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August 2011 Archives

Borrowing from 401(k) Risky Debt-Relief Tactic

In these difficult economic times, more and more people are feeling overwhelmed by credit card debt, medical bills and other expenses. As the economy continues to limp along, people in need of extra cash because of burdensome consumer debt are borrowing from their 401(k) accounts or other similar retirement savings accounts. Taking such a loan is a risky financial move, however, and may end up putting the borrower in a much more precarious financial position than he or she was prior to the loan.

Michigan Has Third-Highest Number of Foreclosures in the Nation

Statistics from RealtyTrac, a marketer of foreclosed properties, show that the number foreclosure notices given to homeowners across the country declined in May 2011. Yet, Michigan residents continue to struggle with foreclosures in a state with one of the highest numbers of foreclosures in the U.S.

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Marrs & Terry, PLLC
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