Your Questions About Lower Debt Play

Maria asks…

Are there really organizaitons that can lower your debt? Which?

My daughter stole my credit card and utilized it to buy virtual online items for her MMORPG (game) she plays online. I have a $300 debt. And on top of that… I was not going to use this credit card. I was going to cancel it. So now I have to pay that AND the yearly charge which amounts it upwards to $590.
Your help is much appreciated…

richmama answers:

Nobody can lower your debt, sorry.

$590 may seem like a lot of money, but in the grand scheme of things, it’s not. You are better off to pay it off. Any “help” would likely cost you more than $590 and probably damage your credit.

The real issue is your daughter’s theft. You need to deal with that now before it gets out of hand.

Ruth asks…

why cant we get (real) wefare reform? it could wipe out our national debt. and lower our taxes at once?

with all the people getting welfare because they rather play the playstation than go to work and just laying around looking for handouts then they get on section 8 with no kids mind you and pay 167 dollars a month in rent while taking advantage of any free stuff they can get from our government including services to pay utility’s bills while the taxes keep going up on everyone who’s trying to work hard and no breaks for those who work either if you don’t have or cant afford insurance weather it be health or dental because you work hard you can’t get help from the system if you are losing you home you cant get any help no matter how much u paid in to our great government or country but if you decide your not gonna try to work or be a productive member of Society you can like carefree off the sweat of my and others who go everyday to earn there living weather they are struggling making 20,000-30,000 year with a family cant get no help or those who do better and get taxed more but still no help all those tax dollars gone to lazy remote handlers is what they are when there are really people who need help that just slip through the cracks and never qualify for it the say you cant be on it for more than two years that is a plain and simple lie just have another kid or go get a job for a week or so and quit and you get to get welfare for two more years wanna wash out our national debt really reform welfare those who need it we should help them but no way these PlayStation playing non job looking for soap and judge shows watching all day
now a day your safer on welfare and section 8 than owning your own house or going to work so what would happen if we all just decided to quit work and get section 8 and welfare you get great health, dental, and vision paid to stay home paid to go shopping paid and to eat
talk about the life

richmama answers:

You don’t know what your talking about there`s not that many getting welfare any more except big corporations and yes they should be cut off.As far ae people getting help to eat and heat there houses well if the greedy pigs didn`t rip every body off by getting hundreds of millions a year in pay and stock they could pay more to those who work there butts off keeping them rich.Then maybe they wouldn`t need the help

Chris asks…

should i use 401k to pay off debt? advice needed please…?

i’m wondering which, if any, of my debts i should pay off with my 401k money. i have a one-time penalty-free withdrawal, and i would like to make the most of it. based on my debts, am i better off investing the 401k and letting it grow, or using it to pay off some/all of my debts?

401k money- $75,000 (minus whatever taxes will be taken out when i withdraw, this is what i have to play with)

$30,000 promissary note (interest free) to pay off over 20 years ($125/month)
$6000 credit card (currently on a promotional 0% interest rate)
$1000 credit card (6.9% interest)
$2000 student loan (2.5% interest)

so, my debt is mostly low-interest or interest-free, and i’m wondering how to handle using the 401k money…

pay some of it off, invest the rest?

pay all of it off, invest the rest?

continue making monthly payment, and invest the entire 401k?

thanks in advance!
i got divorced and was told i had a one-time opportunity to take out some money. was this incorrect information?

richmama answers:

I don’t see any reason to take money out of a 401K.
Just because you can do something – doesn’t mean you have to do it.
Leave the 401K money alone.

Worry about paying off that credit card debt with any extra income you can save up.
Credit card balances are revolving credit.
They can easily reduce your credit ratings.
Student loans are installment loans, can actually benefit credit ratings.

Paul asks…

Why did the Republican leadership today meet with the Big Banks and say to not use the Volker rule anymore?

I think they are playing you T party folk who thought they were actually going to TRY TO LOWER THE DEBT AND END BAILOUTS?

richmama answers:

THE REPUBLICANS WILL ALWAYS BE FOR BIG BUSINESS, BIG BANKS AND THEY ARE NOT FOR CUTTING THE BUDGET. IF YOU ASK THEM, THEY HAVE NO ANSWERS. They have no power now anyway as Obama still has veto power and the Democrats will gain back massive seats in 2012 once people actually go vote and also when they see how the T Party people act in office when they actually HAVE TO ANSWER A QUESTION OR MAKE A DECISION.

It was all a plot to gain power. It is a fad. We are a center left country now. Or will be after the CENSUS is completed in districts…lol !!!!

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