9 of 15
BACKNEXT
Hiatus on early withdrawl penalties
Name: Eamon McCaffery, 47
Profession: Union carpenter
Location: Philadelphia

"I've been out of work for nearly four months because the banks are not lending to developers, so developers are not hiring anymore.

I have a lot of debt from my family's medical bills, and I want to take money from my retirement account to pay off my debts. But there's a 10% penalty if you withdraw your money before age 59-1/2.

I want President-elect Obama to take away the penalty that happens when you take out money you've saved in retirement accounts. With the way that the economy is, it'd be easier to let us go get it without all the restrictions. Why should there be those roadblocks? It's red tape over red tape.

I'm being charged 28% interest on a credit card, and that's way too high. Obama should reduce interest rates that lenders can charge. Reducing what the people owe to these lenders will help them keep more of their paycheck, thus saving an enormous amount in very high interest rates. The banks won't like it, but it is better than the alternative - bankruptcy." - as told to Laura Moscrip

NEXT: Fix the Small Business Administration
Last updated April 29 2009: 6:43 AM ET
More Galleries
10 things you'll love about Windows 10 There's a lot to like about Windows 10. Here are our favorite features in Microsoft's soon-to-be-released operating system. More
Warren Buffett's gone cold. How his top 10 stocks are doing The Oracle of Omaha is an investing legend. But several of Berkshire Hathaway's biggest investments are off to a lousy start in 2015. Will shareholders complain at the annual meeting in Omaha on Saturday? More
BMW's M235i doesn't compromise BMW's new M235i gives you the performance of an M car for a lot less money. More

Special Offer