Dear Liz: My daughter co-signed a student loan for a friend who failed to pay the debt. Now my daughter cannot refinance her home because this loan appears on her otherwise very good credit reports. She has been getting calls from a collection agency. I called the agency to discuss what it would cost to […]
Recent Blog Posts
Skip a payment, trash your scores
Dear Liz: We are trying to negotiate our second mortgage and have not paid it since June. Will this affect my wanting to purchase an auto? Answer: It may not affect your desire to purchase a car, but it’s likely to affect the actual transaction if you’re not able to pay cash. Failing to pay […]
No 401(k)? Set up transfers to IRA
Dear Liz: I started a new job, but unfortunately it does not offer a 401(k). I have an IRA but don’t contribute to it. What is the best way to contribute so I can discipline myself in saving for retirement? I am 47. Answer: The best way to save for retirement is to leave the […]
The one money book you must read this year
You may not agree with everything Helaine Olen writes in her new book, “Pound Foolish: Exposing the Dark Side of the Personal Finance Industry.” That’s particularly true if you’re an uncritical fan of one of the personal finance gurus she skewers so effectively. For the sake of your wallet, you should read the book anyway. […]
Insurance better than 401(k)?
Dear Liz: Recently, someone from an insurance company proposed that I stop investing through my 401(k) at work and instead invest in his insurance company contract with after-tax dollars. He claims the funds would be guaranteed so that I would never lose principal, although there would be a cap on how much I could make […]
Getting help with a soon-to-be unaffordable mortgage
Dear Liz: I have an excellent credit rating, a steady job and an interest-only mortgage of $480,000 on a home now worth $400,000. I also owe $52,000 on an adjustable-rate home equity line of credit. In 2015, the interest-only portion of my loan ends and the principal payments will start, driving my payment to more […]