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color of money chat q: he/she was laid off two years ago and has credit card debt at 18%. should they use their 401k/IRA to pay off the credit card?

Posted by cupixie (aka chris) Feb 3 '11, 10:02

Credit card debt
After 26 years,I was laid off 2 years ago and have not found a job. I recently converted my 401K to an IRA. I have credit card debt at 18%. Should I take money from my IRA to pay off the credit card?

Responses:

no. -- nm - loosilu Feb 3, 10:27
No, move it to one of the 0% interest cards you get the offers for in the mail. Repeat every 8-12 months. -- nm - Dr.Vermin Feb 3, 10:21
not enough information, but I generally favor short term cash flow over long term interest savings until you have enough cash on hand to cover emrgncs -- nm - Max Feb 3, 10:11 2
- money now is sometimes better than money later. -- nm - amanda jones Feb 3, 10:20 1
  - Michelle's response to the questioner - cupixie Feb 3, 10:24
what truman said -- nm - crash davis Feb 3, 10:11
NO!!! -- nm - Suze Orman Feb 3, 10:09
only as a last resort - znufrii Feb 3, 10:07
probably....nm - x Feb 3, 10:05
as usual it depends on alot of other things - Beaker Feb 3, 10:04
Depends on the size of the IRA, but I would probably recommend doing so. -- nm - decline Feb 3, 10:04
honeslty, i think it would depend on the amount of CC debt. -- nm - tRuMAN is not a monkey, maybe Feb 3, 10:03
I think I would in that case. - Will Hunting Feb 3, 10:03
renter guess: no. -- nm - TFox Feb 3, 10:02

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color of money chat q: he/she was laid off two years ago and has credit card debt at 18%. should they use their 401k/IRA to pay off the credit card?

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