personal finance

Dear Debt Adviser,

Since the credit crisis and this economic downturn took hold, most credit card companies are re-evaluating risk and changing the terms -- even for their best customers. A week doesn't go by without a reader sharing a nightmarish story about a closed card, a lowered credit limit or jacked-up interest rates and higher fees.

Home buying activity is picking up in many U.S. markets, sparking debate about whether a federal tax break deserves kudos for the modest turnaround.

Dear Debt Adviser,

Currently we owe $211,000 on our home and it is worth about $167,000 to $175,000. We have an interest-only loan and want to get out from under that before a higher interest rate and inflation hit. We have a credit score in the high 600s. Any thoughts?

-- Walt

Dear Walt,

The real estate meltdown and credit crisis have slammed a huge segment of society, but first-time homebuyers could be in the best position to take the leap into homeownership.

Dear Debt Adviser,

Establishing credit is an increasingly important step on the road to adulthood, but if done irresponsibly, it can be the financial equivalent of drunken driving.

Credit is seen as so risky that Congress passed a law that will restrict the marketing and issuance of credit to people younger than 21 starting in February.

Most people think of Charles Schwab as a brokerage firm, but one of its biggest profit generators is actually money market funds.

With short-term interest rates close to zero, those profits are being squeezed as Schwab, like most money fund managers, is waiving some fees to prevent returns from going negative.

It's the time of year when my inbox fills with questions from eager and concerned parents who are facing a decision on sending their sons or daughters off to college with a computer.

Dear Debt Adviser,