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    MMI offers free credit and budget counseling to those who need help with budgeting, money management skills, and credit issues.

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Our Client Asked:

Dear Advice Team,

I have about $4,000 in my 401k plan, and I have about $3,000 in credit card debt. I am leaving my job to start with another company and I am faced with the choice of rolling my 401k over into my new company's plan or taking the penalty and closing it out to pay off my credit cards, then starting over with my new employer's plan. I am 28 and single. I know that the advice is to first get out of debt, then build up an accessible savings of two months' living expenses or so, then start saving for retirement. 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? -April

April,

You definitely will lose too much by starting two years later. My suggestion is to not cash in your 401k plan. There are far too many negatives and not enough positives in cashing y More...

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Wise financial management requires a series of daily choices. Learn how to take control of your financial situation with budgeting tips; calculate net worth; create a budget; monitor your progress; manage the flow of income and expenses; and protect your assets.  After all, no one cares more about your money than you.


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  The Department of Housing and Urban Development (HUD) sponsors housing counseling agencies to provide free or low cost advice on buying a home, renting, defaults, foreclosures, and credit issues.Local nonprofit Consumer Credit Counseling Service (CCCS) agencies are dedicated to helping consumers accomplish their financial goals.The Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services.The National Foundation for Credit Counseling (NFCC) is the nation’s largest and longest serving national nonprofit credit counseling network.The Council on Accreditation (COA) partners with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.HOPE NOW is an alliance between counselors, mortgage companies, investors, and other mortgage market participants.