Hi all, this is my first hope and hoping to get some advice...
I am married, 40 yrs old with 2 kids, 9 and 6. Trying to find ways to save but have a good amount of CC debt. Here is the breakdown:
CC-1 (21.90%) - $599.55
CC-2 (15.24%) - $1,392.77
CC-3 (10.24%) - $5,422.48
CC-4 (0.00% until May'13) - $6,530.00
CC-4 (7.24%) - $7,341.41
We are pretty much living month to month and able to put ~$1,250 a month to the CC debt listed above. At the end of the month, we really don't have any savings at all and can only put ~$50 a month to college funds. (We are no longer using the CCs, obviously.)
I have about $90k in an IRA and my wife has about $10k in hers.
Does it make ANY sense to dip into those retirement funds to pay off the debt and start over? That will free up close to $1500 a month for us to put toward savings, college funds, home improvements (which we desperately need) etc...
The option is to chip away and be out of it in a few years.
Your thoughts are appreciated.
I am married, 40 yrs old with 2 kids, 9 and 6. Trying to find ways to save but have a good amount of CC debt. Here is the breakdown:
CC-1 (21.90%) - $599.55
CC-2 (15.24%) - $1,392.77
CC-3 (10.24%) - $5,422.48
CC-4 (0.00% until May'13) - $6,530.00
CC-4 (7.24%) - $7,341.41
We are pretty much living month to month and able to put ~$1,250 a month to the CC debt listed above. At the end of the month, we really don't have any savings at all and can only put ~$50 a month to college funds. (We are no longer using the CCs, obviously.)
I have about $90k in an IRA and my wife has about $10k in hers.
Does it make ANY sense to dip into those retirement funds to pay off the debt and start over? That will free up close to $1500 a month for us to put toward savings, college funds, home improvements (which we desperately need) etc...
The option is to chip away and be out of it in a few years.
Your thoughts are appreciated.
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