Byline: Michelle Singletary

Columnist Michelle Singletary was online to field questions about everything from retirement planning to protecting your credit rating.

A transcript follows.

Read Michelle's latest columns .

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washingtonpost.com: Michelle will be online soon. In the meantime, you can read today's column: Benefits of Consolidation Aren't Available to All

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Michelle Singletary: Well hello everyone. Lots of questions today so let's get started.

I am nearing retirement from the government, and will have a pension. I have no mortgage on my home which is worth about a million dollars. I already have a $ 200, 000 home equity line of credit now (which I have not used). Should I increase it to a higher amount in case I should ever need the funds? If I do, does having a higher limit affect my credit score or my ability to finance a car in the future?

Michelle Singletary: Wow you are in really good shape. If it will make you feel more financially secure, sure up the line of credit because you probably won't be able to do so after you retire. Many people don't realize that you get a home equity line of credit or loan based not just on your home's value but your income. If you don't have any income or a high enough income you can't get the line of credit or loan. In addition you may look into a "reverse mortgage." It allows you to borrow against your house but you don't have to pay back the money until you either sell or die. It's a product that allows people who are house rich but cash poor to get to their equity without moving.

Haymarket, VA: I love your columns and chats! Between auto loans and credit cards we have approximately $40k in consumer debt all with interest rates under 4%. We expect this to be paid off within 4 years. We also have another $60k in student loans with a rate of 3.5%. On the asset side we have 100k equity in the house and about 2 months worth of expenses in savings. Since our interest rates are so small, should we be in a major hurry to pay off any of these debts or are we better off putting any excess money into investments and savings? Thanks for the advice!

Michelle Singletary: I would say for you stay the course. Don't tap into your emergency money. But you are right to be a little concerned about all that unsecured consumer debt. While you have a job and things are going well $40,000 may not seem like a lot but if anything happens you could be in trouble. So keep saving but aggressively try to pay down that consumer debt, especially the credit card debt!

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Arlington, VA: Ms. Singletary, I think I'm a bit younger than your usual reader (16) but I am having a financial dilemma that I hope you can help with. My mother (my father passed away when I was very young) has always taught me that in order to have nice things, we have to save/plan for them. We can't have everything we want when we want it. A couple years ago, when I started studying French in high school, I became interested in traveling to Europe. My mother and I made a deal that if I met certain criteria (3.5 GPA or above, no grades below B, all A's in French, no behavioral problems) and also saved $1500 of my own money from my allowance, extra chores, and gifts, that I could go on a youth tour when I was 16. I met all the criteria, and was supposed to be able to go this summer. However, my mother got remarried a few months ago and my new stepfather nixed the Europe tour because he thought it would be "spoiling" me to let me go. I don't really think that is a fair assessment - I worked very hard for two years and made a lot of sacrifices (including skipping this year's homecoming dance and my junior prom) in order to save the money. My question is, do you think it is fair for my mom to go back on her word? I would certainly understand if they were having financial problems, but they just bought a $50,000 luxury car! I'm asking you because I know from your columns that you have children and am wondering what might cause a parent to break a promise like this.

Michelle Singletary: My, my what an honor to have a question from an obviously bright 16-year old. First, I can't tell you to go against your mom and step-dad because they are your parents after all. BUT you tell them for me (actually print the transcript out when we are done) that they are SO VERY WRONG. You are completely right to ge upset. Your mom made a promise. You fulfilled your end. Going back on her word sends such a wrong message. Look, I'm all about saving and making sure you don't "spoil" children but in this case you showed an amazing amount of financial responsibility (givig up your junior prom) and you should be rewarded for that. The goal of working and saving and sacrificing is to get the things we want sometimes. Sure a trip to Europe is a luxury but it's one you can afford and deserve. Shame on your mom and step-dad for not recognizing that.