Anonymous
07/10/2018 22:17
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Use the cash on hand and rebuild savings over time?
Use monthly left over to pay off balance gradually while paying cc interest?
Loan from 401k and pay off balance ASAP with monthly cash?
With that kind of money and obviously high income there is no excuse for having 20K in cc debt. Can't imagine how that happened.
Bought first house and furnished it and replaced some things. Most of the cc debt from tools, furniture, replacing/fixing appliances.
Why didn't you pay for all of that using the cash you had in hand? You sound dumb.
Hence why I am asking. Would you cut your safety net near half, if you have one.
Anonymous
07/10/2018 21:45
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
You didn't mention the most important number -- what's the interest rate on the credit card?
*Also, borrowing from your 401K is a terrible idea. I say this as someone who borrowed from my 401k to get my down payment to 20%.
*Also, borrowing from your 401K is a terrible idea. I say this as someone who borrowed from my 401k to get my down payment to 20%.
Anonymous
07/10/2018 21:44
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Use the cash on hand and rebuild savings over time?
Use monthly left over to pay off balance gradually while paying cc interest?
Loan from 401k and pay off balance ASAP with monthly cash?
With that kind of money and obviously high income there is no excuse for having 20K in cc debt. Can't imagine how that happened.
Bought first house and furnished it and replaced some things. Most of the cc debt from tools, furniture, replacing/fixing appliances.
Why didn't you pay for all of that using the cash you had in hand? You sound dumb.
Anonymous
07/10/2018 21:10
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Pay it off with the cash and then rebuild savings with the extra $2k a month.
Anonymous
07/10/2018 20:49
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:Anonymous wrote:Use the cash on hand and rebuild savings over time?
Use monthly left over to pay off balance gradually while paying cc interest?
Loan from 401k and pay off balance ASAP with monthly cash?
With that kind of money and obviously high income there is no excuse for having 20K in cc debt. Can't imagine how that happened.
Bought first house and furnished it and replaced some things. Most of the cc debt from tools, furniture, replacing/fixing appliances.
Anonymous
07/10/2018 20:31
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:Use the cash on hand and rebuild savings over time?
Use monthly left over to pay off balance gradually while paying cc interest?
Loan from 401k and pay off balance ASAP with monthly cash?
With that kind of money and obviously high income there is no excuse for having 20K in cc debt. Can't imagine how that happened.
Anonymous
07/10/2018 20:22
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:Anonymous wrote:I'm not understanding why you would not use the cash? Why pay interest to either your credit card of your 401K? I'm not seeing any advantage.
I like a cushion for emergencies.
Your emergency is that you racked up 20k in cc debt.
Anonymous
07/10/2018 19:24
Subject: Re:Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
You'll still have a 30K cushion and only 10 months to rebuild at your rate. In the very unlikely event you have more than a 30K emergency during that time you can put it on the credit card and still be better off than if you used a different approach.
Anonymous
07/10/2018 19:08
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
$10K, $1200 a month till paid off
Anonymous
07/10/2018 19:05
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:Anonymous wrote:I'm not understanding why you would not use the cash? Why pay interest to either your credit card of your 401K? I'm not seeing any advantage.
I like a cushion for emergencies.
But then again, guess I can always access the credit card/401k for true emergencies?
Anonymous
07/10/2018 19:05
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:I'm not understanding why you would not use the cash? Why pay interest to either your credit card of your 401K? I'm not seeing any advantage.
I like a cushion for emergencies.
Anonymous
07/10/2018 19:02
Subject: Re:Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Anonymous wrote:Cash on hand and rebuild savings with monthly 2k.
+1
Anonymous
07/10/2018 19:01
Subject: Re:Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Cash on hand and rebuild savings with monthly 2k.
Anonymous
07/10/2018 18:59
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
I'm not understanding why you would not use the cash? Why pay interest to either your credit card of your 401K? I'm not seeing any advantage.
Anonymous
07/10/2018 18:32
Subject: Options (50k cash, 200k 401k, 2k a month cash) to pay off 20k cc balance. Which one would you use?
Use the cash on hand and rebuild savings over time?
Use monthly left over to pay off balance gradually while paying cc interest?
Loan from 401k and pay off balance ASAP with monthly cash?
Use monthly left over to pay off balance gradually while paying cc interest?
Loan from 401k and pay off balance ASAP with monthly cash?