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401K Loan
Asked by K.H. from Indianapolis
on April 6, 2012
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We have some pretty sizeable credit card debt. Nothing we can't manage month to month (and usually pay more than the minimums). However, it is really taking FOREVER ...
Answers
- My only thought - can you keep the debt OFF the card once you pay it down? I have a gf that does this exact thing at least once every 2 or so years. Her cards get ...
- um...your only going to be able to pay half of your Credit card debt...makes no sense to do this...lets just add another form of debt to the load... You say this wi...
- I'm not totally sure, but I think you might have to use the loan as earned income on your taxes for 2012 and the irs will charge you 10%, plus it might throw you into ...
Student loan...drowning in Debt :(
Asked by J.F. from Toledo
on July 13, 2010
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I graduated from a "cracker jack" college (realized that after the fact) in 2006. I obtained a legitimate degree, however soon realized that employees in my field are...
Answers
- Look into different payment plans. There's one called "Income Based Repayment" and it basically calculates a percentage of your income that you can afford to pay and ...
- have you checked out any of Dave Ramsey's books? he really speaks to the every day person (As he considers himself one) and can give some really good tips as to how to...
- If you can't afford the $200 right now, when will you be able to aford it? When will you be returning to work? What can you afford at this time? Ask yourself these q...
For All You Dave Ramsey Followers:
Asked by J.G. from Minneapolis
on September 7, 2011
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I need to hear from people that have done his program. We don't have much debt. Our credit cards are paid off, cars paid off, we rent, but we have so much student lo...
Answers
- Wow....Some of the other answers have really surprised me. Is your rate variable? I would assume so, or else inflation wouldn't matter. So, your rate changes base...
- our student loans are consolidated, and we pay $300/month. We are about to embark on our own Dave Ramsey adventure and knock it out because that's a HUGE amount of mo...
- You can do it! We had $50,000 in student loan debt, besides all our other debt. We went without all those things you mentioned and got it done in about two years. I...
Financial Experts Weigh-In Please!
Asked by S.S. from Los Angeles
on February 3, 2012
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I have 2 private student loans at the following variable interest rates:
1) Prime + .5%
2) LIBOR + 4.5%
Given the current interest rates, this is GREAT and I'm...
Answers
- I'm no expert, but I am under the understanding & opinion that unless it's over a very brief time period, you're always better off with a fixed rate.
- How much longer left on the loans? And how often do they reset? If you have many years left and it re-sets annually, you can watch the rates throughout the year and if...
- Without knowing how long the loan is for, you can't really decide ;) Find a good online student loan debt calculator and run the numbers. A fix rate isn't always be...
What Do You Do About Your Mortgage??
Asked by M.M. from Dallas
on January 1, 2009
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Ladies,
My husband and I had a deep conversation this morning about our home mortgage, and we'd like to know what the norm is. Do most people get a 30 year loan for ...
Answers
- What my friend used to do was get a breakdown from the bank of what amount of the loan went twards intrest/principial every month. Then she would pay the regular payme...
- Good Morning Reba S I work for a title company and most of the closings that have loans are 30 year mortgages. I always suggest in closing that you make extra princ...
- Hi Reba, I have a 30 year note which made my monthly payments affordable. Most people I know have 30 year mortgages. In addition to the monthly note, I add a separa...
The "Real" Price of a Car
Asked by T.O. from San Francisco
on September 13, 2010
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My husband & I are looking to buy a new Toyota Highlander the price is over 39,000 our salesman told us if we get the loan through them they will knock off $3,000... I...
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- My husband, who works on a car lot, says that if they are willing to knock of 3,000 they will knock of at least another 2,000. Here's what he says you need to do.... ...
- Tell them you will buy it from them if they are willing to sell it to you for X, and then be willing to walk away and look elsewhere. If they want to sell it to you f...
- T., What always works for us is first of all checking the blue book, we print it, after that we go an visit two or three dealerships and look at the price, and compar...
How Much Do You Pay per Month on Your Mortgage?
Asked by S.M. from Dallas
on March 1, 2008
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We are saving up to buy a house and are very close to our goal. I am just trying to get a ballpark figure of how much we would be paying per month on a $150,000.00 mor...
Answers
- You got lots of responses! Wow! I have a little bit of insight on this. My MIL and husband have both worked in the mortgage industry and I worked in the homeowners ins...
- S., You've gotten great tips already. I own a rental home that cost me close to the price you mentioned. With the mortgage, property taxes, and homeowners insuran...
- S., That is great that you are saving for a home. You might check with a reputable Mortgage Lender to see what programs are available for you. I can give you a few to...
Affording It All
Asked by J.V. from Chicago
on November 27, 2011
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It's that time of year when I do our 5 year financial plan, take a look at our long term financial health, and figure out our current priorities.
Well, I just did a...
Answers
- We have 4 kids..... using student loans, part time jobs, grants, etc. my two older ones paid their way. I wish we could provide that, but we couldn't. We did help w...
- I can't wait to read the answers you get because these are questions I ask myself all the time. We've been following Dave Ramsey's plan for financial living and it ...
- I don't know anyone who paid out of pocket for college, but I know a heck of a lot of people who went to college. Four year universities. Private liberal arts school...
I Want to Be a SAHM
Asked by A.S. from Columbus
on June 3, 2007
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I want nothing more in life than to be a SAHM or a part time WAHM...What steps can I take over the next few months to a year to get us to the point that this is a poss...
Answers
- I really don't know how many places where you could work at home, unless its with a company that offers it. How about doing something part time away from home when th...
- Dear Ann, Two years ago I decided that I was going to work form home know matter what due to a really bad episode with my daycare provider. So I decided to be a day...
- A., Working a JOB from home and owning your own home business are 2 totally different things. If you have a JOB, you are trading time for money, whereas a home busine...
I’m in a Financial Battle with My Husband
Asked by A.E. from Chicago
on November 2, 2008
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Hello Moms,
This is not a normal request you see on this site but I’m hoping there may be some moms out there that can help me realize I’m either wrong or right...
Answers
- If I understand this correctly, you're paying 10.75% interest on this loan, and the bank is giving you 2% on your money. Wouldn't you be saving 8.75% by paying it off?...
- Everyone that has posted a response makes sense. But you have to consider many points. First, if you refi, then think about the fees you will have to pay to do so. ...
- Of course the bank wants you to keep the money in your savings account - if you take it out you're taking it from them and their ability to reinvest in their own schem...
