Thread: 401k: Cash out to pay credit card debt?
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Old 07-09-2006, 04:27 AM
Tree0164 Tree0164 is offline
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Default Re: 401k: Cash out to pay credit card debt?
Jenney

Do not cash out that 401k move it into a Rollover IRA.


Don't move it in a Roth. You will be paying taxes on it now.


I highly recommend reading Dave Ramsey's Total Money Makeover. He does it baby steps
First one is getting a small emergency fund and cut up those credit cards.


If you are living paycheck to paycheck you need to cut down on your expenses (do you have a budget) and maybe need to increase your income. Get a second job if you or your spouse can.
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