Hey, Congress is looking at a bill that will allow you to tap your 401K for up to $50,000 to help with a forclosure. It would have to be spent within 120 days of withdrawal and the amount would still be taxable. Here is a link to the article:http://articles.latimes.com/2011/oct/16/business/la-fi-harney-20111016This might save your home it it passes, so watch and wait.
Brian’s Financial Musings
A little more on the new bank debit and checking account fees: Here is an article that discusses the three ‘Cs’ – Cash, Checks and Credit Cards (it should be the 4 ‘Cs’ and include Credit Unions). Take a look:http://www.sacbee.com/2011/10/16/3981243/claudia-buck-you-dont-have-to.htmlBanks take TARP money then charge us for our own money, so we shouldn’t take this!
Brian’s Financial Musings
Do you use your debit card instead of a credit card to stay out of debt? And were you taking advantage of the rewards program your bank offered on your debit card? And did your bank just get rid of or reduce that debit card program? Well here is a possible way to get your rewards back and maybe improve them.Banks are starting to push reward credit cards again (like Chase and Bank of America), many without an annual fee. Shop around,find a card that fits you, and get it. After activation and online access, set up an automatic payment each month from your checking account to pay off the card. If you use it and treat it like your old debit card, you can probably increase your rewards significantly. You just need to have enough in your bank account to pay off the card, just like you had to do with the debit card. The increased rewards might mean an increased savings account or an extra vacation fund, so give it a try.