Was out of work for a while, and took a sizeable pay cut to take a job. Between my wife and I we are about 50K$ in CC debt. We make about 10,900K$ take home a month. Our expenses are about 5980$/month using your form.
We need to refinance our mortgage to get the payments down (never late with the mortgage) but we won’t be able to with this amount of CC debt.
One of my wife’s cards jacked up the rate to 29% and they won’t agree to a plan or a reduced rate. I do have a large 401K that I can borrow against at 4%. I am tempted to do that and cut down to one card each with 3K limits.
I am 50 my wife is 42, I have a very good 401K program at work, 7% with matching dollar for dollar up to the 7%. I have two pensions from earlier jobs, 30 years total service and my wife is a teacher so she has a pension.
What should we do about the 29% CC rate and should we borrow from my 401K?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.I Have Too Much Credit Card Debt to Refinance the Mortgage. - Bob by Steve Rhode