Ask Chuck: Preparing for Negative Interest Rates
Dear Chuck, Are we headed towards negative interest rates? If so, how in the world do I prepare for that? Rates Below Zero? Dear Rates Below Zero, This is a great but very challenging question. With our federal funds rate (the cost for our banks and financial institutions to borrow money) essentially at zero […]
Ask Chuck: Credit Card Vs. 401(k)?
Dear Chuck, My home’s air conditioner went out. We’re getting by with some fans but need to replace the unit soon. Should I use a low interest rate credit card or borrow from my 401(k)? Hot in Texas Dear Hot in Texas, Having grown up in Texas myself, I understand this is a need […]
Ask Chuck: Is Refinancing My House Worth It?
Dear Chuck, With interest rates so low, should we refinance our house? We bought it in 2014 for $220,000. We put 10% down and still pay PMI. We think it is worth $240,000 now. We also have some troubling credit card debt we want to pay off in the refi. Refi Now? Dear Refi […]
Ask Chuck: Financing Fixer Upper Fever
Dear Chuck, I need your advice. My husband thinks we should get an installment loan to update our home. Although we can do a lot of the labor ourselves, we need materials, tools, and some professional labor to get what we both want. I would rather save for a year, but he has time in […]
Ask Chuck: When Should I Buy a New Car?
Dear Chuck, I want to replace my mother’s clunker and am considering financing a new one. My father died unexpectedly and I want her to hold onto what little savings she has. What would you do? Taking Care of Mom Dear Taking Care of Mom, It is wonderful that you are helping your mom. […]
Ask Chuck: Should I Tithe on My Retirement Accounts?
Dear Chuck, I’ve been socking away money in a 401(k) account for years. I’ve tried to live like the ant in Proverbs. I have no plans to retire any time soon, but I may take some of the money to pay off credit card debts that accumulated during my wife’s health issues. I want to […]
Ask Chuck: Should I Co-Sign a Loan?
Dear Chuck, So, I cosigned for a student loan and now I’m stuck paying for it. Is there anything I can do? Regretful Dear Regretful, Unfortunately, the same thing happened with my Dad and we have not found a satisfactory remedy. He was approached by an employee whose son needed assistance to get a […]
Ask Chuck: Financial Concerns for Elderly Parents
Dear Chuck, I don’t know how my parents are going to afford to live their projected lifespan. If they are concerned, they sure don’t live like it. I’m saving and investing as much as I can, but I’m not sure I could adequately come to their rescue. Need Hope Dear Hope, I understand your concern. […]
Ask Chuck: Subprime Loans
Dear Chuck, My husband and I would love to buy a home before our second child is born next spring. We are seriously considering a subprime loan since we don’t have a down payment. We have a few years left on our student loans and a car payment. We’ve been told that renting is like […]
Ask Chuck: Debt Consolidation vs Debt Settlement
Dear Chuck, My wife and I are working really hard to get out of debt. We are overwhelmed with 5 credit cards, 2 car loans, student loans for both of us, a mortgage, and furniture that we financed. We now clearly see the mistakes we made and the dangers debt can present. I’ve been doing […]
