I’m a 51 yr old female on total disability, and will be for the rest of my life. I receive Social Security and Long Term Disability thru the company that I worked for. My question is this. I have a credit card that has a balance of $5900, and the promotion of that card is going to expire before I can pay that off…..with accrued finance charges of almost $2000.
Should I take money from my IRA, (which has only 51K) to pay it off before the promotion expires and that 2K is tacked onto my balance and then 25.99% APR. I do not have to pay any penalties for withdrawing, and because of my situation of income, probably not much in taxes, if any.
Thanks in advance
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P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.I Am Permanently Disabled. Should I Take Money Out of My 401(k) to Pay My Credit Card? - Jeri by Steve Rhode