Faith & Finance

Howard and Steve discuss the importance of doing something your money. Next, they answer questions at 800-525-7000 and MoneyWise@Compass1.org:

• "I have around $200K to put toward the construction of a new home from me, my wife, and our family of four. Should we take some of the $200K and pay off bills, and then borrow more to build the house?"
• "My wife and I just got our taxes back. We have enough including savings to pay off an embarrassing debt. A little while back we were duped into a “get your friends to sign up, and you win a fabulous prize” sort of scam. Didn’t read the fine print, learned our lesson. Remaining debt is around $3K, paid in $100 increments. Should we go ahead and knock it out, keep and/or add money in savings, or what?"
• "My husband and I are recently divorced and I got the rights to the house. Husband left. In the divorce I got rights to the house. The loan is still in his name, but if I make the payments, I can keep living here. As my income has been cut in half, it’s very difficult to make these payments. Should I sell the home and rent somewhere or maybe get a loan for a smaller place? I have three children and my niece all living with me in this 4-bedroom house.”

Be sure to check out the Compass website for a complete listing of helpful resources and radio archives.

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