Ask Terry Archives

Hi Terry--Right now, my husband & I have between $40-45,000 in credit card bills. Between us, we bring home over $4700 a month. We are not late or behind in any payments, but just can't seem to get ahead. Do you know or recommend a bank or other outlet that still gives personal loans. I…

We moved to Chgo area in 2012--still have our Ohio advisor--wouldn't it better to have an advisor that you could visit regularly--I feel disconnected Terry Says:  Yes, if you feel "disconnected" it's time to shop around for someone whom you can visit with on a regular basis.   It's not just the geographical distance that matters. …

With savings accounts not earning much interest, I'd like to get your opinion on what is best to do with funds that need to be accessible in the short term, for example, an emergency fund, savings for a down payment in the very near future, etc. Where can I put this money so it will…

Hi Terry, Is it advisable to take money from our savings to pay off credit card debt? Thanks! Terry Says:  Let's make this simple:  What interest rate are you earning on your savings? // What interest rate are you paying on your credit card debt?  I'm pretty sure the answer will be obvious! You never…

We have looked into 1. a CFP who has a small hand-picked client base, affiliated with Schwab, makes things understandable, but is going to cost 1% commission annually 2. our credit union financial advisor (we are meeting with him next week so we don't yet know what his plan would be) whose services are free…

Please advise me regarding the best procedure on selling a Time Share. Thank you. Terry Says:  There are literally dozens of websites that help you sell timeshares. All have fees.  Some are ripoffs. But would you believe that one of the most legitimate places to sell a time share is eBay!!  Here's the link to…

A recent article in the Sun Sentinel says inherited shares of stock have a new cost basis at date of death. My understanding is that the cost basis remains based upon the original purchase price. Could you please let me know where this information came from as I am holding some inherited shares to avoid…

I have 26 EE savings bonds that will not fully mature until 2017 thru 2030. Is it best to hold on to bonds until they no longer gain interest or is it ok to cash them in. Terry Says:  Don't cash them in until they stop accruing interest!  They likely have a high floor rate…

My son quit college and is now going into the military. I want to use his bright start money to help him pay off his student loan. Does that qualify as a qualified withdraw under the higher education act or would I be taxed to pay for his student loan? Terry Says:  I'm going to…

After working 20& yrs for State of Illinois, I am forced to retire at age 74. I have applied for Medicare B, but am confused. Should I keep my State HMO Insurance for free, but pay $79/mo for my wife, or apply for 1 of several Medicare HMO Advantage plans for $0 per month Terry…

My husband and I both have poor credit scores on the upper 500s. we have about 4 charge offs, three of which we've since paid and settled. Two we are working on. Is it best to file bankruptcy or keep paying on these cards that we can no longer afford because I lost my job…

I have balances on multiple cards that I'm making a little more than the minimum payment on. Which option would enable me to pay off the total amount faster: Putting the balances on one card or debt consolidation? Terry Says:  I'm not quite sure you know what you mean by "debt consolidation."  Most of the…

I just received a letter advising that I could remove the FHA mortgage insurance. The letter says my house is estimated at 276,954. 25,000 more than when I bought my home in 2013. I'm advised that my new payment could be 1,159.00. My question is, if I remove the FHA mortgage insurance, will this be…

Iam 68 retired work part time. Have 1000 month extra were should i invest in . thanks Mike Terry Says:  Assuming this is all the money you have in savings, leave it in the bank!

I still have pmi insurance on my mortgage however since I purchased my home as a foreclosure and the market hasn't gotten better the value of my home has gone up. We visited our lender to see what we would need to prove the new value of our home to show we have more then…

Gave my money to a financial investor to invest in some bonds. Approx 3 years ago. One of the bonds he bought for me was a Municipal bond called Puerto Rico sales tax fingers Corp sales It is down from 17k to 7k, a substantial loss.I called him today to see what I should do,…

Greetings Terry, I would like to cancel a few of my credit cards - I do not use a few of them - the "inactive cards" and I would like to cancel an "active" credit card also. I would only like to keep a maximum of three credit cards. I remember hearing you say one…

My father left his four grandkids (21, 14, 8 and a special needs child, and 2mths) $1000 each upon his death. I would like to put the money for them into the investment choice that will maximize the return when the three youngest get to at least 21. The 21 yr old I felt the…

What is the best investment for my grandchildren?Iwant to get something started while they are young before I leave this world? Blessings Terry Says:  Call Vanguard at 1-800-VANGUARD (or go online to www.Vanguard.com) and open a 529 college savings account.  You can open one for each of your grandchildren -- or combine your gift all…

After two failed marriages I'm forced to start from scratch 0 dollars left, earlier this year I started putting 186.00 every two weeks in a 401k .should I start putting more or shift this to a 457 deferred comp account.what else can I do to help with my retirement .my salary is 32.92 per hr…