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ringo82514 | I have $15000 in credit card debt that I can only make minimums on. How should I pay it off? |
The company I work for is about to be sold and I have the option to take my pension (~$20000 accrued) early. Is it worth the 10% early withdrawal penalty (and the taxes of course) to use this opportunity to get rid of the high rate, short term debt. Thanks.
I do have a good sized 401k that I will be holding on to and transferring. I'm sure more details would be appropriate but I'd like to retain some privacy. Thanks. |
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lizzgeorge
 |
It doesn't make any sense to cash out your retirement to pay that debt! Your pension will continue to grow and compound even more quickly than it has as the years go by; it's already a substantial sum.
If you take it out you will have only about $13,000 leftover. Not even enough to pay your debt! So you will be rid of most of that debt, but you'll have to work for years to accumulate that $20000 back--years it could have been growing on its own without you even adding to it.
$15,000 is not a crippling amount of debt. You could have that paid off in less than a year by doing one or more of the following:
1. Cut your expenses and start paying more than the minimum. This could take something drastic like moving in with a friend or to a cheaper apartment, or it might be as simple as cutting back your cable, cell phone or entertainment spending.
2. Work part time and put the money toward the card. Waiting tables or valeting cars can earn big bucks in a lot of areas. Or mow lawns on the weekends this summer. It sounds dumb, but those jobs can really roll in the money.
Don't throw away $20000 for your future just to pay $13,000 of debt. Deal with the debt separately and keep the pension! You'll be glad you did. |
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Kimmy
 |
Transfer the balance to another credit card that's a 0% interest rate for one year so your payments would be lower and no interest to worry about. When that promotion is over in 1 year, you can keep switching cards but please read the fine print on a credit card contract first. also if you pay your credit card bill as soon as you get it, you're interest rate will go down eventually. I can't help you about the pension or 401k though-that stuff is foreign to me. |
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jglick1999
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Yes, take the penalty and pay off the high-interest debt asap. Your credit card is probably charging you 22-30% APR, so keeping that debt on your books makes no sense.
A better option (if it applies to you) is a home equity line of credit, where you can get the $15K to pay off the credit card debt at a much lower rate (<10%). |
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Arnie Sherr
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Ringo;
Be aware, you are not alone in your situation. Making minimum payments will effect payoff in approximately 25 years depending on the interest rates applied. Additionally, making minimum payments is unhealthy for your credit (Beacon) score.
Depending on your equity situation bankruptcy is always an option. Chapter 13 Bankruptcies will restructure your payments and protect equity items such as property, second cars, vacation homes, etc. Filing chapter 7's these days, with the new laws, requires almost destitution of the applicant; legal fees are much higher as well. Not knowing your financial picture, it is difficult to suggest bankruptcy as a solution.
The only remaining solution is contacting organizations such as the CCCS (Consumer Counseling Credit Service). Services like these are supported by the banking industry and most will manage and lower your payments significantly and without cost to you. Generally, they cancel all of your cards, report your arrangement with them to the three major CRA's, TransUnion, Equifax, and Experian. However, I believe they stop interest accruals and will tell you exactly how long the debt will take to eliminate. They will require a single payment to them from which they disburse pre-agreed amounts to each creditor (CREDIT CARD COMPANY).
Usually you will be totally out of debt in 4 to 6 years depending on the size of the payments they negotiate.
It cost nothing to consult with any of these sevices. Most have no fees at all.
Best of Luck, Arnie |
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Jack Kerouac
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you can if the law hasnt changed...withdraw from you r401..and given a specific time --put the money back into the 401K without paying penalty....or ahving to pay taxes. when i did it it was 1 year...or id take your pension and pay it off...either way do not pay minimums on credit cards as it woudl then take you basically forever to pay it off...2nd bit of advice ---destroy your cards NOW..clsoe yoru accoutns etc |
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taram
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I heard of people who had a lot of debt on a radio show. What they did to get rid of their debt was to go on a "spending diet"--like getting rid of the second car...things like that. If you have the willpower, then you can do it.
Good luck! |
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Jim F
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Credit card rates are the worst. The easiest way for anyone to save money is to pay off CC debt. Do it as soon as you can! |
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Strangesuzy
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If you have another job to go to, or you are remaining in your current job, then take out a low cost loan. Pay off your CC bill, and make the payments on your loan. You will end up paying of much less than you would with the CC, and you will know exactly how much you will be paying and when to pay. |
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Pumbaa1976
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I wouldn't take it out unless it is an absolute last resort..I would try and figure out other ways to get that debt down, by seeing where you can get extra money from to pay it down faster..If all else fails then I would take it out and pay off the debt, but the overall penalties may outweigh the net benefits..It really all depends on what you want to do. |
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The Scorpion
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Yes, if you have other money I would take the pension money and pay that off, because you are losing huge money making those payments with no reduction in the principal. Keep the leftover of the 20k to handle any taxes you get hit with next year for this. That's my opinion. |
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Lana C
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work and save then pay |
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Diane
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It all depends on what you plan to do with the money if it will be worth it or not. My philosophy is use money to make more money. You can pay off debt but that's it, that's all you've accomplished. Now it also depends on what matters to you the most. Some people like me would take money and put it into property. If you already own put into your mortgage. If you don't hey thats a nice down payment and it'll start you off with equity. This is one of the best invesments. A piece of property is like a big piggy bank but with a higher rate of return. In ten years not only do you still have your money but way more! You can still pay off the debt when you get extra cash. But if all you accomplish with this money is paying off debt who's to say you won't rake it up again? Then where will you be? Debt again and no cash to invest. I suggest you accept that debt is a part of life. Just minimize it and keep it under control. Just think about this when you have extra money are you putting it to use for you or for someone elses pocket? |
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