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Tag Archives: 401k

I Have to Go Into My 401(k) to Pay My Credit Cards. – Julio

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“Dear Steve, Credit card debt is 44K+. I am a little a couple months behind on 2 cards ot of 4. Mortgage is also 6 months behind. Trying to shortsale or use the home affordable program as I submitted the application to the bank. Auto loans 2 are behind and take a good chunk of my cash. Is it possible ... Read More »

    I’m an Independent Recruiter, Living With My Girlfriend and Way in Debt. – Bill

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    “Dear Steve, 52 years old, Male, independant recruiter(start-up DBA), living with girlfriend/partner and 9 year old daughter in home owned by her. $21K unsecured debt. Car loan(upside down due to rollover from lease) with 43 months remaining at $358 per month. Monthly expenses ~$3K(but could reduce to $2.6K) including $750 month minimum payments on credit cards. Have been carrying this ... Read More »

      Marriage and Money: How to Talk to Your New Spouse About Finances

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      So you’re engaged. Or thinking about it. If you’re really serious about spending the rest of your life with another person, it’s time to get some of the tougher issues out in the open. Somewhere near the top of your list should be MONEY. Conflicts about money issues can stop a relationship before it has a chance to be successful. ... Read More »

        How to Survive a Job Loss

        Example 1

        If you’ve ever lost a job, you know how devastating it can be. It doesn’t really matter how you lost it — a company reorganization, merger, forced retirement or simply being fired — the results are the same. It probably feels like everything you’ve worked for is gone, including your income. And because losing a job is often unexpected, you’re ... Read More »

          I Want Bank of America to Leave My Interest Rates Alone. – Debbie

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          “Dear Steve, I have overextended on my home equity line my condo is not worth the money now. I have been working overtime as much as possible to keep paying bills I borrowed 10,000 from my 401k to cover some of the debt and 5,000 each from 2 friends of mind now the interest rate has just dropped over the ... Read More »

            Substitute Teacher Lives in Shelter Instead of Paying Rent. – Tim

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            “Dear Steve, My Brother-in-Law is deeply in debt. He was laid off from work 6 years ago and hasn’t found a decent job since. He isn’t very smart when it comes to money and lived off his savings until it was all gone. He is now 60 years old, has several thousands of dollars on credit debt, owes thousands in ... Read More »

              Will My 401(k) Be Safe in a Debt Management Program? – Joan

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              “Dear Steve, f I enter a debt management program will my 401K savings be safe from creditors or anyone forcing me to withdraw any funds to pay on my debts? Do I even have to tell anyone I have a 401K? Joan” Dear Joan, If you click here for credit counseling information and enter a debt management program like this ... Read More »

                Divorced and Sinking in Debt. – Blair

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                Blair “Dear Steve, Divcorced. Paying heavy child support. Behind on auto payments, can’t meet basic living expenses – facing bankruptcy. Tried debt consolidation, but the fees were high and it did not meet my needs. I have money in a 401k I need now. How can I cah out totally,as the IRS governs? Blair”   Dear Blair, Generally taking money ... Read More »

                  Would it be Wise to Pull the Cash Out of the 401k and Pay Towards Our Debt? – Brandy

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                  Brandy “Dear Steve, I am 30 and my husband is 40.We have 27,000 in his 401k (we have lost almost 10,000). We dont have much as far as credit cards but we are drowing in a house payment, 2 Vehicle payments (1300 per month) and a payment on a rental property that we are unable to rent out. We owe ... Read More »

                    Should I Cash Out My 401K to Pay Off My House? – Carol

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                    “Dear Steve, I lost my job. I am 65 years old and have a401k for $17000.00. Should I cash in my 401K to pay off my house. Carol”   Dear Carol, My gut reaction would be not to. Here is why. Your 401K is designed to assist you in your older years. These days 65 is still middle age it ... Read More »

                      I’m Thinking of Taking Money Out of My 401(k) to Pay Down Debt

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                      “Dear Steve, Hi – I am a 50 yearld old man with a good income but I am in a financial pinch for sure. I have 2 kids in college right now – one is freshman and the other is a junior – both a tier 1 schools (not cheap). In 2009 I changed jobs – prior to that I ... Read More »

                        Jami is Worried About Losing Money in Her 401k And Wants Options

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                        Jami “Dear Steve, I’m losing money in my 401k. I left my 401k in my ex-employers plan. I started at $73000.00 and now it is down to $47,500. I really want to get it out of there but I have no idea where to put it. Can you offer any ideas? Jami”   Dear Jami, I matters like this I ... Read More »

                          I’ve Never Participated in My Companies 401(k). – Steve

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                          “Dear Steve, I am 40 yrs old and have been working at the current corporation for about 10 years now. I have not participated in the 401K plan(they do not contribute or match at all). I feel like i am the only one there who doesnt. Now everyone probably have some decent money towards retirement and I have nothing at ... Read More »

                            I’ve Liquidated My Savings, Checks and CDs But I’m Still in Debt. – Jennifer

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                            “Dear Steve, I currently have liquidated all my assets (savings, checking, CD’s) and have not tapped into my 401(k) yet. I am newly employed at a school district and make $32,275/year. I am now living paycheck to paycheck. My current debt is car loan of $10,943 at an interest rate of 5.5% and monthly payment of $552 – I am ... Read More »

                              Should I Cash in my 401K to Get Out of Debt? – Mona

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                              Mona “Dear Steve, We just finished building our home (we were the contractors). Before we started we had very manageable debt and our credit scores were almost 800. We used a construction to permanent loan(5.5%) and credit cards to build our home. Now that we are finshed we have a $255,000 mortgage and owe $85,000 on credit cards. My husband ... Read More »

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