Questions From The NYC Stop

Robin wanted to know what she could do about her $4000 credit card debt. She is on disability and can’t pay her minimum payments. It’s now with a collection agency. We advised that she negotiate her debt. Most of the time a collection agency buys the debt from the original creditor for a reduced amount. Robin was very happy to hear about this. She would negotiate a lower payment and offer a payment plan that her budget would allow.

Lavinia wanted to know whether she should take her IRA savings out of the stock market. We advised her to keep on to them. After the steep drop the last few days the stock market has gone up again. It might remain volatile for a while but as long as she doesn’t sell it now, she doesn’t have a loss. She should wait till the value goes up again. She can wait because she doesn’t need it at this time.

Anja Luesink
NAPFA-Registered Financial Advisor