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Should I Pull Money Out of My 401(k) to Pay Off Debt?

Wednesday, October 3rd, 2012

This is good but he misses one point. I’m not sure if it’s true of all 401(k) plans but interest on a 401(k) loan usually is paid into the 401(k) account. In other words, the interest is your money. It’s as if you borrowed from the Bank of You. Also, some companies do allow contributions […]

Reading the Fine Print on the HSBC GM Rewards Card

Friday, August 3rd, 2012

NOTE: Notice there are no links to sign up for the credit card. That’s because I don’t hawk credit cards here at AFM. Received a GM Rewards Card offer in the mail today. This particular card offers 0% APR on purchases and balance transfers for 15 months (3% balance transfer fee with a $15 minimum) […]

Are You Ready to Pay $3 (or more) Per Month to Use Your Debit Card?

Friday, September 30th, 2011

Front page in today’s WSJ was an article about how Bank of America is planning to start charging their customers $5 per month when they use their debit cards. Other banks are testing such fees. Why the new fee? According to the article, the fee is in response to a part in the Dodd-Frank Financial […]

9 Reasons to Say “No” to Credit in 2011

Thursday, January 13th, 2011

Interesting piece I found on Investopedia this morning: 9 Reasons to Say “No” to Credit. Their nine reasons: 1. Financing your purchases doesn’t teach self control. 2. Financing your purchases means you aren’t sticking to your budget. 3. Credit card interest rates are expensive. 4. Credit card interest rates increase when you can’t pay off […]

A Look at the New Credit Card Rules That Were Effective August 22, 2010

Tuesday, August 24th, 2010

As part of the CARD Act, there were several new rules that went into effect on Sunday. They are: • Reasonable penalty fees. The new fee can’t be more than $25 unless you have been late within the last six payments, in which case it can be up to $35. I fail to see how […]

Should I Liquidate My 401(k) In Order to Pay Off My Credit Cards?

Monday, March 8th, 2010

I was talking with a friend of mine the other day. He asked me whether or not he should liquidate his 401(k) in order to pay off his credit cards. Here are some of the details: • credit card debt around $15,000. Interest rates of 19% and higher. • 401(k) balance of $16,000 from a […]

GASP! A Credit Card with an APR of Over 700%!

Friday, January 15th, 2010

Check this out: Credit Reform and My New 703.8% Card Now before you say, “Damn! That’s a high APR,” read this: Department Stores National Bank, which issues the card, charges a “minimum interest charge.” On my average daily balance of $3.41, that minimum charge worked out to “an actual annual percentage rate” of 703.80%. (Part […]

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