Comments on: Your questions, Suze's answers

By: Seiichiro Kita

Seiichiro Kita — Wed, 01 Oct 2008 19:26:35 +0000

Question about government debt.
People can't just continue to borrow money from banks.
So how is it that our government can??
How is the money being generated? Do they just print more money??

Confused.

By: Kathy

Kathy — Wed, 01 Oct 2008 18:53:46 +0000

What is the interest rate on the 700 billion the govt. will have to borrow for the proposed "bailout"? I haven't heard anyone say what it is going to cost to borrow this money. The proposed "bailout" is not the answer to the present financial crisis, it is only a bandaid.

By: jenifer

jenifer — Wed, 01 Oct 2008 03:46:02 +0000

Suze,
I wanted to know if this "bailout" or lack there of so far is going to have an effect on the social security benifits that my minor children get as survivors of their father??

By: Marsha Hymanson

Marsha Hymanson — Wed, 01 Oct 2008 03:45:23 +0000

Question for Suze Ormond:

I want to know if I should wait out this market before selling my IRA, 401k and other mutual funds (about $800,000 two weeks ago).

I am 62, retired. I pay off my credit cards every month, own my house outright and have about $150,000 in a cash reserve. I live off my municipal bonds and real estate interests. I was not planning on using the stocks and retirement accounts for about 10 years, but I'm very nervous about the economy and the stock market.

Thanks

By: Mimi

Mimi — Wed, 01 Oct 2008 03:45:15 +0000

I have money in Dreyfus funds that are not currently FDIC or SIPC covered. 50% of what I have MAY BE covered if a new law is passed to have FDIC insurance cover a money markey fund I have at Dreyfus. 3 other funds are not covered. What do I need to do now?

By: Tony

Tony — Wed, 01 Oct 2008 03:42:36 +0000

I hae a IRA CD Deposit paying only 1.9% that matures in Oct. at about $3700.00. Would I better off to take the 10% penealty and clam the rest as income on my taxes, and just payoff my credit cards wich would take care off almost all my credit debt. . I have other Mutual Funds, Another Roth IRA, that I never plan on touching until the 59.5 Yr. mark, and another Annuity what would be the best option with that first CD Deposit acount. I know that when it matures I can get a higher promotional % rate.

Thanks Suze

By: Samuel Johannes

Samuel Johannes — Wed, 01 Oct 2008 03:41:27 +0000

We were looking to purchase a home before the bailout bill fell. We have now found the home we want and we have been pre-approved for a loan. Do you think this is a bad time to purchase a home given the events of the past 2 days? What do you think will happen to mortgage rates in the immediate future? Do you think we are better off waiting for the price of homes to settle?
Thank you.

By: Francine Thorson

Francine Thorson — Wed, 01 Oct 2008 03:40:36 +0000

Would It help if when a person uses the ATM machines, instead of charging a fee,the bank would give that money to the government to clear up the problem?

By: Chris

Chris — Wed, 01 Oct 2008 03:39:57 +0000

I am 31 with a wife and 15 month old daughter. We have over 100K in ccard debt, student loans, and car loans. We put our house on the market in Vegas in December and moved to NC in January. We have had NO offers and the value of our house has dropped from 265K when we bought it to 200K. We have a 1250 1st mortgage and 750 2nd mortgage. Despite our best efforts, we have not been able to pay the 2nd in a few months and are now in foreclosure. In hindsight we never should have bought the house but it is what it is and we are not sure what to do. Any thoughts?

By: Kris Roberts

Kris Roberts — Wed, 01 Oct 2008 03:39:16 +0000

Hi Suze -

We have always had excellent credit and we have on eparticular business credit card that we secured a $19000 balance with a 2.9% interest rate "until the balance was paid in full". This card is with Advanta. We have it paid down to $13000 but we also had to use it to pay off another failed business expense which led us to take advantage of a $1300 cash advance. The inital rate was 9.9% and yesterday we we received our bill, that portion had been increased to 35.09%. Is this even legal?

By: lorraine hines

lorraine hines — Wed, 01 Oct 2008 03:39:15 +0000

If congress wants to help the average american, why not allow consumers to write off interest on car loans, credit card debt etc. Those write offs went out the door with RR. Why can't congress pass a bill that would go into effect immediately to help the average household. If you want to bail somebody out bail out the little people. What are your comments on that Suzie?

By: Janis

Janis — Wed, 01 Oct 2008 03:39:05 +0000

I have a whole life insurance policy with MetLife with accumulated savings of about 7,000.00. If MetLife goes the way of AIG, what happens to my policy and my 7,000.00.

Thanks.
Janis

By: Sandy Roos

Sandy Roos — Wed, 01 Oct 2008 03:38:21 +0000

'm a nurse and have been workingsince 1964. I planned to retire in Jan '09 I have a retirement acc't, a 401K, and 525/mo pensio?n. Can I still retire? How long before my retirement acc't might build back up? (There had been nearly 90,000 in it and about 30,000 in the 401K)

By: Michele DeSimone

Michele DeSimone — Wed, 01 Oct 2008 03:38:05 +0000

My husband is 60 and I am 58. We just rolled our 401K to a stable fund. We have 40,000 in debt and 89,000 in the stable fund. Do we pull out any funds to eliminate our debt and/or pay it down. HELP! We love you...

By: Toni

Toni — Wed, 01 Oct 2008 03:37:43 +0000

I am currently a junior in college and pay most of my tuition with private loans, should I try to get a loan now to cover tuition my senior year or should I just wait until next year to get one?

By: Catherine from NJ

Catherine from NJ — Wed, 01 Oct 2008 03:37:24 +0000

Hello Suze:
I know I haven't been fiscally solvent. My husband lost his job 5 yrs ago. We have fought our way back. He is finally in a job with which he feels good. We maxed out our credit card. I have do have a savings plan with my job. I am a teacher. We also have a pension from his job and my job when I retire. I contribute to an Equitable savings account with my job – I have about 20m dollars in that. We have a lot of equity in our house, because we basically finished it ourselves. I have a little investment in my sister's and my name from an inheritance from my mother, in a Smith Barney mutual funds account. What do you think? Should I continue to contribute to my Equitabele savings plan at work? Should I withdraw my share of the money from my Smith Barney joint account? Should I just put this accumulated money – @ a60m in my savings account in my bank instead?

By: Gupta

Gupta — Wed, 01 Oct 2008 03:37:08 +0000

Is interest rates likely to go up on credit cards and student loans?

By: Erik k Melczak

Erik k Melczak — Wed, 01 Oct 2008 03:37:06 +0000

I would like to know why in the world would congress wait to vote on the bailout bill just becuase of a jewish holliday? what ever happened to seperation of state and religion? what if there was a similar emergancy to the american people around christmas would they allow a delay in voting for christans to observe the birth of christ. I would bet they would be outcry from everywhere about seperation of state and church but it seems that they are making an exception for the jews what is up with that. . thank you for your time

By: cynthia

cynthia — Wed, 01 Oct 2008 03:36:04 +0000

I have cash totaling $150,000 in floaters (PIMCO and NUVEEN). My account adviser pitched them as reliable and virtually liquid. I did not know that these were no longer being offered. When I called to check on their security and discuss putting that money in CDs, he told me that the money may not be available for two weeks. I feel so nervous. I never received notice - nor a phone call from this guy! - about any trouble with these bonds. Eeeek. I think I had my head in the sand. Is my money safe???

By: Yunnuen W

Yunnuen W — Wed, 01 Oct 2008 03:35:52 +0000

I receive student loans, if there is not bailout, do you think many students that receive loans could be affected