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CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
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Paying off debt
We have some debt which just never seems to go away...it's like the albatross around our necks..it's the last bit of ("bad") debt we have and just want it gone. In your opinion, is it better to transfer the balance to one of those 0% for a year credit cards or should we take a withdrawal from our IRA to get rid of it? Both of us work full time (thank God) and contribute to our 401(ks) - separate from this particular IRA.
Thanks! 
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Posted 10/23/08 11:26 AM  |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: Paying off debt
I would not take money out of your IRA, I would transfer the debt and pay it off 
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| Posted 10/23/08 11:27 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Paying off debt
0% credit card.
Google Citi ProfessionalSM card. Should have a 0% no fee balance transfer offer available.
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| Posted 10/23/08 11:28 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Paying off debt
0% credit card and be aggressive at paying it off. It's much easier to stay out of debt when you have to work hard to get out of it. (Not saying that even if you did take out of your 401K that you would rack it up again but IMO it's easier to stay out when you work so hard at getting out of debt)
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| Posted 10/23/08 11:31 AM |
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MrsB-07
proud RELAXIVIST
Member since 11/07 2027 total posts
Name:
b
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Re: Paying off debt
when I had some lingering debt I opened a new c/c and transfered the balance onto it w/ 0% APR for a year and a way lower interest rate then my original c/c.
I was able to catch up in only a few motnths
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| Posted 10/23/08 11:41 AM |
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IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
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Re: Paying off debt
Do not take the money out of the IRA. Buy Total Money Makeover from Dave Ramsey. It has completely revamped the way I deal with my debt.
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| Posted 10/23/08 12:46 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Paying off debt
do not take money out of your 401k. that is for your future when you have no income (like retirement) vs now when you are both working and bringing money in. use the 0% balance option, pay down the debt and keep it at 0. good luck!
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| Posted 10/23/08 1:24 PM |
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Re: Paying off debt
Jean Chatsky was on the Today show this morning. She said in this economy she wouldn't even advise people to take money out of savings account to pay off debt. So I would leave your IRA alone.
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| Posted 10/23/08 1:50 PM |
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Saltricia
Hello...it's been awhile!
Member since 8/07 1035 total posts
Name:
Patricia
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Re: Paying off debt
Posted by jacquig
0% credit card and be aggressive at paying it off. It's much easier to stay out of debt when you have to work hard to get out of it. (Not saying that even if you did take out of your 401K that you would rack it up again but IMO it's easier to stay out when you work so hard at getting out of debt)
thats what DH and i are trying to do!!
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| Posted 10/23/08 5:54 PM |
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