Due to 2 sequential layoffs, 3 kids in/out of college and “life”, we have amassed about $80k in cc debt, and $180k in college loans. We have no mortgage, wife makes $40k, and we get $12k/yr from a rental house we own free and clear (worth $200k). Primary House is worth $400 k and we own our cars.
I am now 7 mo’s unemployed from a $90 – $105 k career and getting unemployment. Also, I will be the sole heir for about $640 k in cash/trust and a $150 k FL home within a few years as sole parent is in 80′s and in ailing health. The interest and monthly payments are killing us, but on paper we seem to have a lot. Don’t really want to sell rental house in this market eirther. Should I use my $135 k IRA to pay down any of this debt or continue to wait out a new high paying job?
Should I Cash Out My IRA to Pay Debt? - Greg by Steve Rhode
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