Today Money financial expert Carmen Wong Ulrich joined us for a live Web chat Wednesday to answer your questions.

Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Carmen’s TV appearance this morning.)

John asked:

“I have two mortgages, crushing credit card and loan debt, and my daughter is starting college in the fall via subsidized, unsubsidized, PLUS loans and some scholarship. Would it be smart to use my $150k in my 401(k) to get rid of a big chunk of this debt? I'm 53.”

Carmen replied:

“Oh John, Nooooo! Pretty please don't touch that 401k. Even in bankruptcy that money is protected. Continue to protect it. That's your future. Plus, if you just pull the funds you'll end up losing nearly 1/2 to taxes and penalties. Instead, let your daughter keep on what she's doing and you can focus on your debt. Have you talked to a non-profit credit counselor? Do that (go to NFCC.org) and see what your options are. But, promise me to keep that 401k right where it is ;-)”

Here’s the full chat archive and Carmen’s TV appearance:

If you have a question for our TODAY Money experts, submit it here. 

To sign up for an e-mail reminder for our next chat, click here.

Today Money financial expert Carmen Wong Ulrich joined us for a live Web chat Wednesday to answer your questions.

Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Carmen’s TV appearance this morning.)

Marsha asked:

“Carmen, I have been getting phone calls about refinancing my home mortgage under a Federal program... is this a legal program or a scam? I'd really like to refinance, but my bank said I am not able to with them.”

Carmen replied:

“Marsha -- a great question. I can't tell for sure it's a scam without a name but, chances are, I'd stay away from folks who approach you by phone. Instead, shop around at a site like Bankrate.com to see who's offering what rates with mortgages -- if you have great credit and ample equity, you shouldn't have to pay 6 percent right now. It helps if you have a great relationship already with another bank, say, where you have your cash savings or credit cards. Approach them and be proactive instead of taking calls. Best of luck! Smart move.”

Here’s the full chat archive:

If you have a question for our TODAY Money experts, submit it here.

To sign up for an e-mail reminder for our next chat, click here.

Carmen Wong Ulrich is a personal finance expert and author of "The Real Cost of Living" and "Generation Debt." She joined us for a live Web chat Wednesday morning after the show's Money 911 segment.

Here are two of her answers and a complete archive.

Question from Kendall:
What is the best way to explain the value of a dollar to a 9-year-old child? I am desperately trying to explain how things cost money to my 9-year-old that we recently adopted. I give her an allowance for helping me out, but she always wants to spend it in one shopping trip! PLEASE HELP!

Answer from Carmen:
The best way has two parts. First, use cash. Second, set limits. For example, if you give her $10 for one week and she wants to spend it all at one time, let her. Then, the next day when she wants something, tell her she'll have to wait until the next 'pay' day. Don't give in! (I know it's hard, I've got a girl too!) She's old enough to do math and she's also old enough to feel the 'pain' of having to wait and realizing that she doesn't have to if she budgets herself. Stay strong!

Question from Herb:
I have a high interest credit card. Will it hurt my credit score if I cancel it?

Answer from Carmen:
Herb - It may ding your credit a bit, but that might not be a bad thing if you do not need your score (applying for a loan/mortgage, etc.) and you have a great score in the first place. Over a short period of time, the few points you lose will return.

Complete archive:

If you have a question for our TODAY Money experts, submit it here.

To sign up for an e-mail reminder for our next chat, click here.

Watch this week's Money 911 segment: