MMI offers a wide variety of financial services to help improve your financial life. No matter what you financial situation, we can help you to establish an plan of action for achieving your financial goals.
Knowledge is the key to successful money management. Our resources are designed to inspire and assist you as you begin to make positive changes in your financial life.
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Since 1958, MMI has been a leading provider of financial counseling and education services. We invite you to learn more about the organization and its leadership.
The Advice Team is a unique opportunity for you to receive a personal response to your financial question. Advice and solutions are offered by our Advice Team: Cate Williams, Money Management International’s (MMI) vice president of financial literacy and Kim McGrigg, MMI's Community Manager.
An archive of past questions and answers is available below for your reference. This comprehensive archive offers a wide variety of informative and helpful tips for many financial situations. If you do not find the answer to your question in the archive, write to the Advice Team today! A member of the Advice Team will personally respond (by email) to your question by offering answers, helpful tips and/or solutions. This is a free service offered by MMI.
The purpose of the Advice Team is to provide general financial advice. The information is being shared for educational purposes and should not be interpreted as legal advice If you need information regarding your account or have a question regarding the services and/or products offered by MMI, please contact a support counselor.
I filed Chapter 13 bankruptcy five years ago. I have tried to apply for a credit card and been turned down.
Would it be in my best interests to close out the 401k to pay off my debt, build up a safety net in savings, and then start contributing to the new 401k? Or would I lose too much by starting two years later?
Should I withdraw the money from my 401k to pay off my credit cards? I no longer work for the company, so if I withdraw the money, it's all or nothing.
If I take the 401K money and use it to pay down debt can you tell me how much of the 401k I will keep and how much I will lose in tax and penalties?
I can take a loan from my retirement plan at work in which I have over $100,000 invested. A loan of about $30,000 is to be repaid to myself, pre-tax, and the interest also goes back into my own account. What are the bad points to this plan?
If you do not find the answer to your question in the archive, write to the Advice Team today! A member of the Advice Team will personally respond (by email) to your question by offering answers, helpful tips or solutions. This is a free service offered by MMI.
Catherine M. WilliamsVice President of Financial Literacy
Kim McGriggCommunity Manager
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