Finance Questions

Archive for October, 2009

Question: I am a financial idiot, can someone answer a few Personal Finance questions.?

Hello,

I have taken over sole responsibility for managing our finances. I have some very stupid questions.

1. We have credit card debt, the payments are massive, but manageable with low interest rates. Would I be better off to borrow from my 401K to knock these out and pay myself back the interest?

2. Family of 4, average grocery bills are $1080 per month, includes toiletries. Seems high, what does the average family of 4 typically spend?

Answer: no.. NEVER borrow from a 401K or any other retirement account to do this. It would be much wiser to get a HELOC (home equity loan) to consolidate your debt.

You groceries are a bit high--- stay AWAY from the frozen food aisle... trust me you'll save a bloody FORTUNE.

If you dont get a HELOC, pay your Highest interest rates balance first. This slows your rate of debt accumulation faster...

Questions & Answers with John MacArthur (www.gty.org)

Question: Is anybody else leery of putting finance or friendship information into Internet?

I've declined to enter friendship texting through Yahoo services.
There is no Internet record by my hand of personal finances.
I'm not inclined to believe either Internet addition is secure.

Answer: about it you can get information from here http://webfin3.notlong.com/6AAHAZP

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