of Jon and Kate Plus Eight fame is claiming to be broke. The reality TV mom told Meredith Vieira on the Today show this morning that her estranged husband Jon Gosselin basically emptied their joint bank account. [...]

The CARD Act could go into effect as soon as December. Although legislators passed the CARD Act with Americans’ best interests in mind, the act also means credit card users may see higher interest rates and fewer rewards. And for anyone under 21, the CARD Act will make it much more difficult to get a credit card.

The CARD Act’s Under-21 Restrictions

The CARD Act stipulates that creditors are prohibited from extending credit to consumers individuals (I hate the word consumer) unless:

• the consumer individual has submitted a written application that meets specified requirements and
• the application is signed by a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer borrower in connection with the account.

What I Think

When I first heard about the under 21 provision in the CARD Act, I said “that’s a great idea”. That’s because I started getting into hot water with credit cards way before my 21st birthday. But as I’ve had some time to chew on the idea, I’m starting to think it stinks. [...]

Today, only four out of ten mortgage applications close. That means 60 percent of prospective home buyers walk away disappointed. For first-time home buyers, that statistic may be even higher. But if your mortgage application is declined, don’t despair. Getting mortgage approval isn’t easy and—like many things worth doing—it may take several tries to get right. After your mortgage application is declined, the first step is to find out why. Once you do, it’s fairly easy to take the steps you need to ready your finances for another go.

There are only so many reasons your mortgage application may be declined. The most common are:

• Your credit score is too low.
• Your monthly debt payments are too high compared to your income.
• You’re applying for “too much house” for your income and assets.

Lenders and brokers want to approve your mortgage (after all, approving mortgages is how they get paid). So if you don’t qualify initially, they should be happy to explain to you why your application was declined. If they don’t offer this information immediately, ask them. Let’s take a closer look at what each reason means and what you can do about it. [...]