Your Money Matters Weekender

What to do When You’re Out of Work

Unemployment numbers reached another record this week, as jobless claims surged to their highest level since 2005. Millions of Americans find themselves without a job each year, and our unstable economy has many more living in fear of being out of work. We hope that you never have to deal with losing a job, but if that’s you or someone you know right now, here’s the first Smart Money Move you should make.

Should You Take Out a 401(k) Loan?

AAACCKKK! That’s the noise Daria makes every time she sees a new story about how many people are tapping into their 401(k) to get some quick cash. As you can probably tell, she’s generally NOT a fan of the idea! Before you take this drastic action, watch our video to help you carefully weigh your options and make the best decision for your money.

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I have $20,000 in credit card debt and am falling behind on payments. Should I consider unsecured debt consolidation? – Janice

Janice, the first step in addressing your debt is to head to www.nfcc.org and arrange for a meeting with a non-profit credit counselor. The counselor will likely discuss debt consolidation with you as one of the options and be able to explain how it could help your specific situation, as well as explain alternative actions you may want to consider.

Don’t put yourselves in the poorhouse in order to invest for your children’s education. They can get loans to go to college, but you can’t get loans to finance your retirement. Older parents are especially vulnerable to this syndrome. You’re not being selfish taking care of your retirement at the same time, just smart. Both you and your children will be glad you did. For more, check out SavingForCollege.com.

Here are the most popular features on Dolans.com this past week. Be sure to check them out!

When Your Warranty Really Expires
Here’s a secret you won’t hear from your car dealer: Auto repairs are sometimes covered even after the car’s warranty has expired! Click here for the inside scoop and avoid paying when you don’t have to.

Get the Most From Your Pension Distributions
If you’re lucky enough to have a pension (a rare thing these days!), how you take your retirement benefit payment could have a significant long-term impact on you and your spouse. We break down your two main options so you can make the best choice for your money.

What is Your Risk Tolerance?
Knowing how much risk you can handle is an important key to successful investing—and it’s different for everyone. With our current economy, you may be looking to lower the risk potential to protect your money. Our risk calculator and questionnaire will keep you from getting in over your head.

How to Choose the Right Credit Card
One of the simplest ways to slash your credit card debt is to use the best credit card for your particular needs. But with so many choices and options, how do you know you’re picking the right card? Make sure it has these features.