A recent survey revealed that the average household credit card debt is $5,700 with the average credit card interest rate topping out at 17 percent. With debt in tow heading into the new year, what steps can you take to lower your monthly credit card payments and get out of debt faster? Rob West and Steve Moore share a secret that credit card companies don’t want you to know. Next, they answer your questions at (800) 525-7000 and Questions@MoneyWise.org about the following:
- Since it's no longer possible to deduct your home equity loan interest on your taxes next year, should you refinance your mortgage and home equity loan into one deductible loan?
- If you have $17,000 in unsecured debt and about $30,000 in vehicle loans and you're running out of money before the end of the month, where do you go from here?
- If you just built a house with a 30-year loan, once at age 70 1/2, should you take your RMD to pay off the mortgage?
- If you have two adult children with disabilities, what should you do in terms of your will or your trust to take care of them?
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