IRA or Credit Card Debt Reduction?

[questions]

I have approximately 40,000 in credit card debt. I recently consolidated my debt, and have only two cards with high balances, but low interest. Most importantly, I have have stopped using my cards. I try to pay about 1200/month on my cards.

I am vested in my state retirement sytstem, and also contribute an additional 600/mo to an IRA. I'm wondering if it would be better to stop my IRA contribution, and instead use the money to pay down the debt.

[sweeps]

Would like some more info. How low is the interest rate? If 6% or less, I'd continue with your current plan. If more than 6% or so, then I might concentrate more heavily on retiring the debt.

Just out of curiosity, how are you contributing $7200 a year to an IRA?

[disneysteve]

We won't be getting more info since this is a question posted by Jeffrey in response to something sent to him.

In the absence of more info, I would say to max the IRA, which is $333/month and put the rest toward debt reduction. Even if the CC rate is low, I'd rather see people get rid of that debt.

[jIM_Ohio]

$40,000 in CC debt is high. I would contribute to the IRA while making payments on the debt. My emphasis would be to pay down the debt, but if spending and CC usage are in check, a broad financial plan (of investing and paying off debt) worked for me.