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In 2002, the Federal Reserve cut interest rates eleven times
in an effort to jumpstart the American economy. Job losses have
been high and the stock market values remain low; consumer debt
is high and consumer confidence is low.
According to the Federal Reserve, U.S. consumers owe $1.73
trillion in credit card bills, auto loans and other loans
excluding mortgages through the end of August 2002. These
numbers only continue to climb, up from $1.67 trillion at
the end of last year and $1.56 trillion at the end of 2000.
With consumer debt at this all-time high, debt consolidation
may be a good move for a large number of American consumers.
Financial professionals agree that gaining control of your own
financial destiny requires discipline in the implementation of
three important steps. These steps are budgeting, financial
planning, and building a financial safety net.
Whether you are earning a few thousand dollars per year or
hundreds of thousands of dollars per year, a personal budget
will help you to reach your financial goals more easily. Simply
put, a budget is the most important tool you can use to gain
control over your money.
The point is to gain control over your money rather than being
controlled by your money or perceived lack thereof. The former
permits you to build a bright future, while the latter tends
to lead to a dark and gloomy existence.
If you have been directly or indirectly affected by the downward
turn in the economy, you may be feeling the financial pressures
felt by hundreds of thousands of other Americans.
Fed rates may be at their lowest levels in decades, but the
nature of consumer debt is providing little relief. Credit card
companies have generally failed to pass along interest rate
savings to the consumer --- maintaining the higher interest
rates on the debts owed to them. Other consumers find it
nearly difficult to get bank financing due to a recent job
loss. Does this sound familiar to you?
Debt consolidation can provide great relief for many in their
budgeting considerations and decisions. After all, bringing
your debts together under a single, smaller and more manageable
payment can remove the pressures of finding the money to cover
your multitude of payments.
While a debt consolidation loan may seem to some to be an
utopian concept, there are options many have never realized
were available.
When strapped for solutions, many folks realize they have money
available in their retirement accounts that can be used to solve
their short-term solvency problems. In fact, almost one third
of Americans tap their IRAs or other retirement money to meet
financial needs before retirement. They do so even knowing that
they'll pay Uncle Sam hefty taxes and penalties. However if you
really need money, there may be a smarter way to tap your
retirement savings.
Experts advise that you not touch your retirement savings for
anything other than retirement income. That is good advice.
Fortunately, it is possible under special circumstances to
acquire loans against your 401(k) accounts.
Beginning in 2002, even the self-employed small business owner
with no employees, and the independent consultant could open
his or her own 401(k), called a solo-owner 401(k), and borrow
from it just as employees with big companies can.
Weigh this option against the others available to you. It only
makes sense to take out a loan rather than to take a hit in
heavy taxes and penalties for drawing your retirement money
early. With a loan, you can take advantage of our historically
low interest to solve your short-term financial shortfalls.
When all is said and done, the most substantive realization
you can make is to realize that this economic downturn is a
temporary and cyclical event. There is no sense in throwing
the baby out with the bath water. Keep your retirement equity
intact. Take it from me, you will thank yourself when you
finally reach your golden years.
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