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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]My opinion is no. Never ok. Less than $25k is not a huge debt. Not sure what you mean about "maxing out" retirement because the max for a 401k/403b is $17,500. Even if you can max out 2 IRAs at $5k each a year, I don't see why you can't just buckle down and pay off this debt, even with interest. It sounds like you are mentally stuck because you want a "clean slate". This is adulthood - no one can fix your problems but you. Just suck it up and dig yourself out over the next 2 years. Why would you just throw away all the money you would pay in taxes and fees - PLUS decimate your savings? Calculate how much you would pay in taxes and fees and then imagine taking that much cash and setting it on fire. That's what you're doing just for the mental crutch of a clean slate. There are things you can do to get a better interest rate on your debt but it sounds like you haven't even tried. Go to the library and get some Suze Orman books. [/quote]
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