Should I cash in retirement to pay of credit cards?

[DI]

I think the OP know we are only contributors to the forum, and only giving advice from past experience that we may have endured.

The OP really should speak with a credit counselor.

Message Edited by DI on 08-23-2009 09:19 PM

Message Edited by DI on 08-23-2009 09:20 PM

[MarineVietVet]

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@Anonymous wrote:

I hope I do not upset anyone by saying this: 

Please do not do anything you read in this forum, other then calling your creditors, until you get qualified financial advice.

(except Watchman- his is an option you can start trying to pursue on your own.)

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No problem. Neither you nor anyone else has the power to upset me.

As I said in my post:

I'll tell you what I did but I don't recommend anyone else do the same thing.

I would never say my approach will work for anyone else

The OP asked for advice. I gave him/her one option of many possible. He (or she) has to decide what is right for them. I can make different decisions than some because I am fortunate to have an excellent pension. Admittedly that freedom could skew my outlook.

[Anonymous]

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@DI wrote:

I think the OP know we are only contributors to the forum, and only giving advice from past experience that we may have endured.

The OP really should speak with a credit counselor.

You never quite know what desperate people are going to do.

 Just getting an affirmation that a seemingly easy way out is the thing to do could cause someone to go whole hog in that direction.

[smallfry]

It's all about holding onto your own money. If you go upside down the banks could care less. I am not advocating going BK at the drop of a hat but in the final analysis it is all about how old the OP is and how fast he can save the money. Taking a low interest loan in the retirement account seems to make sense at first blush but you have to stop repeating the behaviour that got you into this fix to begin with. Not judging anyone here just stating a fact.