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Additional Details
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marty s | I have over $ 10,000 in credit card debt. Should I consolidate,bankruptcy or cash in my Ira and pay it off? |
I do not own a home so would have to use a debit consolidation company. I have just enough in my IRA to pay it all off. I can only afford to payy about $250 a month toward the debt. . What are the consequenses of each action? What would be better for my credit in the long run? I am 52 |
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Kurt B
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First, you need to change your spending habits. Even if you do pay off the credit card debt (with some other type of debt), you will be in worse shape if you continue to buy on the credit card(s).
At your age, bankruptcy would basically mean no more credit. It takes as much as 10 years to fully recover from a BK (I know the hard way, trust me).
Also at your age, taking the money out of your IRA will result in "early-withdrawal" fees in addition to income tax on what you take out (assuming this is a regular IRA and not a Roth IRA). This means you actually don't have enough to pay off the debt.
While it is always better to pay off higher interest rate debt than save at a lower rate, the fees/penalties/tax on the IRA probably would not make this the best choice.
If you can consolidate the debt for a monthly payment you can afford, that would be the way to go. However, you still need to control your spending. Otherwise, you will have the affordable payment on the debt consolidation loan, and the high credit card payments as well. Not good.
Do you own a newer vehicle (10 years old or less)? You may be able to "re-finance" a loan with the vehicle as collateral. You could take the cash proceeds from the loan to pay off the credit cards. This option may have lower interest rates than a debt consolidation loan. Be careful here, we are not talking about a "title" loan on your vehicle. Those are more like payday loans (very high interest rates). We are talking about going to your bank and applying for a car loan on your current vehicle.
Again, controlling your spending habits with the credit cards is the first step. Finding a way to finance paying off the high interest credit cards at a lower interest rate is step two.
Hope this helps, and good luck! |
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steelhwyman
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Bankruptcy is killing me and I filed BEFORE the new laws. I had good credit points. Now I drive a 22 year old truck and it is taking forever to build up my credit. Talk to a lawyer. |
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Snickers
|
What I would do is, if possible, consolidate
my debt.
DO NOT cash in your IRA----- you will pay a stiff
penalty for doing so. Besides, that's your retirement.
DO NOT file bankruptcy----- it will take 10 years
for that to come off your credit history. You are not
that far into debt (really).
Stop using your credit card----- SAVE for things
you want to buy.
If possible, take on a part-time job to accelerate
paying it off.
Also, go to your local bookstore and pick-up a
copy of one of Dave Ramsey's books.
I wish you the best!!! |
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kassy kemp
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Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits.
The actual process of credit card debt consolidation then begins. The debt consolidation company tries to strike a deal by clubbing all your credit card debts into one and then negotiating the repayment deal with a new credit card holder. What actually happens during a credit card debt consolidation is that the credit card holder gets rid of multiple credit card debts and gets a single monthly re-payment schedule. If the credit card debt consolidation company is good enough, the credit card holder can get pretty simpler repayment terms. Read more from: http://www.credit-card-gallery.com/credit_card_debt_consolidation.html |
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nicolas c
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may be u should cash in on ur ira and pay it off that way,and try not to spend so much money. |
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roy40371
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You know if you go bankrupt you will have no credit for seven years. You made the debt so you should pay if off. |
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SouthernGirl
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I agree with Snickers!! Go to your local library or bookstore and get a copy of Dave Ramsey's "Total Money Makeover"!! Read this book before you take action!! |
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Nick
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The most appropriate site for your question –
http://www.legalservices4less.com/bankruptcy.htm
Trust me its good |
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trufiend138
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Your 52. Find an honest and prefferbaly free debt consilidator. Try to kepp the IRA given your age, but push come to shove cash in...pay the debt. |
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hans6883
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If you are paying more in interest on your debt than you are making on your IRA, that me be a good option.
Pay it off and put the $250 a month into a high return investment. |
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BennY B
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Whenever I watch a talk show with a guest who is in debt, the show offers them financial aid. You should go on a talk show. |
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