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Should I tap my 401(k) to repay $47k of credit card debt at 29.99 percent APR?

by David Weliver on Oct 22, 2009 in Credit Cards, Debt, Retirement

Jim asks: My wife and I have over $70K in credit card debt. We can get a loan to pay off $23k over five years at just three percent, but we’re stuck with the rest. Here’s the kicker: All of our interest rates have jumped to 29.99 percent to get ahead of the new laws. [...]

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I’m 23 and have maxed out my Roth IRA. Where should I save next?

by David Weliver on Oct 22, 2009 in Investing, Saving

Anne asks: I’m a 23 year old making $60k a year. I have a $10,500 emergency fund, a fully-funded Roth IRA, and a partially funded Roth 401k (saving $250 a month after taxes, with no employer match). Both the Roth IRA and Roth 401(k) are in target date mutual funds. I save about $1,000 a [...]

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Should I use $3k towards a down payment or to pay down my interest rate?

by David Weliver on Oct 22, 2009 in Mortgage

Latoya asks: Is it better to take the $3,000 that I was going to put down on a home and use it toward rate buy down? My interest rate would be 2%. The mortgage is for $139,000 and my rate would be 4.5% if I did not buy down the rate.

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Should I get an MBA to help me start my own business?

by David Weliver on Oct 22, 2009 in Career, Education, Self-Employment

Brian asks: I was wondering, how valuable/necessary is an MBA for somebody trying to start their own business as opposed to self-education? How much impact does the school you obtain your MBA from have on your ability to network and on gaining successful job placement? I am trying to assess the risk (e.g. cost in [...]

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I have seven credit cards. Should I cancel any of them?

by David Weliver on Oct 20, 2009 in Credit Cards

Renee asks: I am graduating in June 2010 and in the course of four years at school, I managed to make a mess with credit cards. As of today, I have seven cards, all which have carry very high limits. I’ve never paid late. I have two Visas, Discover, MasterCard, Macy’s, Express Fashion, and WalMart [...]

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I’m 28, make $129k, save $1,800 a month, have $82k in student loans. How am I doing for my age?

by David Weliver on Oct 15, 2009 in Investing, Saving

Josh asks: I’m 28, make $129k per year, save $1,800 a month, own a property that I rent, $37k saved, and $82k in student loans. No credit card debt. How am I doing for my age? Could I spend more? Save more? What do you think?

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Should I buy a home without a big down payment?

by David Weliver on Oct 13, 2009 in Mortgage, Real Estate

Michele asks: I am currently renting. Should I purchase a home even if I do not have a five to ten percent down payment? I know that now is the time to buy. I can afford the mortgage payment and I have already been pre-approved.

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I want to work in HR. Should I get an MBA or a second bachelor’s degree?

by David Weliver on Oct 13, 2009 in Career, Education

A reader asks: I have an undergraduate degree in political science and would like to work in human resources. Although I have a four year degree it has never helped me get a job beyond attesting to the fact that I was able to finish school. I know that I need to get another degree [...]

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My credit card APR went up to 29 percent and I can’t afford the minimum payment. What can I do?

by David Weliver on Oct 06, 2009 in Credit Cards, Debt

Rebecca asks: My credit card rate just shot up to 29%. I have been working hard to pay this card off but now the minimum is more than I can afford. What can I do? I would like to work with the card company to get on a special plan or something to pay this [...]

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What is the APR for the ING Direct Electric Orange overdraft line of credit use?

by David Weliver on Oct 06, 2009 in Banking, Credit, Credit Cards, Saving

Craig asks: ING Electric Orange MasterCard: What is the APR for the credit card use?

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