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Reply to "Is it ever a good idea to use retirement money to pay off debt?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Can you roll the CC over to 0% with balance transfer offers? I get that it will wipe out your debt but that is a really high price to pay. So basically your can fully fund your IRAs once the debt is wiped out? What are you contrinuting now? The debt must only be $7-8K, so not a horrible amount of debt. Certainly not worth losing at least $4-5K to taxes and penalties. I know it seems like an easy fix but really it isn't.[/quote] The debt is $13k with pretty high interest rates on the cards. Yes, we'll be able to max retirement once the debt is gone. And still have savings leftover. [/quote] Wait - the debt is 13K? I thought the retirement account was 13K? If the retirment account will wipe out the debt, than the retirement account must be nearly $20K.[/quote]
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