NEW YORK (CNNMoney.com) -- It's Friday and that means it's time to open up our virtual mail bag.

Ann from Austin writes..."Should I do a loan against my 401(k) to pay off a credit card that charges me 28%?"

Well first of all Ann, borrowing from your 401(k) should be an absolute last resort.

You're robbing your retirement to pay off credit card consumption debt. And there are some serious risks. If you don't pay the loan back on time you'll get hit with income tax AND a 10 percent early withdrawal fee.

Plus, if you leave your job for any reason, you have to pay back the whole loan right away. You need to call your card issuer and haggle for a better rate. If they won't budge, shop for another card. Check out Cardweb.com for more options.

Phil from Framingham, MA writes..."I need advice on how recent college graduates who have part-time jobs can find and pay for health insurance. Is there a way to find affordable catastrophic insurance?"

There are a few options, Phil. First, kids should find out how long they can piggy-back on their parents' plan. A slew of states have recently passed legislation requiring insurance companies to offer extensions to graduates. For example, in New Jersey children can stay on their parents' plan until age 30.

Some insurers offer temporary plans that won't break your bank. They usually last up to 18 months. Most short-term plans won't cover pre-existing conditions but they're a good bet for grads who expect to be insured by a company within a year and half or so.

Two great places to find out more and get some quotes are Healthgrad.com and Planforyourhealth.com.

Cobra is also an option but it's very expensive.

Niyoka has 80/20 mortgage loans at 11 percent and has applied for a construction loan as well. She writes..."My current loans are interest-only and I see that I messed up with that. So what can I do to fix the problem? I do not want to pay three separate bills."

Problem No. 1 is that you didn't make any down payment. Making things worse, you took out an interest-only loan, which means your not building any equity. If you can afford it, you want to refinance all your debt into a 30 year fixed rate, or maybe a 10-year adjustable. Right now you're not building any equity at all so my advice would be to hold off on the third loan until you build up some equity.

Interest only loans can also be dangerous because they're usually adjustable and when you do start paying off the principal there may be some sticker shock.

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Gerri's Mailbox: Got questions about your money? We want to hear them! Send e-mails to toptips@cnn.com or click here - each week, we'll answer questions on CNN, Headline News and CNNMoney.com.