Ask Terry Archives

Hi Terry, I have about $33,000 in credit card debt. I work in sales and usually make pretty good quarterly commissions, but have not made much extra over the last year and a half and also bought a condo 4 months ago. I am wondering about debt consolidation. Good idea? Bad idea? I talked with…

I would like to start building a nest egg for my 23 yr. old daughter to continue with. Where should I start? She could pay $50 to $100 monthly. Terry Says:  Well, the first question is: Does she have a paying job?  If so, you could go to Vanguard and open a Roth IRA, where…

Hello Terry, I'm considering the Citibank Double Cash Credit Card. I always pay the monthly balance on my credit card. I presently have a Bank of America card that lowered my cash back from 1.5% to 1% so the double 1% of the Citibank is pretty appealing. What's your thoughts on this Citi card? Terry…

My granddaughter has recently been hired by Pawtucket school system as a physical & health education teacher. Because she just started a full-time position, is she able to refinance her college loans with SoFi, etc. She has been working steadily as a part-time worker for a market as a clerk, and a fitness center as…

Terry, I am hoping you can provide some guidance. I am 61 years old with a Fidelity IRA I am looking to move some of it into an income producing fund or funds Do you have any recomendations. Thanks Ted Terry Says:  That's an easy one.  Just contact Fidelity and ask about their investment advisory…

I am single and 10-15 years from retirement. My townhome will be paid off next month. Should I sell it, and avoid significant HOA fees, and buy a single family home? Terry Says:  That's a tough question to answer without knowing a LOT more about your financial situation.  Just remember, those HOA fees not only…

Didn't the euro change value on the Forex . . . . While china stays safe with it's pegged value? Terry Says:  The Euro is traded all day every day – and its value fluctuates against the dollar depending on many issues (Greece, inflation/deflation, the refugee problem, growth throughout the Eurozone, etc.)  Trading is done…

Hi, Terry. I'm retired and have a pension and some investments. One of them is a $10,000 Treasury Direct I-Bond now worth around $15k. It's part of my chicken money. It has dependably gained around $30 each month. However, this month it gained $0. I also have about $29k of chicken money in a VALIC…

we have bad credit because of a bankruptcy 6 years ago. We also have to do a short sale on our curran home due to job loss. Will I ever be able to be approved for a mortgage loan? Terry Says:  If you start now to rebuild your credit, you will likely be able to…

Do you suggest including gold in a portfolio, & what percentage? Do you recommend a specific agency ? Terry Says:  Gold is a "hedge" against inflation -- and we don't have much inflation on the horizon these days!  However, with every country "printing" money to devalue its currency, and make its exports cheaper, I do…

Hi Terry, Are the loan companies (like best egg or my prosper) a good way to consolidate and pay off credit card debt? I want to pay off my cards completely and make a home improvement but really don't know how reputable they are They are offering about 10.99% Thanks Terry Says:  OK, this is…

Hi Terry, A couple of years back, you published the URL of a website that helps consumers find the best (most cost-effective) Part D prescription drug plan for them. You input the drugs you are taking (with dosage), and the website calculates your out-of-pocket costs for each plan that includes your drugs. Unfortunately, I forgot…

Terry, I have approx $75,000 Remaining on my mortgage at 5.5 per cent; however I also have about $40000 in debt (25000 home equity and 15000 in credit cards). A friend has recommended that I Refinance with New American Funding to get rid of the debt. I would like to get your opinion . Thanks…

Hello Terry, My elderly mother has shares in a brewery overseas. There is very little earned in the quarterly dividends when converted to USD. The value in the stocks is when it is sold, approximately $50K today. Both of our names are on the certificate. I am her POA. Is it best to let the…

Am I responsible for me deceased spouse's credit card debt? Terry Says:  Only if you were a signer on the card, a co-borrower.  Does that card show up on YOUR credit report?  That's the real way to know whether somehow your credit was co-mingled.

My wife and I are 75 & 73. We have $150,00 in savings a .75. Based on Secretary Yellin's statement, should we wait until end of year to get a couple CD's? Is it anticipated that in the next 3- months savings and CD rates will increase Terry Says:  The world has b een anticipating…

Hi Terry I'm a 73 year old in good health and have 250,000 portfolio I am paying 1 percent to a financial advisor , I am considering giving my money to vanguard and save about 1,700 a year in fees and I think still get the same return on investment. I don't want to do…

My ARM is at 3.50% and is due May 2020. I plan on selling my house by then . Should I save as much as I can for a down payment on my next house or put xtra towards the principal? Terry Says: Well your ARM might not be DUE until 2020, but I'm betting there…

we have a reverse mortgage...I am 65 plus...wife is under 65, If I pass does she get to keep the house even though she is under 62? Terry Says:  Only recently because of a court case, have the rules changed for RMs taken out his/her principal residence, with a non-borrowing spouse. HUD now accepts assignment…

Hi Terry, My daughter will be 15 in December and is a freshman in high school. When should I get her a debit and/or credit card? She has a bank account with about $2,000 in it. She does not work, yet. I want her to learn about how to use the debit and/or credit cards…